WALTHAM, Mass. – July 7, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes and condominiums put under agreement in June went up for the second straight month compared to the same time in 2010. The last time there were consecutive months of annual increases was November and December of 2010. The condominium market last had back-to-back increases in March and April 2010. On a month-to-month basis, the number of single-family homes put under agreement was flat from May, while condominiums put under agreement were down.
“We continue to get positive feedback from folks who are committed to buying and I feel that is reflected by the two consecutive months of pending sales increases,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “Affordability remains a strong theme in this market and hopefully more people, who can and want to, will decide to take advantage.”
The number of single-family homes put under agreement in June was up 9.28 percent compared to the same time last year (4,354 homes in 2010 to 4,758 homes in 2011). This is the first back-to- back increase since November and December 2010. On a month-to-month basis, single-family homes put under agreement were essentially flat, with a difference of only two homes put under agreement, with 4,760 in May.
The number of condos put under agreement in June was up 8.0 percent compared to June 2010 (1,689 units in 2010 to 1,826 units in 2011). This is the first back-to-back increase since March and April 2010. On a month-to-month basis, condos put under agreement were down 4.1 percent from 1,905 units in May.
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.