The Massachusetts Association of REALTORS® (MAR) reported today that February pending home sales were positive for the 22nd straight month compared to the year before, but winter weather kept gains modest. Pending sales figures (also called homes under agreement) are a leading indicator of actual housing sales in Massachusetts for the following 2-3 months.
“While we were still in positive territory, the combination of low inventory and several weekends snow storms, including a blizzard, kept buyer activity relatively minimal in February,” said 2013 MAR President-Elect Peter Ruffini, regional vice president at Jack Conway REALTORS® in Norwell. “After a ‘non-winter’ in 2012, the fact that pending home sales were still up in February is a good sign for the market.”
The number of single-family homes put under agreement in February was up 1.1 percent compared to the same time last year (3,041 homes in 2012 to 3,075 homes in 2013). This is the 22 nd straight month of year-over-year increases. On a month-to-month basis, single-family homes put under agreement were flat compared to 3,076 homes put under agreement in January 2013.
The number of condos put under agreement in February was up 11.9 percent compared to February 2012 (1,146 units in 2012 to 1,282 units in 2013). This is the 22nd straight month of year-over-year increases. On a month-to-month basis, condos put under agreement went UP 5 percent from 1,216 units in January 2013.