October 2017 Real Estate Update

Happy October Pittsburgh!

We know it’s already a few weeks into the month of October 2017, but we knew you would probably be getting your houses decorated for Halloween and the fall season. Also our recent blog about October 2017 Events and Festivals in the Greater Pittsburgh Area is sure to keep you busy as well! If you’ve been thinking about buying a Pittsburgh area home or selling during the fall or upcoming winter months, 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.

South Hills of Pittsburgh VS. Pittsburgh Real Estate News:

According to these charts, with data taken from the West Penn Multilist, it looks like it was a bit of a mixed bag for all the South Hills areas of Pittsburgh for the month of September. Unlike the previous month’s real estate update for August where North Stabane and Cecil Township saw an increase in new listings; September ‘s real estate statistics show that Upper. St. Clair and Peters Township saw the biggest increase in new listings. Upper St. Clair also so the most notable increase from August 2017 to September 2017 in sold listings, while the previous stats showed that North Strabane saw the increase in sold listings from July 2017 to August 2017. Most average sold prices remained relatively the same, except for Bethel Park, which increased from $186,004 in August 2017 to $226, 539 in September 2017.

So how do these South Hills areas of Pittsburgh statistics compare to the city of Pittsburgh? According to the Pittsburgh Post-Gazette (PPG), Pittsburgh

“appears to be an equilibrium”

when it comes to buying and selling real estate in the Pittsburgh area. Some facts from this article that support this trend include:

  • While housing inventory had decreased nationally, Pittsburgh is the only large metro area that has steadily increased its inventory since 2012.
  • Pittsburgh’s West End and South Hills especially have solid inventory while Ross and McCandless have low inventory.
  • Median home prices have also increased 6.2% from this time last year (according to our previous blog), but Pittsburgh’s median home prices tends to be lower than the national average.
  • Also compared to the national market, Pittsburgh’s new construction statistics have remained strong while declining in other areas.

National Real Estate Statistics:

  • September 2017 saw the strongest housing confidence since June 2017 according to CNBC.com.
  • While inventory is low, as previously stated, newly construction is rising nationally as well (especially in Pittsburgh as mentioned above!)
  • Home prices have also increased nationally, which is also similar to the greater Pittsburgh area.

What do these statistics mean to you and why are they important? It seems as though the greater Pittsburgh areas are on the same track as the national real estate market! According to CNCB.com housing confidence feels so strong now because most renters understand that home prices will continue to rise! So if you’re thinking about entering the homeownership market now is a great time to buy! Also, if you’re thinking about selling, the low inventory makes it a great time to sell as well! With new construction homes on the rise, our Venetia Pointe or Brick Ridge Estates communities could be perfect for you!

Real Estate Needs? We Can Help!

As you can see, whether you’re looking sell a home or buy a home in the Pittsburgh real estate market this fall 2017, we can assist! Don’t hesitate to contact us to get started

Until Next Time,

Jim

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