Market Still Moving in Positive Direction as Pending Home Sales up Again in October

by MAR Staff | Nov 18, 2013
 
WALTHAM, Mass. – November 19, 2013 – The Massachusetts Association of REALTORS® (MAR) reported today that homes put under agreement were up again in October compared to the same time last year for the eighth straight month. The number of condominiums put under agreement in October was also up for the 30th straight month. Pending sales figures (also called homes under agreement) are a leading indicator of actual housing sales in Massachusetts for the following 2-3 months.
 
“With a very active spring and summer and then government shutdown this fall, it was a very positive sign to see the number of homes put under agreement in October go up compared to last year,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree.
 
The number of single-family homes put under agreement in October was up 17.1 percent compared to the same time last year (*4,793 homes in 2013 from 4,094 homes in 2012). On a month-to-month basis, single-family homes put under agreement were up 11.6 percent compared to 4,297 homes put under agreement in September 2013.
 
The median sales price of single-family homes put under agreement in October was $320,000, which was up 12.3 percent from $320,000 in 2012. On a month-to-month basis, under agreement median prices were down 1.2 percent from $325,000 in September.
 
The number of condos put under agreement in October was up 22 percent compared to October 2012 (*1,853 units in 2013 from 1,519 units in 2012).  On a month-to-month basis, condos put under agreement went up 7.1 percent from 1,731 units in September 2013.
 
The median sales price of single-family homes put under agreement in October was $295,000, which was up 11.3 percent from $265,000 in 2012. On a month-to-month basis, under agreement median prices were down 3.3 percent from $305,000 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.
 
The Data:
Monthly pending (or under agreement) data and closed sales data comes from the three REALTOR®-affiliated Multiple Listing Services in Massachusetts. They are the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS® Multiple Listing Service, Inc.; and MLS Property Information Network, Inc. The data is compiled by 10K Research and Marketing, Inc. and updated each month. As a result, previous data may change after the reports have been run.
 
About the Massachusetts Association of REALTORS®: 
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 19,000 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.
 
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*In May 2013, the largest Multiple Listing Service in Massachusetts made a change to the way it classified homes as “under agreement” (also called pending sales) which caused the May 2013 under agreement data to be wrong. With the assistance of our analytics partner, we have restored integrity to the under agreement data by appropriately reclassifying all affected listings historically and going forward.
 
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.