West Penn Multi-List, Inc. released its end-of-year residential real estate report for 2017, which shows the market is on a healthy trajectory for the new year. All key indicators have risen in 2017, including home sales, dollar volume, average sale price and home listings.
"We have a lot of good momentum heading into this new year, and the market remains stable," said George Hackett, current president of West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "Our region continues to be an attractive place to live as we gain jobs, and housing prices are reasonable."
When comparing January-December 2017 with the same time period in 2016:
- Closed sales are up 3.63 percent (28,731 units in 2017 versus 27,724 in 2016);
- Closed sales volume is up 8.91 percent ($5,250,532,788 in 2017 versus $4,821,120,428 in 2016);
- Average sale price is up 5.09 percent ($182,748 in 2017 versus $173,897 in 2016); and
- Home listings are up 0.12 percent (40,193 units in 2017 versus 40,144 in 2016).
"Inventory poses some concern," said Hackett. "I'd like to see more homes from which buyers may choose, particularly in the high-demand neighborhoods in the City of Pittsburgh," said Hackett.
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/.
