Pittsburgh Housing Market Shows Resiliency.

The Pittsburgh housing market in 2011, once again showed its resiliency in spite of the national low-luster economy, rising unemployment and the tightening of mortgage standards. As a city, Pittsburgh was never as bad off as some parts of the country and we have managed to maintain a “slow and steady” growth in the resale market, especially for single family homes.
A quick review of the MLS statistics showed that 3,113 resale homes (single family homes, townhouses and condos) were sold in Northern Allegheny County in 2011, with the average days on market of 88 days and the average sales to list price ratio of 94%. Average selling price was $217,358 in 2011. In 2010, the numbers were very similar as noted in the chart below. Average selling price was $205,200 which shows an average increase in prices of close to 6% as compared to 2010. The trend continued from 2009, with a few less homes being sold but with a fairly steady selling time, ratio and increased average price.

Northern Allegheny County

Butler County’s housing sale statistics (noted below) are fairly consistent throughout the years and while average selling days were slightly higher than Northern Allegheny County, their selling ratio and average selling price were both higher.

 Butler County

Experts are predicting 2012 to be a “transitional” year in Real Estate, where things start to slowly stabilize and pave the way for improvement.   In fact, a recent report included the Pittsburgh housing market as one of the 5 best in the country for 2012 (Melinda Fulmer, MSN Real Estate).   For more detailed township statistics, give me a call or check my website: ww.PittsburghNorthernHomes.com.