Northern Pittsburgh Real Estate Market differs from the National Market because it isn’t experiencing dips as much as other parts of the country; in fact, there is an upward swing in the number of closed transactions so far this year in Northern Pittsburgh compared to the National Market. The National Market has reported that the existing home sales dipped 1.2%, but the national median price shows several months of increased values over the prior year.
The Northern Pittsburgh market on the other hand is seeing an upward swing of 6.09% in the number of closed transactions, over the previous year; however, median price range has dipped to 5.19%. A big reason for this dip could be due to the fact that a percentage of homes sold didn’t appraise, therefore, some Sellers were willing to decrease their price at closing. More and more Agents are making Sellers aware of the appraisal issues, thus we are seeing lower than normal listing prices.
Interest rates in June of this year started to increase from 3.5% the prior month to 4.0% and when the Feds meet today, rates may continue to increase to keep the economy growing in a positive direction.
As interest rates increase, the values of homes in Northern Pittsburgh may continue to decrease, however, only time will tell if this is local MARKET TREND or a readjustment period.
Below are some Year to Date Residential Statistic Report for the Northern Pittsburgh Real Estate Market if you are planning to sell your home in 2013:
Jan 1, 2013 THRU June 30, 2013 AND Jan 1, 2012 THRU June 30, 2012
PREVIOUS YEAR CURRENT YEAR % CHANGE
NEW LISTINGS 2970 2925 -1.52%
CLOSED / SOLD 1676 1778 6.09%
DOLLAR VOLUME / CLOSED $381,897,851 $384,096,771 0.58%
AVERAGE PRICE $227,863 $216,027 -5.19%
AVERAGE DAYS ON MARKET 93 90 -3.23%
UNDER AGREEMENT 1356 1368 0.88%
CONTINGENCY 1804 1953 8.26%