After a strong 2012 for the Massachusetts real estate market, home buyers seem posed to continue the positive sales trend in 2013.
Pending sales for both single-family and condominium homes increased for the 21st straight month in January compared to January 2011, the Massachusetts Association of Realtors reported February 12, 2013.
The number of single-family homes put under agreement in January increased 18.4 percent compared to the previous year (2,599 homes in 2012 to 3,076 homes in 2013). On a month-to-month basis, the number of single-family homes put under agreement was essentially flat compared to the 3,062 homes put under agreement in December 2012.
The number of condos put under agreement in January jumped 22.3 percent compared to January 2012 (994 units in 2012 to 1,216 units in 2013). On a month-to-month basis, the number of condos put under agreement increased 13 percent from 1,076 units in December 2012.
The tracking of signed purchase and sales agreements (also called “pending sales” or sale "under agreement") provides reliable information about where the real estate market is heading in coming months. Pending sales figures are a leading indicator of actual housing sales in Massachusetts for the following two-to-three months; however, not every pending sale will actually close.
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 a purchase and sale agreement, but have yet to close.