March is the ninth straight month of year-over-year gains
WALTHAM, Mass. – April 6, 2010 – The Massachusetts Association of REALTORS® (MAR) reported today that despite the record rain last month, the number of single-family homes put under agreement in March was up 27 percent over the same time last year, while condominiums were up 38 percent. March marks the ninth straight month that the number of both single-family homes and condominiums put under agreement had increased over the year before.
“It appears that the record rains in March didn’t keep buyers from taking advantage of the market conditions and making offers on homes,” said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “Whether the rain will impact how many of these deals close is still a question, but the buyers are out there and that is a good sign for the market.”
The number of single-family homes put under agreement in March was up 27 percent compared to the same time last year (3,783 homes in 2009 to 4,808 homes in 2010). On a month-to-month basis, single-family homes put under agreement were up 37.8 percent from 3,489 homes in February.
The number of condos put under agreement in March was up 38 percent compared to March 2009 (1,543 units in 2009 to 2,122 units in 2010). On a month-to-month basis, condos put under agreement were up 48 percent from 1,434 units in February.
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 20,000 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.