Southwestern Pennsylvania Real Estate Market Blossoms in May
PITTSBURGH, June 5, 2012 /PRNewswire/ -- The West Penn Multi-List, Inc. reports a double-digit increase in both homes under agreement and average home sale price in May 2012 versus May 2011.
In the 13-county region served by the West Penn Multi-List, the number of residential homes placed under agreement increased 19.63 percent (4,144 homes versus 3,464) in May 2012 versus May 2011, while average home sale price increased 10.63 percent ($173,443 versus $156,780). The number of new listings decreased 2.56 percent (3,737 versus 3,835).
"The real estate market really blossomed in May," said Ron Croushore, current president of the West Penn Multi-List, Inc., and president/owner of Prudential Preferred Realty in Pittsburgh. "With historically low interest rates, we're seeing a lot of activity in the real estate market, and we anticipate that the market will continue to stay hot throughout the summer."
Additionally, for the first five months of 2012 versus the same period in 2011, the West Penn Multi-List, Inc. reports improvements in the number of homes placed under agreement, new listings and average sale price. The number of homes placed under agreement increased 16.53 percent (16,210 homes versus 13,910); new listings increased 3.34 percent (16,385 homes versus 15,856); and average home sale price increased 6.12 percent ($158,644 versus $149,497).
"Those interested in listing their home for sale should be encouraged by increasing average home sale prices," Croushore said. "Now is a good time to buy or sell a home in Southwestern Pennsylvania."
These numbers represent the 13-county area serviced by the West Penn Multi-List, Inc., the definitive source for real estate information for its service area – Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer, Somerset and Indiana Counties.
The West Penn Multi-List, Inc. is committed to providing the most innovative and cost-effective multiple-listing services to its broker subscribers. The West Penn Multi-List, Inc. provides state-of-the-art programs for the benefit of its brokers and their agents. These programs are offered to stay current with advancing technology and enhance the professionalism of the brokers and their agents, which results in unparalleled service to their customers. The West Penn Multi-List, Inc. strives to protect the integrity of the data while recognizing that the data is the exclusive property of the broker. For more information, visit www.westpennmls.com.
CONTACT: Kristen Laney
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