Homes put under agreement up both year-to-year and month-to-month
WALTHAM, Mass. – September 6, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes and condominiums put under agreement in August went up for the fourth straight month compared to the same time in 2010. On a month-to-month basis, the number of single-family homes and condos put under agreement were also up from July.
“Despite fluctuating economic news, Massachusetts homebuyers are making smart decisions about the real estate market,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “They see low interest rates and attractive pricing and fundamentally know that home ownership matters to their personal and economic well being.”
The number of single-family homes put under agreement in August was up 7.14 percent compared to the same time last year (4,117 homes in 2010 to 4,411 homes in 2011). This is the fourth straight month of year-over-year increases. On a month-to-month basis, single-family homes put under agreement were up 3.7 percent from 4,253 homes in July.
The number of condos put under agreement in August was up 11 percent compared to August 2010 (1,435 units in 2010 to 1,587 units in 2011). Similar to single-family homes, this is the fourth straight month of year-over-year gains. On a month-to-month basis, condos put under agreement were up 1.9 percent from 1,558 units in July.
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.