It’s been a very busy Spring season for The Jim Dolanch Team so far! If you follow us regularly on our social media then you’ve seen that many of our new listings over the past few months have already become contingent! How else has it been a busy Spring real estate season for the South Hills of Pittsburgh and the Greater Pittsburgh area? Take a look at the chart below.
South Hills of Pittsburgh Real Estate Stats:
This busy spring real estate season can clearly be seen by the huge increase of new listings for Peters Township in both March and April. North Strabane has also seen a significant jump in new listings from March and April. The other areas in the South Hills of Pittsburgh indicated in the charts remained relatively consistent with new listings. In fact, Upper St. Clair stayed exactly the same from March to April. Bethel Park saw the biggest increase in sales from March to April, but saw a decrease in the average sold price. The average sold price also decreased in Peters Township, and Upper St. Clair. Cecil and North Strabane both saw increases in average sold prices and decreases in the average number of days on the market. So if you’re looking to sell your home during this spring season or the upcoming summer season, you might want to look in Bethel Park because even though they are selling for less money than in March, there are more homes being sold and for fewer days on the market than in March. If you’re looking to buy this spring you might want to look in Peters Township or North Strabane because both saw significant increases from March to April!
Pittsburgh Real Estate Stats:
So how does the South Hills of Pittsburgh compare to the city of Pittsburgh? According to fortunebuiilders.com the average median price of $155,000 is below all of the South Hill’s average sold prices for the month of April 2016. In fact, the only spot that Pittsburgh is higher than the South Hills of Pittsburgh is in Cecil during February 2016 when the average sold price was $147,500.
The Pittsburgh real estate market differs from real estate markets across the country because it’s market has been “steadily improving” and has a “modest supply of housing inventory” according to our source. Fortunebuilders.com provides a great quote from the president of the West Penn Multi-list, Tom Hosack that sums up the Pittsburgh Real Estate Market for April 2016:
“On average, more people are employed and making more money than they were at this time last year. Employment drives homebuying activity, so it is critical to watch labor statistics as a key indicator for the residential market. Coupled with the mostly positive jobs picture, it is widely expected that mortgage rates will remain as they are for at least the first two quarters of the year.”
Pittsburgh’s current unemployment rate is at 5.2%, which is lower than both the state of Pennsylvania and the nation-wide unemployment rate.
So no matter where you are living in the greater Pittsburgh area, it’s clear that the Pittsburgh real estate market is one of the healthiest in the country. Hopefully this blog has you more convinced than ever that now is the time to buy or sell your home in the greater Pittsburgh area! If it has, we hope you’ll contact The Jim Dolanch Team to assist you in the process of securing the American Dream of Homeownershhip!
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Until Next Time,