Apr 13, 2015 2 min read

PITTSBURGH – The housing industry in Southwestern Pennsylvania sprung forward last month, with the average sales price increasing and days on the market decreasing, according to a news release from West Penn Multi-List Inc.

The Pittsburgh-based real estate organization tracks residential sales activity in 13 counties – Washington, Greene, Fayette, Allegheny, Armstrong, Beaver, Butler, Clarion, Indiana, Lawrence, Mercer, Somerset and Westmoreland.

Multi-List released results from its March residential real estate report Monday. Compared with March 2014 figures, the data show:

• The average home sales price jumped 6.15 percent (from $154,036 to $163,516);

• The average days on the market dropped 4.90 percent (102 to 97);

• New listings decreased a marginal 0.09 percent (3,404 to 3,401);

• Residential homes placed under agreement declined 1.57 percent (3,760 to 3,701);

Tom Hosack was pleased with the equilibrium he saw in some numbers.

“The ratio of average listing price versus the average sale price reflects a balanced market, which means it’s a win-win situation for buyers and sellers alike,” said Hosack, president of the Multi-List Inc. and president/CEO of Northwood Realty Services in Pittsburgh.

Hosack said he anticipates 2015 being a good year, in particular, for first-time home buyers in the Pittsburgh region.

A comparison of the January-to-March period for each year shows:

• New listings increased 2.85 percent (7,850 to 8,074);

• Residential homes placed under agreement rose 4.14 percent (8,814 to 9,179);

• The average home sales price jumped 5.96 percent ($155,599 to $164,865);

• The average number of days on the market dropped 2.06 percent (97 to 95).

For more information, visit westpennmls.com.