Pending home sales in Massachusetts climbed 36 percent in June, compared with the same month last year, according to a new report from the Massachusetts Association of Realtors (MAR). Pending sales have now been up 27 of the last 28 months.

There were 7,316 homes put under agreement in June of this year, compared with 5,349 in June 2014, with median prices of $375,000 and $364,900, respectively. Condominium sales increased to 2,777 in June 2015 from 2,082 in June 2014 – an increase of 33 percent – with the median price dropping to $330,000 from $332,000.

“The summer market is heating up. June was a very active month even with the usual end-of-school activities and graduation celebrations,” MAR President Corinne Fitzgerald, broker/owner of FITZGERALD Real Estate in Greenfield, said in a statement. “Buyers are out there, and they are making offers. Sellers who price their house correctly are benefiting from all this activity and entering into agreements shortly after they are listed.”

The report indicated that the realtor market confidence indicator was up for the fourth time in 19 months, now sitting at 78.47, compared with 63.89 in June 2014. It also said the Realtor price confidence indicator is at 70 or above for the seventh time since August 2014, reading 74.48, compared with 74.60 in June 2014.

“Realtors continue to push the confidence indexes up because buyer activity has remained strong and should remain that way for the foreseeable future,” Fitzgerald said.

MAR reported that 36.1 percent of Realtors they polled said it would take three to six months for new closing procedures, including the Truth in Lending Act/Real Estate Settlement Procedures Act (TILA/RESPA) to feel like a normal part of the real estate transaction. Forty-five percent responded with over six months and 19 percent indicated it would take six to nine months. Twenty-six percent indicated it would take nine months to a year. Less than 10 percent who responded indicated that it would take little to no transition time. Nine percent said it would take an unknown amount of time.

“There are a lot of professionals involved in the closing process, and knowing and understanding the new rules will be very important to keep the market running smoothly,” Fitzgerald said.

MAR: Pending Home Sales Climb, Agent Confidence Remains Strong

by Banker & Tradesman time to read: 1 min
0