August 2017 Real Estate Update

Happy August Pittsburgh!

We know it’s already a few days into the month of August 2017 and we hope it’s been a good month to you so far!! We hope you’ve been keeping you busy so far with the fantastic events going on in and around the city with August 2017 Events & Festivals in Greater Pittsburgh Area. If you’ve been thinking about buying a Pittsburgh area home or selling before school starts in the fall, then this blog will be a good resource for you! You can take a look at how some areas in the greater Pittsburgh area are doing and how the city of Pittsburgh overall are doing n the real estate industry.

Pittsburgh Real Estate Market Vs. National Real Estate Market:

As these charts indicate, Bethel Park and Upper St. Clair saw the biggest increases in new listings from June 2017 to July 2017. However, most areas saw a decrease in sold listings, which is actually opposite of the stats from our previous Summer 2017 Real Estate Update. Most areas also saw a decrease in average sold price, except for Cecil Township, which increased from $240,126 in June 2017 to $303,658 in July 2017.

So how do these stats compare to the United States as a whole? Also how does the US real estate market compare to Pittsburgh’s? Here are some important facts from realtor.com:

  • Median list price for the US in July 2017 is $275,000, which has increased 10% from the previous year.
    • Pittsburgh, PA’s median list price for July 2017 is LOWER than the US at $175,000, but up 6% from a year ago.
  • The average days on the market (DOM) for the US in July 2017 is 64, which is a 7% decrease from the previous year.
    • Average DOM for Pittsburgh PA in July 2017 is about the same as the US at 65, but down 12% from a year ago.
  • Active listings for the US in July 2017 are 1,582,842, which is a 10% decrease from the previous year.
    • Active listings for Pittsburgh PA in July 2017 are 12,962, which is up 22% from a year ago!

To sum up the statistics from above, Pittsburgh is listing more homes at a higher value than a year ago, but they are staying longer in the marketplace. The US as a whole is listing fewer homes compared to a year ago but also has a higher value and are spending less time on the market because of a decrease in average DOM.

Realtor.com also lists Pittsburgh, PA as number #27 out of 100 in their list of the “top 10 largest metros in the US, as well as their price and sales forecast”. Pittsburgh’s sales forecast is 6.08% and their price forecast is 4.13%. This list puts Phoenix-Mesa-Scottsdale Arizona as the number one market, with Los Angeles-Long Beach-Anaheim California as number two. Chicago-Naperville-Elgin Ill./Ind./Wis. Is the 100th real estate market on this list.

More Reasons to Move to Pittsburgh!

We’re here to help you sell a home or buy a home in the Pittsburgh real estate market this summer 2017! Don’t hesitate to contact us to get the selling or buying processes started!

Until Next Time,

Jim

 

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