Residential Real Estate Begins New Year with a Bang

Residential Real Estate Begins New Year with a Bang
March 19, 2020

PITTSBURGH (MO.Properties) – West Penn Multi-List, Inc. issued its monthly residential real estate report today. When comparing January 2020 with January 2019, all key indicators have risen and sales volume has increased considerably.

“In the first month of 2020 alone, we already have achieved more than $350 million in home sales, which is up almost 18 percent compared to last year at this time,” said Tom Hosack, current president of West Penn Multi-List, Inc., and president and CEO of Berkshire Hathaway HomeServices The Preferred Realty. “That’s a significant increase in closed sales volume, and it makes sense given the environment we had at the beginning of this year.”

When comparing January 2020 with the same time period in 2019:

Closed sales are up 10.94 percent (1,855 units in 2020 versus 1,672 in 2019);
Closed sales volume is up 17.63 percent ($350,732,270 in 2020 versus $298,154,384 in 2019);
Average sales price is up 6.03 percent ($189,074 in 2020 versus $178,322 in 2019); and
Home listings are up 2.45 percent (2,635 units in 2020 versus 2,572 in 2019).
“I think it’s a combination of factors that bumped up our sales this early in the year: a high demand for homes, low mortgage rates and a mild winter,” said Hosack. “It was encouraging to start off the year in this fashion, and while we hope 2020 will have strong sales, the current coronavirus situation will likely reflect changes in the first quarter and into the spring months.”

Statistical data in this report is supplied by West Penn Multi-List, Inc., the definitive source for real estate information for its 18-county service area – Allegheny, Armstrong, Beaver, Butler, Cambria, Clarion, Crawford, Erie, Fayette, Greene, Indiana, Jefferson, Lawrence, Mercer, Somerset, Venango, Washington and Westmoreland counties. For more information, visit http://www.westpennmls.com/.