Southwestern Pennsylvania Real Estate Market Strengthens for Sellers: Report Shows Fewer Listings, More Sales
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SOURCE West Penn Multi-List, Inc.
PITTSBURGH, March 5, 2013 /PRNewswire/ -- It might not be time to plant the garden just yet, but it is time for Southwestern Pennsylvanians to prepare their homes for sale. According to the February residential real estate report from the West Penn Multi-List, Inc., the Southwestern Pennsylvania market strengthened for those selling their homes.
"It's a spring for selling in our region. Compared to last year at this time, we now are seeing fewer homes listed for sale, coupled with a significant increase in the number of homes being sold, which is depleting our housing inventory faster than it's being replenished," said George Hackett, current president of the West Penn Multi-List, Inc. and president of Coldwell Banker Real Estate Services, Pittsburgh. "This is helping homes sell more quickly and for a higher average price than they did last year at this time."
A comparison of February 2012 to February 2013 data for the 13-county region the West Penn Multi-List serves shows new listings decreased 6.96 percent (2,746 homes versus 2,555), and residential homes placed under agreement increased 18.23 percent (2,633 homes versus 3,113). For the same time period, average home sale price increased 6.08 percent ($140,861 to $149,424), and average days on market decreased 10.62 percent (113 versus 101 days).
"People are taking advantage of the continued low interest rates and entering the housing market," Hackett said. "We hope to see more sellers following suit in the coming months. Working with a professional real estate sales associate can really help people price their homes to sell quickly in today's market."
For those interested in listing a home for sale, Hackett recommends the following simple tips:
Find and hire a knowledgeable sales associate to help navigate the selling process, including pricing, presentation and promotion. Make sure he/she has recommendations, qualifications and knows the neighborhood;
Remember first impressions matter. Reduce clutter, pack infrequently used items, donate items to charity or hold a yard sale, and be sure to get the house in showcase condition, including cosmetic touch-ups and proper staging.
These numbers represent the 13-county area serviced by the West Penn Multi-List, Inc., the definitive source for real estate information for its service area – Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer, Somerset and Indiana Counties.
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