Pittsburgh real estate report: New home prices +6.6%, existing home prices +3.5% (Sewickley: for sale, home sales)

[Craziaskowboi]

Both percentage increases are year-over-year.

[gameguy56]

Meanwhile, sales of existing homes in October fell 24.7 percent and new home sales fell 41.8 percent compared to the same month in 2009.

Looks like the high-end market is strong, but everything else pretty weak.

[greg42]

A while back a house a few doors down from mine went up for sale, and surprisingly (to me) went to Sale Pending on the sign rather quickly. I thought the price was way out of whack (high, listed at about $180k) so I'm curious to see what they sold it for. Some other houses on the same street have been for sale since spring at least.

As for the report, yeah, with the number of sales down so much, the increase in median price may not mean anything except that the higher end market is moving. Which isn't to say that's not good, though, because at one point even those houses weren't going at all. I remember my boss, trying to sell a house in Sewickley area, on the market for ages while NOTHING in its price range had sold at all for months.

[rhondee]

Originally Posted by greg42

A while back a house a few doors down from mine went up for sale, and surprisingly (to me) went to Sale Pending on the sign rather quickly. I thought the price was way out of whack (high, listed at about $180k) so I'm curious to see what they sold it for. Some other houses on the same street have been for sale since spring at least.

As for the report, yeah, with the number of sales down so much, the increase in median price may not mean anything except that the higher end market is moving. Which isn't to say that's not good, though, because at one point even those houses weren't going at all. I remember my boss, trying to sell a house in Sewickley area, on the market for ages while NOTHING in its price range had sold at all for months.

Yeah, when you get into those price ranges s.a. what a Sewickley home
can command then the pool of potential buyers is very small and it takes a long time to sell.

[Renaldo5000]

Saw a house for $20,000 that I am interested in. Only in Pittsburgh.

[uricmu]

We've been looking at houses in the city (Sq. Hill / Shadyside, etc.) and prices on midrange houses in these neighborhoods have gone up by much more than 3% in the past year. Folks now have the balls to ask above half a million for crapholes in south Sq. Hill and close to a mil for small houses in shadyside.

[mckeesport_alum]

They can ask all they want, the market will determine what the house sells for. If those prices are the market value, more power to them.