The Massachusetts Association of REALTORS® (MAR) reported March buyers battled the historic rain and came out in droves last month to purchase a new home. The number of single-family homes put under agreement in March was up 27 percent over the same time last year, while condominiums were up an incredible 38 percent. That makes March the ninth straight month that the number of both single-family homes and condominiums put under agreement had increased over the year before.
The number of single-family homes put under agreement in March was up 27 percent compared to the same time last year (3,783 homes in 2009 to 4,808 homes in 2010). On a month-to-month basis, single-family homes put under agreement were up 37.8 percent from 3,489 homes in February.
The number of condos put under agreement in March was up 38 percent compared to March 2009 (1,543 units in 2009 to 2,122 units in 2010). On a month-to-month basis, condos put under agreement were up 48 percent from 1,434 units in February.
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.
Now It’s Your Turn:
Some of the buzz might be driven by a combination of low interest rates, fantastic home prices, and an $8000 first time homeowner’s tax credit. Whatever it might be now is the best time to purchase your new home. CondoDomain is sweetening the pot buy offering a CASH REFUND! Contact me at 617-276-7019 and find out exactly how it works. Happy House hunting!