Apr 8, 2014 2 min read

PITTSBURGH – Signs of spring are arising with an increase in residential homes placed under agreement and an increase in the average sale price, according to the March residential real estate report from the West Penn Multi-List Inc.

“While we saw a dip in most major indicators in February, March is looking a little more promising for the housing market overall,” said George Hackett, current president of West Penn Multi-List and president of Coldwell Banker Real Estate Services, Pittsburgh.

A comparison of March 2013 to March 2014 data shows:

n New listings decreased 6.06 percent (8,356 homes in March 2013 versus 7,850 homes in March 2014);

n Residential homes placed under agreement increased 0.77 percent (8,747 homes in March 2013 versus 8,814 homes in March 2014);

n Average sale price increased 0.22 percent ($155,261 in March 2013 versus $155,599 in March 2014); and

n Average number of days on the market decreased 3.96 percent (101 in March 2013 versus 97 in March 2014).

“Homes are selling more quickly and for a higher average price because we have a decreasing number of homes for sale, so if homeowners are thinking about selling, now is the time to spring into action,” Hackett said. “We need more inventory to keep up with the demand in our region.”

When comparing January – March 2014 data with the same time period in 2013:

n New listings increased 4.48 percent (3,258 homes versus 3,404);

n Residential homes placed under agreement increased 11.34 percent (3,377 homes versus 3,760);

n Average days on market decreased 1.92 percent (104 versus 102 days); and

n Average home sale price decreased 2.46 percent ($157,927 to $154,036).

West Penn Multi-List is a real estate information service for Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer, Somerset and Indiana counties.