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Southwestern Pennsylvania Home Contracts Up More Than 10% Versus 2011, First Double-Digit, Year-End Increase In Decade

PITTSBURGH, 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 December 2012 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 ( $165,977 versus $156,345); 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- December 2011 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 Southwestern Pennsylvania," said George Hackett, current president of the West Penn Multi-List, Inc., and president of Coldwell Banker Real Estate Services, Pittsburgh. "With all signs pointing in the right direction, real estate agents are anticipating continued sales momentum in the coming year."

When comparing December 2012 to December 2011, the number of residential homes placed under agreement increased 10.31 percent (2,321 in December 2012 versus 2,104 in December 2011).  Average home sale price increased 10.63 percent ( $165,482 versus $149,579), 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 December 2011 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."

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