The number of single-family homes in Massachusetts put under agreement, also know as pending home sales, increased 20.4 percent in February compared to February 2013, the Massachusetts Association of Realtors (MAR) reported March 11, 2014.
The number of single-family homes put under agreement in February increased to 3,587 homes in 2014 from 2,980 homes in February 2013. February marked the 12th straight month of year-over-year increases. This is the most homes put under agreement in February since February 2004 when there were 3,612 pending home sales. On a month-to-month basis, single-family homes put under agreement went up 13.8 percent compared to 3,151 homes put under agreement in January.
The number of condos put under agreement in February increased 17 percent compared to February 2013 (1,533 units in 2014 from 1,310 units in 2013). February marked the most number of condos put under agreement in February since February 2007 when 1,777 units were put under agreement. On a month-to-month basis, condos put under agreement increased 7.9 percent from 1,421 units in January 2014.
A pending sale or a a property “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 and record a deed. Not every pending sale will result in a closing and a recording of a deed.
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