November 2016 Real Estate Update

Nov2016PGHUpdateHappy Holidays Pittsburgh!

We hope that the holiday season has started off well for you and your families. As is typical for this time of year and the real estate industry, the real estate statistics for Pittsburgh for November have slowed a bit. The charts below, that shares information gathered from the West Penn Multilist, indicate this. But how do these statistics compare to the national real estate market? Let’s compare and contrast.

November 2016 Real Estate Update

Pittsburgh Real Estate Market Vs. National Real Estate Market:

As these charts indicate, almost every South Hills area of Pittsburgh saw decreases in every column. Cecil and Upper St. Clair saw the biggest decrease in new listings, while the rest of the areas only saw a small change. Almost every area saw slight decreases in just sold listings as well except for Bethel Park and Upper St. Clair, which saw slight increases. Some areas saw an increase in average sold prices while other saw decreases, but none were dramatic changes. The same holds true for the average days on the market. So how do these stats compare to the National Real Estate Market: Here are some important facts from the Century 21 November 2016 National Real Estate Market Update:

  • November is the second month in a row where existing home sales increased, making it “the highest annualized pace in nearly a decade.”
  • “Total home sales increased 2.0% to 5.6 million.”
  • National median existing home price decreased .8% from $232,200 to $234,200.
  • However, they are up 6% from a year ago.
  • Total housing inventory declined .5%.
  • The percent share of first-time buyers decreased 33%

So while things are slightly slow both in Pittsburgh and in the national real estate market, Rick Davidson, President and CEO of CENTURY 21 remains optimistic about the housing market’s future, and we hope all of you do as well!

Get A New Home For The New Year!

Whether you are planning to buy a new home or sell a home in 2017, 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

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