PA Median Sales Price Rose Slightly in February
By Al Perry | March 21, 2023 | 2 min. read
If you take a look at both the January and February housing market reports prepared for PAR, you’ll see similar numbers across the board. The number of listings on the market was down about 17% in February with just over 31,000, compared to the same time in 2022, while in January, listings were down about 16%. As I’ve traveled across Pennsylvania, many Realtors® have told me that challenging inventory conditions are commonplace across your markets.
The number of homes sold was down in February, compared to the previous year as a result of the tight inventory situation and higher interest rates. We’re seeing sales numbers about 21% lower than the year before.
Overall, we’ve been seeing a bit of a balancing of the market over the past several months between buyers and sellers. In my market, interested buyers are finding there’s more room for negotiations than there was a year ago. And buyers seem to be more willing to ask for some concessions when they’re making an offer.
PAR’s housing market report shows the median home sales price rose slightly in February to $199,678, compared to $195,123 in January. The median price was up about 7% compared to the same time in 2022.
As Realtors®, our clients need us now more than ever. Our knowledge and expertise can help both buyers and sellers navigate today’s real estate market. Sellers and buyers need to know how housing trends may be impacting their markets.
We need to advise interested buyers to secure a thorough pre-approval for a mortgage and prepare them for their contingency options in advance, so they can be ready to make an offer swiftly once they find one that meets their needs.
And for those ready to sell their home, we need to help them prepare the home to look its best and price the home correctly so they can secure the best price and terms possible.
We influence better outcomes for our clients. Now is a time for us to shine!
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