2022 Annual Market Report- Quaker Valley

AnnualMarketReport

Robyn Jones

Jones

2022 was another consistent and strong year in the Quaker Valley real estate market. My team and I are honored to have sold over $31 Million in Real Estate, mainly right here in the Sewickley Area. We also represented the highest sold home in the West Penn Multi List for 2022, selling 330 Shields Lane at $4,475,000.

When looking at the local real estate market, it’s great to see that we have remained consistent since 2019 in terms of average days on the market, average list to sold price, with increases in our highest sold home value. Each of our boroughs tends to have their own set of statistics in terms of sold cost per square foot, days on the market, and average sales price. We saw the majority of local sales take place in Sewickley Village with 87 homes and an average sales price of $567,378. As usual, Sewickley Heights had the highest cost per square foot average of $375. An additional point I am beginning to track is the type of buyer financing used. With rates climbing, it’s encouraging to see that Quaker Valley continues to have a strong number of cash closings. In 2022, 64% of buyers used conventional financing while 30% paid with cash. The remaining used either an FHA or VA loan.

Looking into 2023, I anticipate that prices will hold steady. We should anticipate the days on the market (the number of days between listing and accepting a contract) to increase. This is in part due to more inventory coming on the market (more for buyers to choose from) as well as buyers being a bit more particular in their house hunt due to increasing mortgage rates.

Speaking of pricing, we continue to see a very small variance between list price and sold price. This means that it’s vitally important to price your home correctly as you will likely get 97% of that as a sales price. It also means that if you are priced too high, many buyers will not even look at your home because they anticipate sellers not negotiating much. The days of “list high and see what happens” are over for now. We are returning to a more balanced market where buyers have more time to look around and sellers need to expect their homes to be on the market for a few months. Remember, Real Estate is all about timing. There could be someone realizing today that they want to move, or someone accepting a new job in a new city. That will ignite their home search. Not every buyer or future buyer is ready at the helm right now. In my opinion, real estate is still one of the best investments to make.

Piatt Sotheby’s International Realty continues to lead the way with our innovative technologies, unparalleled marketing and local market knowledge, to make selling your home easier and more profitable than ever. Please enjoy reading our 2022 Sewickley Area market report. I continue to strive to deliver the most comprehensive market reports available to keep you up to date on the Quaker Valley market.

Robyn Jones Sewickley Realtor®

Robyn Jones

QUAKER VALLEY

Market Overview

86 -5% $563,278 +16%

10 +43% $1,678,000 -4%

Sold Home Financing

2022 All Markets Summary

Multi-Year Summary

Multi-Year Summary

Average