Massachusetts Home Buyer Guide

NEWS ALERT: The Massachusetts Association of Realtors pending sales numbers were not accurate. The post is below. We will update this post or write a new post as soon as the numbers are corrected.  Please see what Banker & Tradesman wrote.

"A change in how MLS-PIN records pending sales, which took effect last month, has rendered the Massachusetts Association of Realtors' (MAR) most recent monthly count of pendings inaccurate.  

"The change, which affected approximately 4,800 listings, increased the number of listings designated as "under agreement" by MAR, resulting in a count of more than 9,000 pending single family home sales in May. Pending counts for prior months, however, were not upwardly revised to reflect the new method. The 4,944 pending sales recorded in May 2012 were tabulated under the old system, meaning that the 83.6 percent year-over-year increase in pending sales announced by MAR yesterday is inaccurate. It is not yet clear what the actual year-over-year increase would be."

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The Massachusetts real estate market continues to gain strength, as pending single-family home sales reach an all-time high in May 2013, the Massachusetts Association of Realtors (MAR) reported June 12, 2013. 

Condominium pending sales also reached the highest point since MAR began tracking Massachusetts pending sales nine years ago. 

Pending home sales, also referred to as homes under agreement, are a leading indicator of actual closed housing transactions for the following 30 to 90 days. MAR tracks signed purchase and sale agreements; however, not every home under agreement will ultimately close. 

The number of single-family homes put under agreement in May increased 83.6 percent compared to the same time last year (9,075 homes in 2013 from 4,944 homes in May 2012). May was the first time that pending home sales surpassed the 9,000 home mark, and it marked the biggest monthly year-over-year increase ever recorded. On a month-to-month basis, single-family homes put under agreement rose 58 percent compared to 5,738 homes put under agreement in April 2013.

Monthly pending (or under agreement) data and closed sales data comes from the three Realtor-affiliated multiple listing services (MLS) in Massachusetts. The three MLS are the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of Realtors Multiple Listing Service, Inc.; and MLS Property Information Network, Inc.