Massachusetts Real Estate Lawyer Blog
For the thirteenth straight month, the number of single-family homes and condominiums placed undersales agreement rose in Massachusetts. The rise in sales agreements indicates rising sales activity in the overall real estate market.
The Massachusetts Association of Realtors (MAR) stated that pending sales are a principal indicator of actual housing sales for the subsequent two to three months. MAR President, Trisha McCarthy, stated, “May was the first month that more than 5,000 homes were put under agreement since we started tracking pending sales data in January 2009. This is excellent news for the market going forward as closed sales should also continue to go up. Buyer confidence will remain the determining factor in how the market performs in the second half of the year.”
In relation to last year, the number of single-family homes put under agreement in the month of May rose 32 percent (3, 986 homes in 2011 to 5,267 in 2012). This is the first time that pending sales have reached the 5,000 milestone since the Association started tracking pending sales in 2009. May also saw a ten percent increase from April, which had 4,784 single-family homes under agreement.
Also, in relation to last year, the number of condominiums put under agreement rose 35.5 percent compared to May 2011 (1,636 units in 2011 compared to 2,216 units in 2012). Condos were also up eighteen percent from their April results, which were 1,878 units pending sales.
Information Regarding Pending Sales:
Pending sales are signed purchase and sales agreements which provide reliable information about where the real estate market will be heading in the subsequent months. Pending sales occur when the buyer and seller agree to the terms of the sale of a home and have signed a purchase and sale agreement, but have not had a closing or recorded the information.
If you are looking to purchase or sell real estate, feel free to contact Pulgini & Norton, LLP at (781) 843-2200 or (888) 344-2046, or email us with any questions you may have. Our attorneys offer nearly 40 years of combined legal experience and provide thorough, timely, and results-driven service in many aspects of both residential and commercial real estate.
Cited Sources:
Massachusetts Pending Home Sales Hits 13 Straight Months of Increases in May: Homes under agreement climb past the 5,000 homes mark, Massachusetts Association of Realtors, June 12, 2012
Mass. Pending Home Sales Keep Rising, WBJournal.com, June 12, 2012