April 2018 Real Estate Update
We hope we kept you busy last month with our April Events blog! Since it’s already well into May we hope you've been enjoying our May Events blog as well! While we’ve had quite a bit of rain the past couple months in Pittsburgh it’s finally starting to warm up and really feel like a Pittsburgh Spring as well! And once it starts getting warmer in the greater Pittsburgh area, the Pittsburgh real estate market usually starts heating up as well! Some of you may have been waiting to put your home on the market or look for a new home because of this fact. But before you do, let’s look back and see how the start of the Spring Real Estate Market did in April 2018.
South Hills of Pittsburgh VS. Pittsburgh Real Estate News:
For the December 2018 real estate update, Cecil Township was the hottest market. For the January 2018 real estate update,; Bethel Park was the hottest with the biggest increase in just sold listings; For February 2018 real estate update, North Strabane took the prize for the hottest real estate market with the most sold listings and the biggest increase in average sold price! For the March 2018 real estate update it looks like every area saw slight increases, but Upper St. Clair saw the most!
So, who will it be this month? These charts, with information gathered from the West Penn Multilist, it looks like North Strabane, Cecil, and Bethel Park saw all saw increases in sold listings for the month of April 2018. Cecil Township however saw a slight increase in average sold price and a huge decrease in average days on the market with 72 in March and 61 in April! That means Cecil is selling more homes for more money in a shorter amount of time than the rest of these greater Pittsburgh areas! Way to go Cecil!
So how do these South Hills areas of Pittsburgh statistics compare to the city of Pittsburgh? According to realtor.com:
- Median Listing Price: $180,000 (6% increase!)
- Days on Market: 66
- Active Listings: 10,850
- Inventory: 5% increase since March
- That’s a 10% increase since last month & a 2% increase over the past year!
But perhaps the most important development for the greater Pittsburgh area from another source is that Pittsburgh ranks #1 for First-Time Homebuyers! Some important facts that they used to determine this remarkable information include:
- Average Price per square foot: Only $91 in Pittsburgh (13th-lowest)
- Negative Growth in Home Values: ZERO quarters between 2012 and 2017!
So how does the greater Pittsburgh area compare to the National real estate market?
National Real Estate Statistics:
According to another source:
- 68% of all consumers agree that now is a great time to purchase a home.
- 74% of all consumers agree that now is a great time to sell a home as well!
- 5.8% increase in Median Sales price from last year ($250,400)
- 7.2% decrease in active listings from last year (1.67 million)
- 4.4% increase in home price growth from 2017 (5.61 million sales!)
Still confused about these statistics or wondering how they impact you? Contact any one of us from The Jim Dolanch Real Estate Team and we’d be happy to explain them in further detail. If you’re thinking of buying or selling your home in the next few months, don’t hesitate to contact us; our cutting-edge marketing campaigns sets us apart from the rest!
Questions or Concerns? We Can Help!
As you can see, whether you’re looking sell a Pittsburgh area home or buy a home in the Pittsburgh real estate market this fall or winter 2017, we can assist! Don’t hesitate to contact us to get started by calling the office at 724-941-8680 or calling/texting directly at 724-288-8800.
Until Next Time,