WALTHAM, Mass. – August 3, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes and condominiums put under agreement in July went up for the third straight month compared to the same time in 2010. The last time there were three consecutive months of annual increases was February, March and April of 2010. On a month-to-month basis, the number of single-family homes and condos put under agreement were down from June.
“Three straight months of year-over-year gains definitely gives us reason to be hopeful that buyers will continue to get back into the market and make offers before the summer is over,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “A drop in homes put under agreement compared to May is typical at this time of the year as the end of summer and the start of school gets closer.”
The number of single-family homes put under agreement in July was up 5.0 percent compared to the same time last year (4,050 homes in 2010 to 4,253 homes in 2011). This is the third straight month of year-over-year increases. On a month-to-month basis, single-family homes put under agreement were down 10.6 percent from 4,758 homes in June.
The number of condos put under agreement in July was up 6.0 percent compared to June 2010 (1,466 units in 2010 to 1,558 units in 2011). Similar to single-family homes, this is the third straight month of year-over-year gains. On a month-to-month basis, condos put under agreement were down 14.7 percent from 1,466 units in June.
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.