The Massachusetts Association of REALTORS® (MAR) reported today that more homes were put under agreement in the month of May than in any month since January 2004 when MAR began tracking this data. Condominium pending sales also hit their highest point in the nine years of tracking. Pending sales figures (also called homes under agreement) are a leading indicator of actual housing sales in Massachusetts for the following 2-3 months
. “May was a tipping point as increasing prices and interest rates pushed qualified buyers to make offers that sellers accepted in great numbers,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “However, we still need more homes on the market and hopefully this activity will spark potential sellers to list their homes to help meet the demand.”
The number of single-family homes put under agreement in May was up 83.6 percent compared to the same time last year (9,075 homes in 2013 from 4,944 homes in 2012). This was the most homes that have gone under agreement in any month that the Association has available data (starting in January 2004). This was also the first time that pending home sales went over the 9,000 home mark and the biggest monthly year-over-year increase ever recorded. On a month-to-month basis, single-family homes put under agreement were up 58 percent compared to 5,738 homes put under agreement in April 2013.
The number of condos put under agreement in May was up 63.2 percent compared to May 2012 (3,469 units in 2013 from 2,126 units in 2012). This was the most condos to go under agreement since the Association began tracking this information. On a month-to-month basis, condos put under agreement went up 45 percent from April 2013.