Fall 2016 Real Estate Update

Fall 2016 Real Estate Update As is typical for the greater Pittsburgh area, the weather so far for fall 2016 has been a bit unpredictable. Pittsburgh homeowners may have had to turn their heat on the past few weeks, while the past few days have been record highs! Can we say the same for the Pittsburgh Real Estate market over the past several months? It’s been quite a busy fall season for The Jim Dolanch Real Estate team, but what about the Pittsburgh area as a whole? Take a look at the real estate statistics for the South Hills of Pittsburgh and see how they compare the city of Pittsburgh and the nation as a whole.

Sold Increases For The South Hills Of Pittsburgh:Fall 2016 Real Estate Update

Peters Township has seen steady increases in new listings for the past several months, according to these charts and the West Penn Multilist. While Peters Township has seen as steady increase for August, September and October in new listings, only September saw an increase in price. Bethel Park saw the biggest increase in sold listings from August to September, but saw a decrease from September to October. Seems as though every area saw a decrease from September to October in new sales, except for Cecil – which saw a slight increase. The most dramatic increase in all of these statistics from the past three months in the greater Pittsburgh area is easily from when Bethel Park jumped from 34 sold listings in October to 44 sold listings in September.

Western PA Also Sees Solid Increases for 2016:

According to the Pittsburgh Business Times, Western Pennsylvania as a whole saw some major increases as well. The following statistics are showing increases from January-September 2015 VS. January-September 2016:

  • Overall Sales increased 2.25%
  • Sales Volume increased 2.28%
  • Sales Price increased 2.38%
  • New Listings increased 1.15%

Home Prices Increase Nation-Wide:

So the South Hills of Pittsburgh have seen major real estate increases during the 2016 fall real estate season, and Western PA has also seen solid increases; but what about the rest of the country? According to another valid source, the real estate market has seen increases nation-wide. Some of these fantastic real estate increases for the 2016 fall real estate season include:

  • Home Prices increased by 6.3% as of September 2016!
  • Just from August 2016 to September 2016 they increased by 1.1%!
  • They are projected to increase by another 5.2% by September 2017!

However the national real estate market has also seen some decreases. Construction spending, for example, decreased .2% from September 2015 to September 2016. It decreased .4% from August 2016 to September 2016. Our source also indicates that mortgage applications decreased 1.2% in October 2016.

The statistics above might indicate that it’s been a seller’s market so far in the Fall 2016 Real Estate Market. As the weather changes it’s no surprise that real estate statistics might start to slow. However, keep in mind that there are plenty of advantages to searching for a home during this time of year as well. Whether you are looking to buy or sell during this fall 2016 real estate season, I hope you’ll contact us! Don’t let the above statistics scare you! The important thing to remember is that the Pittsburgh Real Estate market is still a healthy one and we’re here to help you every step of the way.

 

Buy Or Sell A Home In Pittsburgh This Fall Or Winter!

Whether you are planning to buy a new home or sell a home during the 2016 Fall or Winter, real estate seasons, we’re here to help! We have a team of buyers specialist and administrative assistants that will make the moving process a smooth one for you, so don’t hesitate to contact us to get the moving process started!

Until Next Time,

Jim

 

Leave a Reply

Your email address will not be published. Required fields are marked *