How's the Market?

[Alex Hileman]

We've all been asked, "how's the market?"

My brokerage has been tracking the data from the West Penn MLS for the past 2 years, and I would like to share some of the highlights so that we all have some hard facts to lean on when answering this question. This data is for Allegheny County only and is tracked on a weekly basis. I hope this helps!

Total Active Listings: 2,349 (up 17% over last year)

Total Pending Listings in the Last 7 Days: 248 (1% down from last year)

Total Sold Listings in the Last 7 Days: 139 (1% down from last year)

Average Days on Market: 40 (vs 36 last year)

Average Sales Price: $359,167 (vs $335,323 last year)

Number of Price Reductions in the Last 7 Days: 688 (vs 606 last year)

Sales to List Price Ratio: 97.6 (vs 98.83 last year)

Number of Expired Listings in the Last 7 Days: 152 (exactly the same as this time last year)

Number of Agents: 8,518 (150 less than last year)

Interest Rates: About 7% (vs 7.875% this time last year)

Key takeaways: We're seeing more active listings and price reductions but less pending sales, resulting in a shift from a seller's market to a balanced market.