This is the 17th straight month of year-over-year increases
WALTHAM, Mass. – October 9, 2012 – The Massachusetts Association of REALTORS® (MAR) reported today that the fall housing market got off to a good start with another strong month as the number of single-family homes and condominiums put under agreement were up again in September. This is the 17th straight month that the number of single-family homes and condominiums put under agreement increased from the previous year. Pending figures are a leading indicator of actual housing sales in Massachusetts for the following 2-3 months.
“September’s strong activity increases the likelihood that there will be several more months of positive sales growth heading into the New Year,” said 2012 MAR President Trisha McCarthy, broker at Keller Williams Realty in Newburyport. “While the numbers decreased on a month-to-month basis, the year-over-year increases over last ten months continue to be at least 25 percent or higher. This is further evidence of a healthier market.”
The number of single-family homes put under agreement in September was up 26.07 percent compared to the same time last year (*3,245 homes in 2011 to 4,091 homes in 2012). This is the 17th straight month of year-over-year increases. This is the ninth straight month of double-digit year-over-year increases. On a month-to-month basis, single-family homes put under agreement went down 13.27 percent from 4,717 homes in August. This is the second time in the last three months to experience a decrease.
The number of condos put under agreement in September was up 48.39 percent compared to September 2011 (*1,058 units in 2011 to 1,570 units in 2012). This is the 10th straight month of double-digit year-over-year increases. On a month-to-month basis, condos put under agreement went down 10.85 percent from 1,761 units in August. This is also the second time in the last three months to experience a decrease.
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.
*Please note: As of January 2012, all 2011 pending home sales data has been updated to reflect new collection methods from the three REALTOR® affiliated Multiple Listing Services in Massachusetts via 10K Research and Marketing.
Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.