WALTHAM, Mass. – January 10, 2012 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in December went up again for the eighth straight month compared to the same time in 2010. Condominium pending sales were also up from the same time last year. For the entire year, however, the number of single-family homes put under agreement in 2011 was down 1.9 percent compared to 2010, while condominium pending home sales were down 20 percent compared to 2010.
“The year ended on a positive note with eight straight months of pending sales increases,” said 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport. “People who made the decision to buy in 2011 were able to take advantage of lower prices and historically low interest rates to get into a home. If this trend continues, then the market could be on its way back to more normal levels.”
The number of single-family homes put under agreement in December was up 11.7 percent compared to the same time last year (2,888 homes in 2010 to 3,227 homes in 2011). This is the eighth straight month of year-over-year increases. On a month-to-month basis, single-family homes put under agreement were down 10 percent from 3,580 homes in November.
The number of condos put under agreement in December was up 13 percent compared to December 2010 (1,046 units in 2010 to 1,179 units in 2011). On a month-to-month basis, condos put under agreement were down 11.6 percent from 1,333 units in November.
Year-End Pending Sales:
There were a total of 46,477 single-family homes put under agreement in 2011, which was down 1.9 percent compared to 47,384 single-family homes put under agreement in 2010. The number of condominiums put under agreement in 2011 was down 19.7% compared to 2010 (20,460 units in 2010 compared to 16,434 units in 2011).
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.