WALTHAM, Mass., Feb. 11 -- Massachusetts Association of Realtors issued the following news release:
The Massachusetts Association of REALTORS(TM) (MAR) reported today that the real estate market is off to a good start in 2014 as pending home sales for both single-family homes and condominiums went up 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.
"With demand still strong, homebuyers took advantage of dropping interest rates through the month to push pending homes sales higher in January," said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co. "The combination of improved home equity and low interest rates have created a good opportunity for sellers to get back in the market. We're optimistic we'll see homeowners take the next step and list their property for sale."
The number of single-family homes put under agreement in January was up 1.4 percent compared to the same time last year (3,151 homes in 2014 from 3,107 homes in 2013). This is the 11th straight month of year-over-year increases. This is the most homes put under agreement in January since 2007 when there were 3,192 homes. On a month-to-month basis, single-family homes put under agreement went up 12.2 percent compared to 2,808 homes put under agreement in December.
The median sales price of single-family homes put under agreement in January was $320,000, which was up 14.3 percent from $280,000 in 2013. On a month-to-month basis, under agreement median prices were flat from $320,000 in December.
The number of condos put under agreement in January was up 9.8 percent compared to January 2013 (1,421 units in 2014 from 1,294 units in 2013). This is the most number of condos put under agreement in January since 2007 when 1,595 units were put under agreement. On a month-to-month basis, condos put under agreement went up 36 percent from 1,045 units in December.
The median sales price of a condo put under agreement in January was $300,000 which was up 20 percent from $250,000 in 2013. On a month-to-month basis, under agreement median prices were down 1.7 percent from $305,000 in December.
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.
[Category: Real Estate]
TNS 30FurigayJane-140212-4634909 30FurigayJane