WALTHAM, Mass. – April 5, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in March had the biggest month-to-month jump since the Association began tracking pending sales in 2008. The number of condominiums put under agreement had its second largest increase ever from the month before. On an annual basis, both single-family and condominium pending sales were down from the same time last year due in part because March 2010 was the second-to-last month for people to take advantage of the home buyer tax credit.
“We’ve been hearing from REALTORS® across the state that improving weather conditions have sparked an increase in activity and it is encouraging to see those reports come to fruition in the numbers,” said 2011 MAR President Laurie Cadigan, broker/owner of Barrett & Company in Concord. “On an annual basis, we are continuing to compare March activity against a time period in 2010 that had the availability of the expanded home buyer tax credit and as a result, pending sales were down.”
The number of single-family homes put under agreement in March was down 16.33 percent compared to the same time last year (4,808 homes in 2010 to 4,023 homes in 2011). On a month-to-month basis, single-family homes put under agreement were up 40 percent from 2,874 homes in February, the largest month-to-month gain since MAR has been tracking pending sales.
The number of condos put under agreement in March was down 22 percent compared to March 2010 (2,122 units in 2010 to 1,649 units in 2011). This is the 11th straight month of year-over-year decreases. On a month-to-month basis, condos put under agreement were up 45.4 percent from 1,134 units in February, the second largest month-to-month gain since MAR has been tracking pending sales.
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.