15108 - Market Update » Diane McConaghy Team

15108 – Market Update


Is the real estate market still super hot ?  Are homes still selling quickly, with multiple offers?   What about Buyer Fatigue and how will that affect the current market?
We are going to cover all of that and more right now.

This is my market update in 15108 zip code over the last thirty days.

We are experiencing the hottest real estate market that most of us have seen in years.  Homes are selling quickly and for top dollar. 

And here’s some amazing stats for 15108 which includes all areas served by this zip code; Coraopolis, Moon, Kennedy, Robinson, North Fayette and Findlay Townships

Total homes sold in the last thirty days were 31 which is a decrease of 40% over last year at this same time.
The average sales price is now up to a little of $320,000, which is a 14% increase since this same time last year.  To put that into perspective, normally, we see a 3% year on year increase.

Interestingly enough, homes are currently selling at about 1% over list price compared to last year at this time when they were selling fairly close to list price.  A lot of the big pricing wars that we experienced in 2020 and the first seven months of 2021 have started to taper off.

Average days on market are steady at around 10 as compared to around 40 in 2020.
Currently, there are 51 homes for sale in 15108.  That’s down a whopping 70% from last year. 

Over the last few months, I have had the opportunity to speak with a lot of sellers who have decided not to sell at this time because they are worried they are not going to find a replacement home to move into.  This doesn’t mean that it is changing to a buyer’s market.  But we are experiencing signs of buyer fatigue.
The 15108 real estate market is still very strong.  Homes that are priced at market value are still selling quickly and for top dollar.  We are still seeing home owners accepting offers at or above list price. 

Seller’s cannot list their homes for a huge profit and expect to get it.  Buyers are getting turned off from multiple offers and losing out on some amazing properties.  Homes that were seeing ten or more offers are now only seeing one to five.  I’ve also noticed some price reductions on homes that were originally overpriced. 
The 15108 real estate market is still very strong.  Homes that are priced at market value are still selling quickly and for top dollar.  We are still seeing home owners accepting offers at or above list price. 

Buyers are doing their homework.  The are up to speed on current values.  So, we do know that the market will determine value.  We still have more buyers than homes available for sale.  This lack of inventory is one of the main reasons for home appreciation year over year.  It’s based supply and demand. 
I hope you found our market update for 15108 helpful and informative. 

If you are considering selling your home whether now or in the future, we would love the opportunity to interview for the job.  It’s a great time to sell and a good time for buyers looking to find their dream home with mortgage interest rates at historical lows.

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