WALTHAM, Mass. – March 12, 2013 – The Massachusetts Association of REALTORS® (MAR) reported today that February pending home sales were positive for the 22nd straight month compared to the year before, but winter weather kept gains modest. Pending sales figures (also called homes under agreement) are a leading indicator of actual housing sales in Massachusetts for the following 2-3 months.
“While we were still in positive territory, the combination of low inventory and several weekends snow storms, including a blizzard, kept buyer activity relatively minimal in February,” said 2013 MAR President-Elect Peter Ruffini, regional vice president at Jack Conway REALTORS® in Norwell. “After a ‘non-winter’ in 2012, the fact that pending home sales were still up in February is a good sign for the market.”
The number of single-family homes put under agreement in February was up 1.1 percent compared to the same time last year (3,041 homes in 2012 to 3,075 homes in 2013). This is the 22 nd straight month of year-over-year increases. On a month-to-month basis, single-family homes put under agreement were flat compared to 3,076 homes put under agreement in January 2013.
The number of condos put under agreement in February was up 11.9 percent compared to February 2012 (1,146 units in 2012 to 1,282 units in 2013). This is the 22nd straight month of year-over-year increases. On a month-to-month basis, condos put under agreement went UP 5 percent from 1,216 units in January 2013.
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.