Massachusetts Real Estate Update

Pending home sales hit their highest level in ten years last month according to the Massachusetts Association of Realtors (MAR).  More pending home sales were reported in the month of April than in any month since January 2004 when MAR began tracking this data. Condominium sales hit their second-highest level last month.

"Buyers came out in force to make offers on the limited number of homes for sale in April," Kimberly Allard-Moccia, 2013 MAR president and broker-owner of Century 21 Professionals in Braintree, said in a statement. "While the activity is positive, we need more homes on the market to make sure prices don't spike up too quickly, and as a result, push people out of the market because of the high cost of homes."

The number of single-family homes put under agreement in April was up 32.8 percent compared to the same time last year (5,948 homes in 2013 from 4,478 homes in 2012). This is the most homes that have gone under agreement in any month that the association has available data (starting in January 2004). This is also the biggest monthly year-over-year increase since April 2010, the final month to take advantage of the home buyer tax credit. On a month-to-month basis, single-family homes put under agreement were up 38 percent compared to 4,308 homes put under agreement in March 2013.

The number of condos put under agreement in April was up 37.4 percent compared to April 2012 (2,435 units in 2013 from 1,772 units in 2012). This is the second-most condos to go under agreement since March 2005 when there 2,501 units to do so. On a month-to-month basis, condos put under agreement went up 29 percent from 1,888 units in March 2013.

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