How Pittsburgh Isn't Riding The Real Estate Roller Coaster

By
Real Estate Agent with RE/MAX Select Realty - REALTOR and Green Homes Specialist RS310271

real estate recoveryMy friends over at RealEstate.com recently published an interesting new infographic about the real estate market roller coaster. It is very interesting but also very national and well, Pittsburgh just hasn't been on the same ride as the rest of the country.

See, Pittsburgh is hot! This summer the number of residential homes placed under agreement increased 21.31% year-over-year, with an average sale price increase of 11.93%. This continues a trend that has been going for awhile, which at this point has the market up 7.25% for the year, according the the West Penn Multi List.

Of course, as hot as the market has been, it is the slow and steady growth that has really helped Pittsburgh's economic recovery remain on track and ahead of schedule by national standards. If you take a look at a 15-year period comparing Pittsburgh to the rest of the country it will show how the rest of the U.S. rode the Thunderbolt, and here in Pittsburgh it was more like the Little Dipper. Luckily in housing, a less thrilling a ride is a good thing.

At the beginning of 2012, PNC Bank published a Pittsburgh Market Outlook that reports we have already surpassed our pre-recession peak employment level, and forecasts positive growth for Pittsburgh in population, income and affordability. It concludes with a prediction for an even stronger economic future. Yay Pittsburgh!

So while it might be tempting to talk about the bad real estate market in the rest of the U.S., here in Pittsburgh is is very important to remember that real estate is local and our area is not reflecting what has happened elsewhere.

 


Riding the Trillion-Dollar Real Estate Recovery Roller Coaster.

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Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

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Rainmaker
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Jeffrey DiMuria 321.223.6253 www.SpaceCoastHomesNow.com
Fontaine Property Group - Melbourne, FL
Your Space Coast Real Estate Expert!

Christa...I think the real truth of the matter is that when we speak real estate it is not even City or Town...when I say all real estate is local...it can even talk about sides of the street. Great post.

Oct 09, 2012 08:58 AM #1
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Rainmaker
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Christa Ross

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