MARlogoPending home sales for single-family homes in Massachusetts were at their highest level in April since the Massachusetts Association of Realtors (MAR) began tracking pending home sales in January 2004, according to a report from MAR.

"The spring real estate market started to gain momentum in April as buyers put homes under agreement in record numbers," 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., said in a statement. "We’re beginning to see inventory expanding in pockets across the state and it’s a trend that needs to continue to meet the strong buyer demand."

The number of single-family homes put under agreement in April was up 3.6 percent compared with same time last year. There were 5,753 homes put under agreement during the month in 2014 compared with 5,555 homes in 2013. This is the 14th straight month of year-over-year increases. This represents the most homes put under agreement in April since MAR has been tracking this data. On a month-to-month basis, single-family homes put under agreement went up 11 percent compared with 5,185 homes put under agreement in March.

The median sales price of single-family homes put under agreement in April was $320,000, up 2.3 percent from $312,750 in 2013. On a month-to-month basis, under-agreement median prices were up 2 percent from $314,000 in March.

The number of condos put under agreement in April was up 6.4 percent compared to April 2013, with 2,435 units put under agreement in 2014 compared with 2,288 units in 2013. This is the most number of condos put under agreement in April since 2005 when 2,644 units were put under agreement. On a month-to-month basis, condos put under agreement went up 11.5 percent from 2,183 units in March.

The median sales price of a condo put under agreement in April was $319,000 which was up 11.7 percent from $285,500 in 2013. On a month-to-month basis, under agreement median prices were up 4.8 percent from $304,500 in March.

MAR: Pending Home Sales Post Best April Since January 2004

by Banker & Tradesman time to read: 1 min
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