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.
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.
If you would like more information about Wexford PA homes for sale, please feel free to contact us at (724) 933-8505 or visit our Contact Us page where you can send us a message. We’ll get back to you right away!
