WALTHAM, Mass. – March 2, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in February was down 17.6 percent compared to the same time last year. The number of condominiums put under agreement in February was down 21 percent. On a month-to-month basis the number of single-family homes and condominiums put under agreement were up from January.
“While lingering weather kept pending home sales down in February, REALTORS® across the state did see the number of prospective buyers asking to see homes go up the last two weeks of the month,” said 2011 MAR President Laurie Cadigan, broker/owner of Barrett & Company in Concord. “Hopefully the momentum from interested buyers at the end of February will continue and result in signed offers through the entire month of March.”
The number of single-family homes put under agreement in February was down 17.6 percent compared to the same time last year (3,489 homes in 2010 to 2,874 homes in 2011). On a month-to-month basis, single-family homes put under agreement were up 11.9 percent from 2,568 homes in January.
The number of condos put under agreement in February was down 21 percent compared to February 2010 (1,434 units in 2010 to 1,134 units in 2011). This is the 10th straight month of year-over-year decreases. On a month-to-month basis, condos put under agreement were up 8.8 percent from 1,042 units in January.
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.