We are preparing to see an eclipse of the sun this month, but nothing has cast a shadow on the residential real estate market in Western Pennsylvania. Home sales continue an upward trend according to West Penn Multi-List, Inc. and its monthly residential real estate report.
"Compared to 2016, we are continuing to see an increase in the price of homes and closed sales," said Ron Croushore, current president of West Penn Multi-List, Inc., and owner and CEO of Berkshire Hathaway HomeServices The Preferred Realty, Pittsburgh. "These key indicators are a good sign of growth and stable market conditions."
When comparing January-July 2017 with the same time period in 2016:
- Closed sales are up 3.36 percent (16,408 units in 2017 versus 15,875 in 2016);
- Closed sales volume is up 5.57 percent ($2,970,848,888 in 2017 versus $2,814,066,000 in 2016);
- Average sale price is up 2.14 percent ($181,061 in 2017 versus $177,264 in 2016); and
- Home listings are down 0.28 percent (18,433 units in 2017 versus 18,485 in 2016).
"With the lack of new construction in our region, homeowners are not upgrading and selling their older houses, which means our inventory level remains flat," said Croushore.
Statistical data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its 17-county service area – Allegheny, Armstrong, Beaver, Butler, Cambria, Clarion, Crawford, Fayette, Greene, Indiana, Jefferson, Lawrence, Mercer, Somerset, Venango, Washington and Westmoreland counties. For more information, visit http://www.westpennmls.com/.
