Wexford PA and Area Homes for Sale Reach Record High

 Wexford PA homes for sale are in the five county area that recently experienced an increase in the sale of homes priced $250,000 or more. Allegheny, Butler, Beaver, Westmoreland and Washington counties are the five counties where sales of higher priced homes helped to send the average sales price to a record $160,735. Wexford PA homes for sale in Allegheny County are mainly upper middle class homes.

The record high for home sales in the $250,000 and above bracket is what helped to lift this market. Home sales during the third quarter were actually the weakest they have been in seventeen years. This followed the first-time home buyer tax credit expiring on June 30th. Approximately 6,479 homes were purchased last quarter with families spending $1.04 billion on these homes.

The numbers are thought to be lower because many people that were buying Wexford PA homes for sale purchased them in the second quarter to qualify for the first-time home buyer credit. 

This resulted in lower home sales in the $50,000 to $200,000 range. The comparison of Wexford PA homes for sale in the third quarter of 2009 and the third quarter of 2010 showed a 22% decrease. Almost 1,000 fewer homes were sold than at the same time last year.

Advantages

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Record-High Average Sale Price: The article reports that the average sale price across five southwestern Pennsylvania counties reached a historical high. This may benefit homeowners considering selling their properties.

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Strength in Higher-Priced Homes: Sales of homes priced at $250,000 or more helped lift the regional average, indicating activity in the higher-priced segment of the housing market.

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Potential Selling Opportunities: Homeowners with properties that match buyer demand may benefit from favorable pricing conditions. Actual results depend on the property's condition, location, and comparable sales.

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Long-Term Price Growth: The article reports that average prices increased by about 5.1% annually between 2000 and 2007. This historical growth illustrates how property values can rise over an extended period.

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Multiple Property Options: The market data includes duplexes, townhomes, and single-family homes, giving buyers different property types to consider according to their budgets and housing needs.

Disadvantages

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Declining Home Sales: The article reports that third-quarter sales fell to their weakest level in 17 years at that time. Reduced transaction activity can make selling a property more challenging.

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Fewer Affordable Sales: Sales in the $50,000 to $200,000 range declined during the period discussed. Buyers with limited budgets may face affordability challenges, depending on the properties available.

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Slower Price Appreciation: According to the article, average annual price growth fell below 1% after 2007. Slower growth can reduce the pace at which homeowners build equity through property appreciation.

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Uncertainty in Market Demand: The expiration of the first-time homebuyer tax credit was identified as a possible reason for weaker third-quarter sales. Policy changes and borrowing costs can influence buyer activity.

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Record Averages Can Be Misleading: A higher average sale price does not mean every home has increased in value. The mix of properties sold can affect the average, so buyers and sellers should also examine local comparable sales.

The information is based on sales of duplexes, town homes and single family homes in the area using tax records and deeds. The data also shows the average price of Wexford PA homes for sale has increased more slowly since 2007 than it had in previous years. 

From 2000 to 2007, the increase was on average 5.1% per year. In 2000 the average price for the five county area was $116,201. In 2007, it had steadily risen to reach $157, 453. While $160,753 is a historical highest point ever for the area, it also shows that the average for the last three years has gone down to less than 1%. On average since 2007, third quarter median home prices are remaining at a steady $125,000.

According to the article, increased sales of homes priced at $250,000 or more helped raise the average sale price across Allegheny, Butler, Beaver, Westmoreland, and Washington counties. The reported record reflected the mix of properties sold during that historical period.

The report covered five southwestern Pennsylvania counties: Allegheny, Butler, Beaver, Westmoreland, and Washington. It examined home sales and prices across the region, including duplexes, townhomes, and single-family homes.

The article suggests that the expiration of the first-time homebuyer tax credit on June 30 contributed to the decline. Some buyers had purchased homes earlier to qualify for the credit, reducing the number of transactions in the following quarter.

According to the article, the average home price across the five-county area increased from $116,201 in 2000 to $157,453 in 2007, representing average annual growth of approximately 5.1%. After 2007, the rate of price appreciation slowed considerably.

Buyers and sellers should review recent comparable sales, property condition, location, property type, and current market demand. A regional record-high average price does not mean every home has increased in value. The article's figures are historical, so current local data should be checked before making a real estate decision.