Although pending home sales in Massachusetts were positive for the 22nd straight month compared to the previous year, the strong pending single-family home sales numbers seen in previous months were absent in February 2013, the Massachusetts Association of Realtors reported March 12, 2013.
Real estate professionals blame two stormy weekends in February and a lack of inventory for the slow growth in pending home sales, which are a leading indicator of actual home sales in Massachusetts for the following 30 to 60 days. Massachusetts home buyers, especially first-time home buyers, are well aware of the current lack of inventory.
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 signed a purchase and sale agreement, but have not yet closed on the property. Not every pending home sale results in an actual sale.
The number of single-family homes put under agreement in February increased 1.1 percent compared to the same time in 2012 (3,041 homes in 2012 to 3,075 homes in 2013). 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 increased 11.9 percent compared to February 2012 (1,146 units in 2012 to 1,282 units in 2013). On a month-to-month basis, condominiums put under agreement rose 5 percent from 1,216 units in January 2013.