West Penn Multi-list, Inc. reported an overall rise in sales in its latest residential real estate monthly report. The report shows a nearly 18% increase in home sales for January 2020 when compared to January 2019. That's more than $350 million in home sales.
"That's a significant increase in closed sales volume, and it makes sense given the environment we had at the beginning of this year," said Tom Hosack, current president of West Penn Multi-List, Inc., and president and CEO of Berkshire Hathaway HomeServices The Preferred Realty, in a press release.
"I think it's a combination of factors that bumped up our sales this early in the year: a high demand for homes, low mortgage rates and a mild winter. It was encouraging to start off the year in this fashion, and while we hope 2020 will have strong sales, the current coronavirus situation will likely reflect changes in the first quarter and into the spring months."
The company also reported that closed sales are up nearly 11% even with the average sales price increasing just over 6%. To view more of the report from West Penn Multi-list, Inc., click here.