West Penn Multi-List, Inc., the Pittsburgh area’s definitive source for real estate information, today released its August 2011 statistics.
“We’re pleased to announce that residential homes placed under agreement in August 2011 were up 23.25 percent over August 2010,” said Ronald Croushore, current president of the West Penn Multi-List, Inc. and president/owner of Prudential Preferred Realty. “This increase was due in part to the attractive financing options and extremely low interest rates.”
These numbers represent the 13-county area serviced by the West Penn Multi-List, Inc. (Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer, Somerset and Indiana Counties).
The Allegheny County real estate market showed marked improvements, with homes placed under agreement up 25.26 percent, and closings up 26.41 percent over August 2010. The time on market for those homes that sold only escalated 6.17 percent, which means that it took only five days longer for a home to sell in August 2011 versus August 2010.
Other counties basked in the under contract cycle with Butler County up 29.15 percent, Washington County up 47.39 percent, and Westmoreland County up 17.68 percent.
“The really good news for homeowners is that properties that actually closed were up 18.77 percent versus August of last year, and the average sale price of homes that sold was up 3.79 percent,” Croushore said.
The “average days on market” was up slightly by 9.88 percent, which translates to roughly eight days from the date the home was placed on the market until it went under agreement.
This is more good news for home buyers and sellers in Southwestern Pennsylvania. “The real estate market has prospered in this area during the advantageous mortgage rate cycle,” Croushore said. “Interested home buyers should seriously consider taking advantage of the low rates, and prospective sellers should contact a real estate agent to prepare their homes for the active real estate market.”
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 the 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.
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