WALTHAM, MA – January 5, 2010 – (RealEstateRama) — The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in December was up 5 percent over the same time last year, while condominiums were up 26 percent. December marks the sixth straight month that the number of homes put under agreement had increased over the year before.
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.
“It is a positive sign to see that pending sales went up each month in the second half of the year as the real estate market is showing signs of improvement,” said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “Now with the extension and expansion of the homebuyer tax credit until April 30, we should see this trend continue over the winter months, a traditionally slower time for home sales.”
The number of single-family homes put under agreement in December was up 5 percent compared to the same time last year (2,615 homes in 2008 to 2,743 homes in 2009). On a month-to-month basis, single-family homes put under agreement were down 19 percent from 3,387 homes in November.
The number of condos put under agreement in December was up 26 percent compared to December 2008 (922 units in 2008 to 1,248 units in 2009). On a month-to-month basis, condos put under agreement were down 9.4 percent from 1,379 units in October.
About Pending Sales:
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 20,000 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.
