Jan. 10, 2013
/PRNewswire/ -- Southwestern Pennsylvania's residential real estate market had a strong showing in 2012, according to a year-end report from
West Penn Multi-List, Inc.
From January through
versus the same period in 2011, the West Penn Multi-List, Inc. reports improvements in all major indicators. The number of homes placed under agreement increased 10.11 percent (36,708 homes versus 33,338); average home sale price increased 6.15 percent (
); and new listings increased 1.39 percent (36,381 homes versus 35,883). The average number of days on market decreased 7 percent (100 days in January-
to 93 days for the same period in 2012).
"We haven't seen a double-digit year-end increase in the number of homes placed under agreement since 2002 in
, current president of the West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services,
. "With all signs pointing in the right direction, real estate agents are anticipating continued sales momentum in the coming year."
, the number of residential homes placed under agreement increased 10.31 percent (2,321 in
versus 2,104 in December 2011). Average home sale price increased 10.63 percent (
), while the number of homes listed for sale (new listings) increased 1.69 percent (1,561 homes versus 1,535). The average number of days on market dropped 26.8 percent -- from 97 days in
to 71 days in 2012.
"Now that the housing market is gaining strength on a national level, we anticipate our local market to continue to make gains too," Hackett said. "Anyone interested in buying or selling a home in our region should be encouraged by the numbers in the report."