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Homes Selling Swiftly in Southwestern Pennsylvania

Southwestern Pennsylvania saw a nearly 15 percent annual increase in the number of homes placed under sales agreement, according to the November housing report from the ""West Penn Multi-List, Inc."":http://www.westpennmls.com At the same time, the average number of days homes were on the market decreased by nearly 15 percent.


""Homes that were sold in November, were on the market almost two weeks less than homes sold in November last year,"" said George Hackett, current president of the West Penn Multi-List and president of Coldwell Banker Real Estate Services in Pittsburgh. ""We are seeing homes going under agreement and selling more quickly than we did last year at this time. The housing market in our region continues to perform quite well.""


A comparison of November 2012 to November 2013 data for the 13-county region that the West Penn Multi-List serves shows:

* New listings increased 2.54 percent (2,122 homes vs. 2,176).
* Residential homes placed under agreement increased 14.87 percent (2,501 homes vs. 2,873).
* Average days on market decreased 14.61 percent (89 days vs. 76).
* Average home sale price increased 0.15 percent (from $157,050 to $157,282).

According to Hackett, November's housing statistics are reflective of 2013 as a whole. ""In 2013, we have seen a modest improvement in new listings and average sale price, with a more dramatic improvement in the number of homes under contract and the average days homes are on the market,"" he said.

Hackett continued, ""With limited housing inventory, we expect an active sales season this winter. So far this winter, homebuyers are not letting up their searches.""

The November numbers represent the 13-county area serviced by the West Penn Multi-List, including Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer, Somerset, and Indiana.