Pending Home Sales Up for Eighth Straight Month in February

The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in February was up 16 percent over the same time last year, while condominiums were up 25 percent.  February marks the eighth straight month that the number of both single-family homes and condominiums put under agreement had increased over the year before.

“The only way we are going to get back to more normal market levels is to have buyers making the choice to purchase a home,” said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield.  “As the February numbers indicate, this is what is happening.  Buyers are looking at the market conditions and evaluating them against the desire to own a home and are increasingly making the decision that now is the time.”

The number of single-family homes put under agreement in February was up 16 percent compared to the same time last year (2,999 homes in 2009 to 3,489 homes in 2010).  On a month-to-month basis, single-family homes put under agreement were up 25 percent from 2,791 homes in January.

The number of condos put under agreement in February was up 25 percent compared to February 2009 (1,147 units in 2009 to 1,434 units in 2010).  On a month-to-month basis, condos put under agreement were up 20.1 percent from 1,194 units in January.

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.