Home sales, prices dip in Pittsburgh from last April-**BUT READ ON!!!
The Pittsburgh region’s home sale activity continued to slow in April and median home prices dipped for the second time since 2005.
Sales activity in the five-county Pittsburgh region fell in April, with the number of sales down 13.2 percent from April of last year, according to a report from South Side-based RealSTATs, a real estate information company.
Sales volume slowed in all five counties — Allegheny, Beaver, Butler, Washington and Westmoreland — with a drop of 25.6 percent in Butler leading the way.
At the same time, median home prices dropped from $112,000 in April of last year to $110,000 last month.
Despite the drop, the region’s median home price has experienced 3.7 percent annualized appreciation since 2000 when the median home price was $85,000.
Courtesy of the Pittsburgh Business Times
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BUT WAIT!!
The Pittsburgh Business Times does a great job with the article but did anyone read the last line about the home prices in Pgh appreciation rate since 2000??? This is important and we need to analyse this for what it really says. Our home prices have steadily increased at a rate quoted as 3.7% annually for a total of 129% increase in property value since 2000. This is using the $85k median price of 2000 versus the now adjusted rate of $110k median price. Ask anyone who invests their money and see if they are having a steady 30% increase in their stocks? This still goes to show you that investing in Pgh real estate is a solid investment. Have the values decreased a little, yes, but when I look at the big picture I see the real value in real estate. As any stock broker will tell you it’s about the big picture over a long period of time not the month to month surveys that really mean something. Has there been a slowing in the market, well this depends on who you talk to. I have been swamped with very qualified buyers and realistic home sellers whose homes we are selling. Gone is the day of pricing your home higher than the neighbors because they sold their home for (XXX,XXX) and yours is worth more “just because it is”. A good agent is not selling the “dome and gloom” but a realistic market analysis based on real facts. A good agent is presenting a solid written marketing plan that is above and beyond the “typical” marketing plans of the past. These two combined are what make the difference on what side of the statistics you are on!
So seller’s don’t be afraid and buyer’s keep looking the Pittsburgh market is a good investment! Do your homework and hire the right agent who can guide you through the process even if this means taking your time and interviewing a number of agents. It is far better to wait a few weeks and chose the right agent then to sign with an agent and get locked into a contract and waste 6 months!
Best of luck buying and selling!!