Happy August Pittsburgh!

We know it’s already a few days into the month of August 2017 and we hope it’s been a good month to you so far!! We hope you’ve been keeping you busy so far with the fantastic events going on in and around the city with August 2017 Events & Festivals in Greater Pittsburgh Area. If you’ve been thinking about buying a Pittsburgh area home or selling before school starts in the fall, 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, Bethel Park and Upper St. Clair saw the biggest increases in new listings from June 2017 to July 2017. However, most areas saw a decrease in sold listings, which is actually opposite of the stats from our previous Summer 2017 Real Estate Update. Most areas also saw a decrease in average sold price, except for Cecil Township, which increased from $240,126 in June 2017 to $303,658 in July 2017.

So how do these stats compare to the United States as a whole? Also how does the US real estate market compare to Pittsburgh’s? Here are some important facts from realtor.com:

• Median list price for the US in July 2017 is $275,000, which has increased 10% from the previous year.
  • Pittsburgh, PA’s median list price for July 2017 is LOWER than the US at $175,000, but up 6% from a year ago.
• The average days on the market (DOM) for the US in July 2017 is 64, which is a 7% decrease from the previous year.
  • Average DOM for Pittsburgh PA in July 2017 is about the same as the US at 65, but down 12% from a year ago.
• Active listings for the US in July 2017 are 1,582,842, which is a 10% decrease from the previous year.
  • Active listings for Pittsburgh PA in July 2017 are 12,962, which is up 22% from a year ago!

To sum up the statistics from above, Pittsburgh is listing more homes at a higher value than a year ago, but they are staying longer in the marketplace. The US as a whole is listing fewer homes compared to a year ago but also has a higher value and are spending less time on the market because of a decrease in average DOM.

Realtor.com also lists Pittsburgh, PA as number #27 out of 100 in their list of the “top 10 largest metros in the US, as well as their price and sales forecast”. Pittsburgh’s sales forecast is 6.08% and their price forecast is 4.13%. This list puts Phoenix-Mesa-Scottsdale Arizona as the number one market, with Los Angeles-Long Beach-Anaheim California as number two. Chicago-Naperville-Elgin Ill./Ind./Wis. Is the 100^th real estate market on this list.

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 summer 2017! Don’t hesitate to contact us to get the selling or buying processes started!

Until Next Time,

Jim

The post August 2017 Real Estate Update appeared first on Greater Pittsburgh Real Estate Blog.