Hello again and we hope you’ve been enjoying this fantastic Spring-like weather that’s hit Pittsburgh recently! While it’s finally starting to feel like Spring in Pittsburgh weather, the real estate statistics haven’t quite caught up to typical Spring Real Estate Standards for Pittsburgh. Let’s take a look at how the real estate market did last month and how these stats compare to the national real estate statistics so far in 2016.
Pittsburgh Real Estate Update
If you’ve read our recent Newsletter then you already know the great statistics listed in the chart below. But in case you missed it, it seems as though the extra day in February for Leap Year made the biggest impact on Upper St. Clair and Bethel Park. Upper St. Clair saw a huge jump in new listings going from 9 in January to 24 in February. Bethel Park saw a big jump in sold listings going from 15 in January to 23 in February. Everything else in the other South Hills Areas of Pittsburgh remained fairly consistent, except for the average sold price in Peters Township, which dropped quite a bit considering the number of sold listings has been the same for both January and February. If you’re looking to buy or sell in any of these markets, I hope you’ll consider contacting us. We’ll make sure the process is a smooth one for you and get your home sold fast – especially now that the warmer weather is finally hitting the greater Pittsburgh area!! Also, stop by the Newsletter to check out some of our fantastic recent listings in the areas of Peters Township and Washington.
So how did the national real estate market compare to Pittsburgh in February 2016? If you’ve watched Century 21’s February 2016 National Real Estate Market Update then you already know the answer. However if you missed that one as well, here are some key facts:
- Existing Home Sales Increased
- Home sales in January increased .4% to 5.47 million
- This is 11% higher than that of January 2015 (4.93 million)
- National Median of Existing Home Price Decreased .8% from last month to $213,800
- However that is an 8.2% increase from this time in 2015 ($197.600)
- First time home buyers in January is up from 28% this time last year
These national statistics hold true for some areas, based on the chart above but not for others. For example home sales in Peters Township, Bethel Park, and Upper St. Clair increased but Cecil and North Strabane decreased. Average sold price seems to match that of the national market and decreased in all areas from January 2016 to February 2016.
However with the warmer weather finally hitting Pittsburgh and the Spring Real Estate Market all of these numbers are sure to change for the better. If you’re interested in the Pittsburgh Real Estate Market this Spring season, don’t hesitate to contact us! We’re happy to help!
Follow and Like The Jim Dolanch Team!
The Jim Dolanch Team is on Facebook, LinkedIn, Google+, Twitter, Pinterest, YouTube, and Yelp. Be sure to follow us to get more information about Pittsburgh area events, and information about the Pittsburgh Real Estate Market! Or visit my website and let my team and I assist you in finding your next Pittsburgh home!
Until Next Time,