Pittsburgh’s Real Estate Market Performance as of the Halfway Mark of 2012-
Things are looking well for Residential Real Estate Sales in the City of Pittsburgh this year. Pittsburgh continues to outperform the nation’s averages with year-over-year numbers looking much like a repeat of 2011.
The average sale price of a single-family home in the City of Pittsburgh is up $10,009 or 6.67% compared to last year’s average sale price at this same time. The average Days on Market for Pittsburgh has decreased by 2 days over last year to exactly 100 days on market for the average home to sell. It is taking only a little over 3 months to sell a properly marketed home in Pittsburgh which is a phenomenal number. Pittsburgh is also on track to sell 1% more homes in 2012 than in 2011.
The Commercial and Investment Market in Pittsburgh however is a different ball game.
The average sale price of a multi-family investment or income property in the City of Pittsburgh has dropped by near 2%. However the number of income properties sold in 2012 is on track to be about 1% more than the number sold in 2011.
The average sale price of Commercial property in Allegheny County has dropped by $47,962 or 17.4%.* This seems to be the typical situation in most of the United States’ Commercial Real Estate Market however. COSTAR (one of the nation’s leading Commercial Real Estate sites) has reported that the average ask-price for Commercial Real Estate in America is up slightly over last year.
What can we get out of all of this?
IT’S A GREAT TIME TO BUY RESIDENTIAL INVESTMENT PROPERTIES IN PITTSBURGH!!! The value has never been better. The inventory is out there. And due to the fact that lenders are still being tough about loaning money to first-time home buyers, the rental market is only going to KEEP GROWING.
AND, if you’re looking to invest in Pittsburgh’s Commercial Real Estate Market, now may be better than later. With Pittsburgh’s Job Market looking stronger than the average, commercial real estate may rebound in Pittsburgh quicker than one may think!