Allegheny County Market Update

[Alex Hileman]

Hey All,

Here is an update on the Allegheny County real estate market for the past 7 days (data pulled from the West Penn MLS)

Total price reductions went up to 737, compared to this year's average of 390

Number of expired listings went up to 229, compared to this year's average of 117

Sales price to list price ratio is 97.61%, compared to this year's average of 98.34%

Average sales price is up 13% compared to this year's average

Listings sold in the last 7 days are up 17% over this time last year

Average days on market is 41, staying around the average of 43 for the year

Overall, we saw a market correction from the previous week for total new listings, pending listings, and sold listings. We expected a slow down due to seasonality, but the market hasn't slowed down yet. It's been slowly picking up over the past 4 weeks, most likely due to the slight drop in interest rates.