Community Corner
Local Real Estate Market Faces Tough Challenges
Prices hold steady with fewer sales and longer time on the market
At the end of the second quarter, there hasn’t been much change in the local real estate market this season. Real estate is one of many things affected by the state of the economy and the current issues with the federal budget, tighter financing requirements, and overall conservatism with spending are having their impact. Compared to some other areas of the country, it’s really a positive note that the local Chartiers Valley and Pittsburgh area markets have not seen much of a downturn.
The good news is that home values are holding relatively steady for this area and homes are still selling for an average of 95% of their asking price, according to a Trendgraphix report provided by Marlene McNaughton of Northwood Realty.
For the combined areas of Bridgeville, Scott Twp, and Collier, closed sales decreased only 15% from the first half of 2010 as compared to 2011 sales through June 30, according to a West Penn Multi-List Report provided by Joe Hirsch of Keller Williams Realty.
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While that’s not a significant difference, the multi-list report also indicated that the average days on the market increased from 79 to 104.
With fewer listings coming on the market, that’s allowed the months of inventory to decrease from a high number in the first quarter of this year to a manageable inventory timeframe with an average of just over 6 months, according to Trendgrapix statistics.
Find out what's happening in Chartiers Valleywith free, real-time updates from Patch.
Heading into the slower sales period of the third and fourth quarters, it may be a bit of a challenge for sellers. “The key to getting a house sold quickly is to be the beauty queen and price king,” said Hirsch. Simply put: a house in superior condition priced correctly has a much better chance of selling in less time.
“There’s over 200 current listings on the market and we can still expect some new ones to come in. In the last half of 2010, there were 131 total sales, indicating that we are very much in a buyer’s market,” said Hirsch.
For buyers with good credit, there are a lot of opportunities out there to get your pick of the top houses with a great interest rate. Keep the faith and keep your eyes open for that diamond in the rough!
