September 2017 Real Estate Update

Happy September Pittsburgh!

We know it’s already a few days into the month of September 2017 and we hope it’s been a good month to you so far!! We know that the new school year has started and you’ve been keeping busy with that, as well with the events we’ve given you on our previous blog. 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.

Pittsburgh Real Estate Market Vs. National Real Estate Market:

As these charts indicate, North Strabane and Cecil Township saw slight increases in new listings from July 2017 to August 2017. North Strabane also saw a big increase in just sold listings, while Cecil Township remained the same. Bethel Park also saw a slight increase in sold listings, and Peters Township did as well. Most areas (including Upper St. Clair, North Strabane, and Bethel Park) also saw increases in average sold price, Upper St. Clair seeing the biggest jump from $323,135 to $432,384.

So how do these stats compare to the United States as a whole? Let’s find out from the CENTURY 21 August 2017 National Real Estate Market Update:

  • July marked the lowest level of existing home sales in the entire year of 2017.
    • However, the homes that did sell, sold faster (under 40 days) for the fourth consecutive month in 2017.
      • While July marked the lowest level of sales, the sales pace for July is still 2.1% above a year ago!
  • National Median Exiting Home Price increased 6.2% from this same time last year.
    • While this number ($258,300) is down 2.1% from June 2017, it still marks the “65th consecutive month of year-over-price gains!” according to CENTURY 21!
  • Total housing inventory deceased 1% from June 2017 to July 2017.
  • First-time home buyers have increased to 33% in July 2017, up from 32% a year ago.

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. We are seeing increases in sold homes over new listings and according to the national statistics they’re being sold faster and for more money. Homes were sold faster in July because total housing inventory has decreased, which means there is a high demand for homes! This means it’s an excellent time to put your home on the market! Don’t let the cold weather scare you off; these statistics prove that the fall and winter are great times to list your home in the Pittsburgh market!

More Reasons to Move to Pittsburgh!

We’re here to help you sell a home or buy a home in the Pittsburgh real estate market this fall 2017! Don’t hesitate to contact us to get the selling or buying processes started!

Until Next Time,

Jim

 

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