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.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Stocks snap 4-day losing streak; corporate earnings concerns linger
- Stop foreign dumping, U.S. Steel CEO Longhi tells Congress
- Pittsburgh angles to keep Heinz headquarters in merger
- Pa. Gas & Electric agrees to $6.8 million settlement of polar vortex claims
- Michigan man takes Heinz to court over Dip & Squeeze ketchup packet
- Heinz merging with Kraft in mega-deal; headquarters to stay in Pittsburgh
- Federal government eyes regulation of payday lending
- Energy Department OKs loan of $259M to Alcoa to promote clean energy
- Many Pa. municipalities hesitant to regulate drilling through zoning
- Auto review: Murano catches eyes with alluring redesign
- Series of recalls could hurt Giant Eagle’s reputation