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East End, Pittsburgh PA - Real Estate Market Update, March 2018

3/19/2018

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East End, Pittsburgh PA - Real Estate Market Update, March 2018

  Usually around this time of year is when we start saying "the Residential Real Estate Market in Pittsburgh is Heating Up!" but that was the truth about 10 years ago... the reality of the market now is the Real Estate Market in Pittsburgh is BOILING HOT in 2018!  For the last two years Pittsburgh Realtors have been experiencing a drought in listing inventory, meaning there are more buyers than there are homes for sale.  Pittsburgh has been in a VERY strong Seller's Market for several years and it does not appear that will change in 2018 and Pittsburgh's East End is still proving to be the #1 most desirable location to purchase a home.  Here's some data to back that up:
Most expensive home Sold in Pittsburgh's East End March 2018Picture of the most expensive home to be sold in Pittsburgh's East End between March 2017 and March 2018. Courtesy of the WPMLS.
  As of right now there have been 1474 closed deals in Pittsburgh's East End since this date in 2017.  That's 51 more closed transactions than 2017's 1423 closed deals.
  The average Days-On-Market (DOM) for a single family home in Pittsburgh's East End currently is 68 days.  This is a decrease in DOM of the 2017 average by 2 days.  A balanced market will usually be around 90 Days-On-Market.  This change indicates a slight shift towards a stronger Seller's Market than we have already seen.
  The average sale price in Pittsburgh's East End as of March 2018 is $290,373.  This is an increase from 2017's average sale price by $7,707 or 2.7% which is below the Historical National Average increase in sale price of a little over 4%.  This indicates the possibility of a market slow down this year however we have not seen the Spring Market really "pop" yet.
  A total of $428,009,989 in Single Family Home volume has been closed in the last 12 months in Pittsburgh's East End.

Selling this year?  Schedule now to find out how we can net you more money for you home-sale.

  The award for HOTTEST Pittsburgh Neighborhood in 2017 goes to.... Bloomfield!  Yes that's right, I didn't say Lawrenceville.  All eyes have been on Bloomfield lately due to the constricting market that Lawrenceville has seen in recent years.  Lawrenceville has been booming because of it's walkability, proximity to downtown Pittsburgh and its proximity to UPMC Childrens Hospital.  However, as many home-buyers become priced out of the Lawrenceville housing market, many investors and buyers have started looking for the next best thing... Bloomfield.  Bloomfield is a similar type of neighborhood with many of the same attributes that Lawrenceville provides.  Here's how Bloomfield has fared since March of 2017:
  The big change here is Bloomfield's Average Sale Price which increased by over $58,000!  It's up 36.20% over last year's average price of $162,685.  Bloomfield has seen an increase in time to sell a home (or Days On Market) however it's still displaying signs of a HOT Seller's Market.

  Stanton Heights and Highland Park come in close at the #2 and #3 spots.

  Stanton Heights' average sale price increase by $35,384 over 2017's average or an increase of 27.31%.  The average Day On Market in Stanton Heights right now is only 41!  This means that Stanton Heights is in the middle of a SERIOUS Seller's Market and we are likely to see a further increase in sale price this year and a low inventory of homes for sale.

  Highland Park saw an increase in average sale price by over $70,000 since this date in 2017!  That's an increase by 24.02%.  The average Days On Market in Highland Park is a little over 60 which means that it's still in a strong Seller's Market too.  It looks like inventory will continue to be low which should push demand and prices even higher this year.

Serious about selling in the next year?
Find out what your home is worth!

  The East End's worst performing neighborhoods were Lincoln-Larimer, Homewood-Brushton and Hazelwood.

  Lincoln-Larimer's average sale price dropped by 44.78% to $29,960 as developers and investors seemed to switch their focus away from this neighborhood.  At such a low entry-level, this would be a great area to start investing or buy a fixer-upper.

  Homewood-Brushton had a boos in 2017 but dropped dramatically as well.  The average sale price as of March 2018 is down $13,049 or 35.59%.  With the addition of a Family Dollar and the continued demolition of vacant and nuisance buildings I could see this neighborhood coming around in the near future.  With an average sale price of only a little above $23,000 the barrier to entry on this neighborhood is very low as well.

  Last but not least, Hazelwood saw a drop in average sale price from $56,586 to $51,795 or a drop of 8.47%.  Many investors have been watching this neighborhood in the hopes of redevelopment of the Brownfield there however the location of the supposed redevelopment may be too separated from the rest of the community to make the large, immediate impact that many are hoping for.  Only time will tell!

What does The Dustin Nulf Team do to sell so many homes?

  Honorable mentions go to Wilkinsburg and Squirrel Hill.

  Although Wilkinsburg is not technically located within Pittsburgh City limits an important thing happened in the last year or so... Wilkinsburg's School District is now being transported in to the City.  History has shown, using Mount Oliver as an example, that when this happens, there is a good chance that the School Millage Rate will end up dropping to match the City's School Tax Rates.  This would create a huge drop in Real Estate Tax Liability for investors in Wilkinsburg... therefore resulting in more profits... therefore resulting in higher sale prices.  Wilkinsburg is a neighborhood to watch.  The average sale price in Wilkinsburgh has increased by a whopping 30.62% since March of 2017!

  Believe it or not, while many other East End of Pittsburgh Neighborhoods were having a great year, Squirrel Hill was dropping in average sale price.  Since March of 2017 the average sale price in Squirrel Hill has dropped by $30,034 or 7.06%.  The average Days On Market however have dropped too.  This indicates a possible market correction and we may see an increase in value again in 2018.

Want to work with an Agent who knows the market?
Schedule your FREE professional consultation
​with The Dustin Nulf Team today
.

  Here's how the other East End Pittsburgh Neighborhoods fared from 03/2017 - 03/2018:

Lawrenceville:  Average Sale Price increased to $271,710, up 18.10%
Shadyside:  ​​Average Sale Price increased to $424,826, up 11.29%
Friendship Park:  Average Sale Price increased to $367,728, up 9.24%
Garfield:  Average Sale Price decreased to $111,823, down 1.36%
Morningside:  Average Sale Price increased to $203,100, up 6.62%
East Liberty:  Average Sale Price decrease to $216,822, down 1.96%
Point Breeze:  Average Sale Price decreased to $380,586, down 4.24%
Regent Square:  Average Sale Price increased to $253,045, up 2.19%
Greenfield:  Average Sale Price increased to $166,714, up 6.70%

​*All data compiled on 3/19/2018 from the WPMLS
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Spectacular and Spacious 5BR with 2 Bars & Cathedral Ceilings- Gatehouse

1/12/2017

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Spectacular and Spacious 5BR with 2 Bars & Cathedral Ceilings- In the prestigious Cherrington Manor gated community, this home is steps away from Robinson Township and shopping area, Route 376, Kennedy Township, the airport, Coraopolis, and Imperial, Moon Run, the local YMCA, Settler's Cabin Park, and Clever Park. Walk into the foyer and take a look at the cathedral ceilings and plethora of skylights! Off the entry area, there is room with built-in cabinets and more skylights that is perfect for a home office. It even has a door to the outside if you wanted to welcome business guests straight to the office. The main floor has a powder room, a wet bar, a three seasons room, the laundry room with a chute from upstairs, and an enormous kitchen. While there is room for a table in the kitchen there is a large dining room with a gorgeous chandelier to make any formal dinner a special occasion. This home has 4 gas fireplaces with beautiful stone work to make the multiple sitting areas cozy. Upstairs, the master suite is separate from the other bedrooms to provide a private and relaxing space to unwind. There is plenty of space for a sitting area by the fireplace in addition to a full bedroom set. There is a massive walk in closet, a shower, a bidet, two sinks, a vanity area, and a huge Jacuzzi tub. Don't forget about the sauna in the bathroom that really makes your home into a personal spa! The other 3 bathrooms on this floor offer plenty of windows for natural light and closet space. One bedroom has a full bathroom, while the other two have Jack and Jill bathroom. In the finished basement, there is two storage rooms, the perfect space for an exercise room that includes mirrors, a party room with a wet bar, a media room, walk out patio, and an additional bedroom with a full bathroom. With all the features this home has, it would make the perfect home! Call today to schedule a showing.


To schedule a showing, call The Dustin Nulf Team at 412-345-7021.
For more information, click here: 123 Gatehouse Drive, Moon, PA 15108
To create your own FREE search for  5 bedroom homes for sale in Pittsburgh, click here: www.homes4saleinpittsburgh.com
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Luxury Waterfront Townhouse for sale in Pittsburgh, PA

3/16/2016

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Luxury Waterfront Townhouse for sale in Pittsburgh, PA - This luxury real estate offering is located in the elegant waterfront townhome development "The Cove at Saint Charles Court."  This high-end unit is is an excellent buy for anyone seeking an active lifestyle on the river. This townhouse includes an integral garage, a detached garage, 4 floors of living space, a total of 3 bedrooms, 3.5 bathrooms, exquisite hardwood floors throughout as well as an open floor plan. The Cove at Saint Charles Court is unique to the Pittsburgh area as being one of the very few actual riverfront Condominium developments with superb views of the Allegheny River from your 3 private balconies.  Enjoy the use of a Kayak dock, nearby marina's, mountain biking and the newly updated river-walk boardwalk. The Cove is located on the border of O'hara Township and Blawnox and within the prestigious the Fox Chapel School District. Close to shopping at the Aspinwall Waterworks Mall and only a 15 minute commute to Downtown Pittsburgh on Route 28.  Not many of these townhouses become available during any given year, so get this one now before it's gone!

Free Search: Luxury Homes for Sale in Fox Chapel School District
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