WALTHAM, Mass. – November 2, 2011 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in October went UP for the sixth straight month compared to the same time in 2010. Condominium pending sales were down from October 2010.
“Six straight months of year-over-year pending sales increases is another small positive step in the recovery of the housing market,” said 2011 MAR President Laurie Cadigan, broker-owner of Barrett & Company in Concord. “Hopefully these historically low interest rates and affordable home prices will continue to bring qualified buyers back into the market going forward.”
The number of single-family homes put under agreement in October was up 6.2 percent compared to the same time last year (3,631 homes in 2010 to 3,857 homes in 2011). This is the sixth straight month of year-over-year increases. On a month-to-month basis, single-family homes put under agreement were down 2.0 percent from 3,936 homes in September.
The number of condos put under agreement in October was down 2.0 percent compared to October 2010 (1,360 units in 2010 to 1,329 units in 2011). On a month-to-month basis, condos put under agreement were up 5.6 percent from 1,258 units in September.
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.