New Year New Market in Pittsburgh 2013

Thing are looking up in the local Pittsburgh Real Estate horizon for 2013; in comparing Coldwell Banker's 'Market Trends' data, several choice neighborhoods are consistently performing well with strong year over year average prices SOLD increasing. 

A few popular municipalities that I've been involved in and noticed multiple offers in are Franklin Park in North Allegheny, Squirrel Hill in East Allegheny, Upper Saint Clair, Bethel Park & Mt. Lebanon in South Allegheny.  While interest rates and inventory are relatively low, continued consumer demand should help sustain modest price increases in 2013 for Sellers willing to move up/down/out of their existing houses. If you'd like a 'Market Trends' report for your neighborhood, email: janice.caputo@pittsburghmoves.com. Data from West Penn Multi-List, Inc. 1/1/11-1/23/13.

Mt. Lebanon 2012 SOLD YTD

Greetings September 6th 2012

Mt. Lebanon's Market is still climbing; after gettting back vacation and reviewing the WPML Listings SOLD Year to Date, 292 Residential homes SOLD in our municipality $26K - $1M+!
Of SOLD: 2% <$100K, 39% 100-200, 34% 200-300, 19% 300-500, 5% 500-800, 1% >$800K.

At this moment in time, there are only 136 Active Listings, 123 (90%) of which are $100K-$500K.

If you are intending to sell a home; Fall is a great time to start since inventory is low and buyers are still busy taking advantage of the historically low interest rates before November's election (rumors buzz about rates may increase after & lender's tightening up), usually home buyers are determined to close on a home before the snow flakes start to fly (today is 85F), November is 60 days to closing.

Call me for a consultation, no obligation, once you're ready to liquidate.  Average Active $276,553.

Mt. Lebanon Area Market Action Reort 2011 YTD per West Penn Multi-List

October 4th 2011

Musing over YTD & 3rd quarter sales statistics for Mt. Lebanon Area today ~

Average Sale Price of 320 Residential Listings Sold, is $247,515 (47 Contingent/Under Agreement).

Buyers paid from $29,900 - $1,000,000 (1/3 with Concessions). Sale Price vs List price Ratio is 95%.

Currently Active are 174 Single Family, 7 Townhomes, 13 Condos, 15 Co-ops, $67,500 - $995,000.

September 2011's Average Sale Price was at the lowest level compared to September of 2010 & 2009; however, MSI (months needed to sell all of the inventory at this pace) is also lower, benefitting sellers.
Also, September's Days on Market (DOM) is also down, compared to September 2010 & 2009.

If you want to sell before New Year's Day 2012, you may still have a chance if priced competatively.
For Buyers, Average List Price of all Current Listings are trending downward, which is good for you!

For a PDF of Coldwell Banker's Market Action Report, email: janice.caputo@pittsburghmoves.com

Leah Culler of MSN Real Estate mentions Pittsburgh Real Estate & me :-)

Link to Article http://realestate.msn.com/real-estate-on-the-cheap-how-to-craft-a-lowball-offer

Finding a good deal in — Pittsburgh
We'll start our bargain hunting in Pittsburgh, which we recently named one of the country's 10 most livable bargain markets for this year.

Agent Janice Caputo says Pittsburgh is still considered a buyers market because sales are down year over year, but prices are going up and inventory is decreasing. Overall, homes are selling at about 95% of list price.

Caputo says the Pittsburgh housing market stands out because of its mix of Old World charm and midcentury-modern and new homes, with prices ranging from less than $100,000 to millions.

Three rivers separate the city, creating a distinctive geography. Caputo says the East End is undergoing a large revitalization, with Google Pittsburgh and a Leadership in Energy and Environmental Design-certified children's hospital in the Lawrenceville neighborhood, among educational institutions and research hospitals. "We have everything you need in a city and reasonable commuting, usually," Caputo says.

The "T," a 25-mile light-rail and subway line, provides service between downtown Pittsburgh and several communities outside of the downtown core, including the neighborhoods in South Hills, which Caputo says is one of her favorite areas.

Pittsburgh has plenty of fixer-uppers for those who are handy, Caputo says. If you are experienced or have connections with contractors, you can find a good deal. Do a careful check for any flooding issues or toxic mold, however, because Pittsburgh is a hilly city. Also be sure to check zoning ordinances, which may affect what you're allowed to do once you own the home.

Many buyers are buying tiny homes for cheap in older, established areas, such as Mount Lebanon, Pa., where Caputo lives, she says. They tear down a small home for $5,000 to $10,000, then build a new home in an area that has mature trees, established parks and vibrant commercial services.

"Look for areas surrounding a growing community for long-term potential; otherwise, stick with a thriving borough for satisfactory short-term resale," Caputo says.

There are also plenty of good deals on condos, townhouses, co-ops and duplexes, she says.

A buyer who offers to pay close to the asking price on a home can often snag a 6% seller assist, which was the case with two homes Caputo sold recently in the Carnegie area. Each of those homes sold for around $100,000, and the sellers also paid for needed repairs.

Caputo says buying is better than renting right now because Pittsburgh is an affordable and stable market.

"There are plenty of affordable homes available of which the monthly payments will be less than the cost of renting," she says, "and you will have tax deductions and gain equity while owning."

Interested in learning more about buying in Pittsburgh? Contact Caputo through her website.

New Beginnings for Spring 2011

We've started combining our Coldwell Banker USC & Lebo offices; they've moved Barb Boyle to the Fox Chapel office manager position since their leader stepped down to become a regular sales associate.  Our new fearless leader is David Bruckner, he's been captain of our Mt. Lebanon office in a sustainably strengthening direction.  We welcome David to the role of maintaining an office twice as big, as we converge both offices into the new location next to our coming soon neighbor, Trader Joe's!  We'll become the biggest CB office in the Pittsburgh region, with a new name of "South Hills Office".

Sales stats from West Penn Multi-List for Mt. Lebanon to date are as follows:  111 single family residential homes sold this year 2011 to date, the highest was 933 Osage Rd. in Virginia Manor for $1Million (85% of $1,175,000).  The lowest priced home sold was 930 Illinois Ave. for $60K (91% of $67,900). The average of sold listings is $235,866. There are currently 183 Active listings available for pre-qualified buyers: 238 Twin Hills is the most expensive listed @ $1,190,000 and 462 Kenmont is the lowest @ $74,900.  The average active listing is currently $302,082. Sales have noticeably picked up this Spring; my nieghbor's home listed @ $339,000 and sold in 4 days.  Of course mine is nicer than my neighbors; most sellers think, here's hoping I get $350K ;-)