Buyer demand continued to push pending home sales prices up
Updated Pending Sales Data
WALTHAM, Mass. – May 13, 2014 – The Massachusetts Association of REALTORS® (MAR) reported today that pending home sales for single-family homes had its biggest April since MAR began tracking pending home sales in January 2004. Condominiums also went up again in April 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.
“The spring real estate market started to gain momentum in April as buyers put homes under agreement in record numbers,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co. “We’re beginning to see inventory expanding in pockets across the state and it’s a trend that needs to continue to meet the strong buyer demand.”
The number of single-family homes put under agreement in April was up 3.6 percent compared to the same time last year (5,753 homes in 2014 from 5,555 homes in 2013). This is the 14th straight month of year-over-year increases. This represents the most homes put under agreement in April since MAR has been tracking this data. On a month-to-month basis, single-family homes put under agreement went up 11 percent compared to 5,185 homes put under agreement in March.
The median sales price of single-family homes put under agreement in April was $320,000 which was up 2.3 percent from $312,750 in 2013. On a month-to-month basis, under agreement median prices were up 2.0 percent from $314,000 in March.
The number of condos put under agreement in April was up 6.4 percent compared to April 2013 (2,435 units in 2014 from 2,288 units in 2013). This is the most number of condos put under agreement in April since 2005 when 2,644 units were put under agreement. On a month-to-month basis, condos put under agreement went up 11.5 percent from 2,183 units in March.
The median sales price of a condo put under agreement in April was $319,000 which was up 11.7 percent from $285,500 in 2013. On a month-to-month basis, under agreement median prices were up 4.8 percent from $304,500 in March.
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.
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.