WALTHAM, Mass. – May 3, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes and condominiums put under agreement in April went up for the third straight time compared to the month before. On an annual basis, both single-family and condominium pending sales were down from the same time last year, which was the final month for people to put a home under agreement to take advantage of the home buyer tax credit in 2010.
“While we would like to see increased buyer interest translate into more accepted offers, we still continue to move in a positive direction from last month,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “Year-to-year pending home sales was down understandably this past April compared to April 2010, a month that had the most homes put under agreement since we’ve been tracking this data, as it was the last month to take advantage of the home buyer tax credit.”
The number of single-family homes put under agreement in April was down 24.2 percent compared to the same time last year (5,580 homes in 2010 to 4,230 homes in 2011). This is the 4th straight month of year-over-year decreases. The 5,580 homes put under agreement in April 2010, was the most in a month since MAR has been tracking this data. On a month-to-month basis, single-family homes put under agreement were up 5.1 percent from 4,023 homes in March. This is the 3rd straight month-to-month gain.
The number of condos put under agreement in April was down 27 percent compared to April 2010 (2,292 units in 2010 to 1,676 units in 2011). This is the 12th straight month of year-over-year decreases. On a month-to-month basis, condos put under agreement were up 1.6 percent from 1,649 units in March. This is also the 3rd straight month-to-month gain for condominiums.
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.