Real eState of the Market

People are always asking " How's the Market?" when we see them around town. The answer we give is "Great!", but it's more complicated than that. There's pricing, availability, and finance. Although rates are still very favorable, we'll leave that discussion for another time and focus on the other two.

There hasn't been a better time to list a home than now and in the last 6 months. Why? Because buyers are swarming and inventory is low. Let us explain.  The area has seen a huge influx of transplants from all over the country in the oil and gas business and in other growth companies (Pharmaceuticals, Technology, and Banking). They need housing. Some have rented and are now finding themselves here for the long haul and others are top scale management buying up the more expensive homes. The result is houses selling in days instead of months and multiple offers. The majority of demand at the 200-400K level, but a significant market exist up to the million dollar price. The number of active homes in Peters as an example, is half what it was even two years ago.

Peters Township has not been the only sought after community but all of the Pittsburgh area is prospering. Washington County's relatively low taxes, attract a huge block of buyers. Empty nester's are looking for one level living and family's seeking new construction, while builders can't build them fast enough in some communities.

What does this mean for pricing. They have finally stabilized and in the mid price ranges have seen nice increases year over year. This trend will continue as demand stays high and inventory low.  So, if you've been contemplating selling, don't wait. There's a buyer waiting for your house to come on the market.

For more information contact:

Tim Ulam or Sue Franz

Coldwell Banker-Peters Twp Office

tim.ulam@pittsburghmoves.com  412-951-2349