Media Contact: Eric Berman - 781-839-5507 - eberman@marealtor.com

Pending Home Sales Up in March as Buyer Demand Remained Strong

by Eric Berman | Apr 09, 2014
Historical Pending Home Sales Data


WALTHAM, Mass. – April 8, 2014 – The Massachusetts Association of REALTORS® (MAR) reported today that pending home sales for both single-family homes and condominiums went up again in March compared to the same month in 2013.  Pending sales figures (also called homes under agreement) are a leading indicator of actual housing sales in Massachusetts for the following 2-3 months.
 
“March might not have had the weather most of us here in Massachusetts were hoping for, but that didn’t stop buyers from getting into the market and making offers,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co. “Homes that are priced correctly and are in move-in condition are being snapped up. We just need more of them to come on the market to meet the increasing demand.”
 
The number of single-family homes put under agreement in March was up 15 percent compared to the same time last year (5,185 homes in 2014 from 4,507 homes in 2013). This is the 13th straight month of year-over-year increases. This is the most homes put under agreement in March since 2004 when there were 5,501 homes. On a month-to-month basis, single-family homes put under agreement went up 44.5 percent compared to 3,587 homes put under agreement in February. Significant month-to-month increases from February-to-March are typical.
 
The median sales price of single-family homes put under agreement in March was $314,000, which was up 8.3 percent from $290,000 in 2013. On a month-to-month basis, under agreement median prices were up 6.3 percent from $295,600 in February.
 
“We continue to be hopeful that increasing home equity will encourage those homeowners, who are thinking about selling, to take advantage of the buyer demand and list their homes for sale,” said Ruffini. “A good supply of homes for sale is what will keep the market healthy now and in the future.”
 
The number of condos put under agreement in February was up 7.3 percent compared to March 2013 (2,183 units in 2014 from 2,035 units in 2013).  This is the most number of condos put under agreement in March since 2006 when 2,198 units were put under agreement. On a month-to-month basis, condos put under agreement went up 42.4 percent from 1,533 units in February. Significant month-to-month increases from February-to-March are typical.
 
The median sales price of a condo put under agreement in March was $304,500 which was up 12.8 percent from $270,000 in 2013. On a month-to-month basis, under agreement median prices were up 7.8 percent from $282,500 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.
 
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.

###

Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.