08/31/2024
A MESSAGE FROM JOHN TIERNEY, ASSOCIATE BROKER
As we approach the Fall of 2024, I wanted to take this opportunity to reflect on the recent history of our real estate market here at Seven Springs, Hidden Valley, and the surrounding areas, as well as project what might occur in the future. The keyword being
“project,” not “predict.”
In having a discussion of this nature, it is best to create a common foundation. Just looking at numbers alone can skew one’s opinion one way or the other without the proper context.
With that said, let’s take a look at the Seven Springs market. For example, pre-Covid, it was common to have anywhere between 100 and 140 properties listed for sale at one time, and days on market could be anywhere from one month to two years. Price reductions were also common.
During the Covid years, and one would argue a year or so after, the world did not react in historical patterns, and the same holds true for real estate, especially in the resort home marketplace. It was common for properties to be listed one day and have multiple offers in the next few days. Inventory dwindled to low, single digits, and prices continued to rise, with the number of sales doubling in comparison to years past.
Now as we see Covid and the influx of money into the economy in the rearview mirror, one could argue that we are seeing, what I would call, a drift back to something that is more normal to past performance.
Inventory has gone up from single digits to approximately 25, but that is still less than one-third of what our typical inventory would be. Days on market have certainly increased, and once again, price reductions off of list price are becoming more common.
Data compiled from the West Penn MLS indicate that sales for 2024 year-to-date are approximately half of what they were for 2023; however, 2021, 2022 and 2023 were much higher than the sales that we saw in prior years.
Taking any one of these silos alone, you can make any argument you want; however, when you combine all of them, I think the proper wording is “drifting back to something that’s more normal,” and if that’s the case, we typically see an increase in buyer activity after the Labor Day weekend. Summertime has historically been a slow time for traditional buyers at the Resorts. But now, kids are back in school, and people are once again thinking about
a second home for the upcoming ski season and holidays.
When you would like to explore this conversation further, please feel free to reach out to me. Not only do I monitor our Seven Springs, Hidden Valley and surrounding areas market, but I also monitor other second-home destinations like Florida, where I hold a Broker’s license, and the Carolinas, which may be in competition for second-home buyers. For many reasons that I would love to share with you, I choose to focus my efforts on our beautiful Laurel Highlands. Plus, I always enjoy talking about real estate.
If now is the time for you to be considering selling or buying in the Laurel Highlands, my partner, Michelle Buccilli and I have a combined 25+ years of experience. We have helped countless families create memories.
We would love to work with you. We call the Mountain home, and we look forward to seeing you.
John Tierney, Associate Broker
814-572-8383
[email protected]
Call now to connect with business.
