WALTHAM, Mass. – February 12, 2013 – The Massachusetts Association of REALTORS® (MAR) reported today that 2013 is continuing the positive trend as pending home sales for both single-family homes and condominiums went up for the 21st straight month in January compared to the year before. 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 home buying season came early for many buyers in January as the numbers showed they made offers and took advantage of market conditions instead of waiting,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “Late 2012 pending sales reports indicated that the closings for the first months of 2013 would most likely be up, but today’s report gives us reason to believe the same will be true about the early spring.”
The number of single-family homes put under agreement in January was up 18.4 percent compared to the same time last year (2,599 homes in 2012 to 3,076 homes in 2013). This is the 21st straight month of year-over-year increases. On a month-to-month basis, single-family homes put under agreement were essentially flat compared to 3,062 homes put under agreement in December 2012.
The number of condos put under agreement in January was up 22.3 percent compared to January 2012 (994 units in 2012 to 1,216 units in 2013). This is the 21st straight month of year-over-year increases. On a month-to-month basis, condos put under agreement went UP 13 percent from 1,076 units in December 2012.
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.