WALTHAM, Mass. – February 3, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in January was down7.3 percent compared to the same time last year. The number of condominiums put under agreement in January was down 12 percent.
“Despite our general toughness as New Englanders, the significant snow in January kept buyers busy shoveling rather than making offers to buy homes last month,” said 2011 MAR President Laurie Cadigan, broker/owner of Barrett & Company in Concord. “We still believe consumer confidence is better than it has been recently and when you combine that with declining prices, the opportunity is there for the number of homes put under agreement to go up in February.”
The number of single-family homes put under agreement in January was down 7.3 percent compared to the same time last year (2,791 homes in 2010 to 2,587 homes in 2011). On a month-to-month basis, single-family homes put under agreement were down 10.4 percent from 2,888 homes in December
The number of condos put under agreement in January was down 12 percent compared to January 2010 (1,194 units in 2010 to 1,046 units in 2011). On a month-to-month basis, condos put under agreement were exactly even at 1,046 units in December.
About Pending Sales:
The tracking of signed purchase and sales agreements (also called “pending sales”) provide reliable information about where the real estate market is heading in coming months.
A pending sale or a sale “under agreement” is when the buyer and seller agree on the terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such. MAR is the only organization which compiles this statewide information from Multiple Listing Services each month.
About the Massachusetts Association of REALTORS®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 19,000 members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.