📈 May 2018 Real Estate Update 📉
We hope we kept you busy last month with our May Events blog; don’t forget to check out our June Events blog as well! We had a brief taste of summer weather and now it seems the greater Pittsburgh area feels like Spring again. But do the Pittsburgh real estate stats represent the typical busy real estate time of year? Some of you may have been waiting to put your home on the market or look for a new home for these summer months while your kids are out of school. But before you do, let’s take a look at how the May 2018 real estate market did in the greater Pittsburgh area and in the national real estate market!
South Hills of Pittsburgh Real Estate Market:
In our past real estate market updates it seems as though a different south hills area of Pittsburgh won the prize for the hottest real estate market each month. You might be wondering how we determine this. We gather the information in the charts below from the West Penn Multilist and the area that gets the most sold listings is determined to be the hottest market because it means things are selling fast! If it’s a close call between a few different areas, then we look at average sold price and average days on the market as well.
So, who will it be this month? So for the month of April 2018 it looked like Cecil was the hottest market in the South Hills Area of Pittsburgh. For the month of May 2018, it looks like both Bethel Park and Peters Township saw huge increases in sold listings! Bethel Park, however, saw a slight increase in average sold price and a huge decrease in average days on the market. So Bethel Park was the hottest market for the greater Pittsburgh area in May 2018 because more homes sold for more money in a shorter amount of time!
Pittsburgh VS. the National Real Estate Market:
So how do these South Hills areas of Pittsburgh statistics compare to the city of Pittsburgh and the national real estate market? According to realtor.com:
|Active Listings||11,525 (9% decrease)||1,436,431 (6% decrease)|
|Median List Prices||$185,000 (6% increase!)||$297,000 (8% increase!)|
|Days on Market||56 (8% decrease)||55 (8% decrease)|
It looks like Pittsburgh is on track with the national real estate market according to the chart above. Both Pittsburgh and the national real estate market, saw increases in median list price; Pittsburgh saw a 6% increase and the US saw an 8% increase. Both Pittsburgh and the national real estate market saw a similar decrease in active listings and the exact same decrease in days on the market at 8%.
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!
Need Real Estate Assistance?
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,