Multi-List says home sales, listings are up in region
April 25, 2019
Western Pennsylvania’s residential real estate industry is in full bloom, according to West Penn Multi-List Inc.
Multi-List issued its monthly report Wednesday, stating that closed sales, volume of sales and home listings for the first quarter of this year have increased from the first three months of 2018.
Multi-List tracks residential information for 17 counties – Allegheny, Armstrong, Beaver, Butler, Cambria, Clarion, Crawford, Fayette, Greene, Indiana, Jefferson, Lawrence, Mercer, Somerset, Venango, Washington and Westmoreland counties.
Figures from January to March 2019, compared with the same time period in 2018, show:
- Closed sales being up 4.52 percent (5,554 units in 2019 from 5,314 in 2018);
- Closed sales volume being up 4.26 percent ($1,006,451,448 from $965,367,810);
- Average sale price being down 0.25 percent ($181,212 in 2019 from $181,665); and
- Home listings being up 2.28 percent (8,650 units in 2019 vs. 8,457).
George Hackett, president of West Penn Multi-List Inc. and of Coldwell Banker Real Estate Services, Pittsburgh, said in a statement: “With interest rates down to almost 4, buyers are getting more house for the money or lower monthly mortgage payments than they would have gotten just four months ago, when rates were close to 5 percent.
“In comparison to other areas in the country, our region is extremely affordable for first-time home buyers.”