Most single-family homes put under agreement in any November
WALTHAM, Mass. – December 10, 2013 – The Massachusetts Association of REALTORS® (MAR) reported today that the number of homes put under agreement in November were up again (18.6 percent) compared to the same time last year. This was the ninth straight month of increases. The number of condominiums put under agreement in November also continued to go up. This was the 31st straight month of increases. Pending sales figures (also called homes under agreement) are a leading indicator of actual housing sales in Massachusetts for the following 2-3 months.
“Home owners who put their houses on the market had a lot to be ‘thankful’ for in November as buyers continued to make a high number of accepted offers,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “The one present that would make buyers very happy during this holiday season are more homes for sale.”
The number of single-family homes put under agreement in November was up 18.6 percent compared to the same time last year (*3,843 homes in 2013 from 3,240 homes in 2012). This is the most homes put under agreement in any November since MAR has been tracking this data. On a month-to-month basis, single-family homes put under agreement were down 19.8 percent compared to 4,793 homes put under agreement in October 2013. A decrease in the number of homes put under agreement from October to November is typical.
The median sales price of single-family homes put under agreement in November was $317,000, which was up 7.5 percent from $295,000 in 2012. On a month-to-month basis, under agreement median prices were down 1.0 percent from $325,000 in October.
The number of condos put under agreement in November was up 22.3 percent compared to November 2012 (*1,537 units in 2013 from 1,257 units in 2012). This is the most number of condos put under agreement since November 2004 (1,633 units). On a month-to-month basis, condos put under agreement went down 17.1 percent from 1,853 units in October 2013. A decrease in the number of condos put under agreement from October to November is typical.
The median sales price of a condo put under agreement in November was $294,835, which was up 3.5 percent from $285,000 in 2012. On a month-to-month basis, under agreement median prices were essentially flat (down 0.1 percent) from $295,000 in October.
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.