Home sales agreements in W.Pa. rose 10.1 percent in 2012
A double-digit increase in pending home sales in 2012 shows Western Pennsylvania's housing market had a strong year, West Penn Multi-List Inc. said on Thursday.
Figures from the region's largest listing agency showed a 10.1 percent jump in houses placed under sales agreement last year to 36,708, compared to 33,338 in 2011. Closings on pending sales agreements usually occur one to two months later; most but not all are completed.
Multi-List covers a 12-county region and includes transactions handled by its member agents.
The last double-digit increase was in 2002, said George Hackett, Multi-List president and president of Coldwell Banker Real Estate Services in Pittsburgh.
“Now that the housing market is gaining strength on a national level, we anticipate our local market to continue to make gains, too,” he said.
Market improvement was illustrated by a decline in the average number of days houses were on the market, falling to 93 days last year from 100 days the previous year, the report said.
Multi-List reported the average sale price last year was $165,977, up 6.15 percent from $156,345 in 2011.
New listings showed an improvement during the year at 36,381, a 1.4 percent increase from 35,883 the year before. Real estate agents said last year that the market had been hindered by lower inventories of homes for sale.
In December, there was a 10.3 percent increase in pending sales to 2,321, compared to 2,104 in the same month in 2011. The average sales price rose 10.6 percent, to $165,482 from $149,579, the report said.
Houses were on the market in December an average of 71 days, a 26.8 percent improvement over 97 days for that month in 2011.
In December, the number of new houses listed for sale was 1,561, a 1.7 percent increase over 1,535 a year earlier.
Multi-List agents cover Allegheny, Armstrong, Beaver, Butler, Washington, Westmoreland, Fayette, Greene, Clarion, Lawrence, Mercer and Somerset counties.
Sam Spatter is a staff writer for Trib Total Media. He can be reached at 412-320-7843 or email@example.com.