West Penn residential real estate off to a rousing start in 2020

by Mark Rosanes23 Mar 2020

The residential real estate industry in Western Pennsylvania is off to a great start this year, West Penn Multi-List Inc. said in its latest report. 

The report, issued Thursday, revealed that all key indicators posted significant gains in January 2020 compared with January 2019 numbers. 

“In the first month of 2020 alone, we already have achieved more than $350 million in home sales, which is up almost 18% 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." 

Closed sales rose almost 11% to 1,855 units versus 1,672 last year, while closed sales volume registered a more than 17% upsurge, exceeding $350 million. Last year’s figures were at $298m.  

Year-over-year average sales price also increased 6% at $189,074 from $178,322. Home listings posted a more than 2% uptick at 2,635 units from 2,572 in 2019.   

Hosack credited several factors for the positive start but expressed concern going forward.  

"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," he said. "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."