Dec 9, 2013 2 min read

PITTSBURGH – The number of Southwestern Pennsylvania homes reaching sales agreements last month increased nearly 15 percent over November 2012, according to West Penn Multi-List, Inc.

It also reported the average number of days that homes were on the market decreased by about 15 percent over that period.

“We are seeing homes going under agreement and selling more quickly than we did last year at this time,” said George Hackett, president of West Penn Multi-List and president of Coldwell Banker Real Estate Services, Pittsburgh. “The housing market in our region continues to perform quite well.”

A year-over-year comparison of data for the 13-county region West Penn Multi-List serves shows:

• New listings increased 2.5 percent (2,122 homes vs. 2,176);

• Residential homes placed under agreement increased 14.9 percent (2,501 homes vs. 2,873);

• Average days on market decreased 14.6 percent (89 vs. 76 days);

• Average home sale price increased 0.2 percent ($157,050 to $157,282).

“The November housing statistics are reflective of 2013 as a whole,” Hackett said. “In 2013, we have seen a modest improvement in new listings and average sale price, with a more dramatic improvement in the number of homes under contract and the average days homes are on the market.”

When comparing January through November 2012 data with the same time period in 2013:

• New listings increased 3.4 percent (34,820 homes vs. 36,014);

• Residential homes placed under agreement increased 8.5 percent (34,249 homes to 37,171);

• Average days on market decreased 8.6 percent (93 vs. 85 days)

• Average home sale price increased 1.9 percent ($166,020 to $169,176).

“With limited housing inventory, we expect an active sales season this winter,” Hackett said. “So far this winter, home buyers are not letting up their searches, as we often see in our region.”

The 13-county region comprises Washington, Greene, Allegheny, Fayette, Armstrong, Beaver, Butler, Clarion, Indiana, Lawrence, Mercer, Somerset and Westmoreland.