Pittsburgh, PA Real Estate Market Shows Healthy Signs of Growth

It’s been a great month here on the Pittsburgh, Pennsylvania real estate market, according to the most recent data.

The West Penn Multi-List recently reported that both homes under contract and the average home sales price increased by double-digits between May 2011 and May 2012!

Continue reading to learn more about the organizations most recent findings about the Pittsburgh housing market to discover how it may affect you as a Western PA home seller.

Properties for Sale In Pittsburgh

Here’s a brief summary of the recent report that the West Penn Multi-List Inc. released about Western Pennsylvania real estate:

In the 13-county region, the number of residential homes placed under contract jumped from 3,464 to 4,144 year-over-year, an increase of 19.63 percent.
The average home sales price jumped from $156,780 to $173,443 during that same period – an increase of 10.63 percent.
Meanwhile, the total number of new listings fell from 3,835 to 3,737, a decrease of 2.56 percent.
During the first five months of 2012, the number of closing contracts increased by 16.53 percent when compared to the same period in 2011. That increase was from 13,910 contracts in 2011 to 16,210.
During that same period in 2011 and 2012, new listings increased by 3.34 percent – from 15,956 to 16,385.
Meanwhile, the average home sales price between the first five months of 2011 and the first five months of 2012 increased by 6.12 percent – from $149,497 to $158,644.

Analysts are saying that the recent market data should be welcomed as excellent news for interested Pittsburgh home sellers who are hoping to find qualified and interested buyers in a reasonable amount of time.

From here, market conditions are likely to only get better for Pittsburgh home sellers!