State of the Real Estate Market

The news media today promotes what it sees as the unhealthy state of the real estate market. But ask yourself what market? Just because cities in California and Florida, and other cities such as Denver and Salt Lake City may not be doing well does not mean doom for your market. Believe it or not but the Pittsburgh area market is one of the strongest markets in the country according to Forbes Magazine. I will get that info for you in a future posting.  Here is some encouraging news quoted from the West Penn Multi-List:

“Despite what you hear from the media, the Greater Pittsburgh Area real estate market is doing well.

  • New listings are down only 4.30% and our market is not over flooded with listings.
  • Closed listings are down only 2.80% and not in the 20% to 30% range as many parts of the country.
  • Average days on the market are up only 4.30% unlike many parts of the country where the average days on market are up by 40% to 50%.
  • The average price of sold properties is up 3.2% from $146,302 to $150,962.

The above comparisons are made based on the same period last year. ”

I think that these are amazing statistics considering what the media says the state of the national real estate market is. We should be happy to be part of such a stable market.  So don’t be afraid to buy or sell. If your property is ready to show and priced right I think you will do great.

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