February 2018 Real Estate Update
We hope we kept you busy last month with our February 2018 Events and Festivals in The Greater Pittsburgh Area AND our 5 Fish Fries To Try In The Greater Pittsburgh Area blogs. Since we’re already well into March 2018, don’t forget about our March events blog as well! With March comes thoughts of Spring (which officially starts on Tuesday, March 20, 2018) and the Spring Real Estate Market. This is usually our busiest time of year! 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 January and February did in 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. According to these charts, with information gathered from the West Penn Multilist, it looks like North Strabane is the hottest market for February 2018 with the most sold listings and a big increase in average sold price! Peters Township, and Bethel Park saw big increases in average sold prices as well!
So how do these South Hills areas of Pittsburgh statistics compare to the city of Pittsburgh? According to realtor.com:
- Median Listing Price: $165,000
- Price/square foot: $100,000 (same as last month)
- Median Closing Price: N/A
- 3,688 homes for sale (slight increase from last month)
- 344 (huge decrease from 1,159 homes for rent last month)
The Penn Hills area of Pittsburgh had the largest number of homes for sale last month at 182; it has slightly decreased to 175, but still has one of the highest amounts of homes for sale in the greater Pittsburgh area. Many areas now have zero homes available for rent, but the Southside Flats seems to be the strongest for February 2018 at 17.
National Real Estate Statistics:
- According to our source Americans are still optimistic about homebuying, with a 3% increase to 27% saying now is a good time to buy! This is opposite of the previous month.
- Another important increase to note that happened nationwide is home prices – they increased 6.6% compared to the previous year!
- Home prices are predicted to increase another 4.3% over the course of 2018!
- While homes for sale are still low, the unemployment rate has decreased to 4.1% thanks to a tremendous job growth!
“Rising income and consumer confidence has increased the number of prospective homebuyers. The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices.”
according to Dr. Frank Nothaft, chief economist at CoreLogic.
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,