WALTHAM, Mass. – October 4, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in September went up for the fifth straight month compared to the same time in 2010. Condominium pending sales were down only nine units from September 2010. On a month-to-month basis, the number of single-family homes and condos put under agreement were down from August.
“Buyers took advantage of the super-low interest rates and lower home prices in September and made offers on homes,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “With the volatility in the stock market, I wouldn’t be surprised to see people starting to move some of their money back into real estate.”
The number of single-family homes put under agreement in September was up 9.06 percent compared to the same time last year (3,609 homes in 2010 to 3,936 homes in 2011). This is the fifth straight month of year-over-year increases. On a month-to-month basis, single-family homes put under agreement were down 10.8 percent from 4,411 homes in August.
The number of condos put under agreement in September was down 1.0 percent compared to September 2010 (1,267 units in 2010 to 1,258 units in 2011). On a month-to-month basis, condos put under agreement were down 20.7 percent from 1,587 units in August.
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 18,000 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.