Pending home sales for both single-family homes and condominiums were up again in December compared with the year before, according to the Massachusetts Association of Realtors (MAR). For the entire year, the number of single-family homes put under agreement in 2013 was up 11.3 percent over 2012.

"2013 was a good, stable year of recovery for the real estate market," 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., said in a statement. "We expect 2014 to be another good year. However, we need sellers to list their homes for sale to address the low inventory levels facing most areas right now."

The number of single-family homes put under agreement in December was up 11.4 percent compared with the same time last year (2,808 homes in 2013 from 2,521 homes in 2012). This is the 10th straight month of year-over-year increases. This is the greatest number of homes put under agreement in December since the data has been tracked.

On a month-to-month basis, single-family homes put under agreement were down 26.9 percent compared with 3,843 homes put under agreement in November. A seasonal decline in home sales is typical for the winter months.

The median sales price of single-family homes put under agreement in December was $320,000, up 6.3 percent from $301,000 in 2012. On a month-to-month basis, under agreement median prices were down 1 percent from $317,000 in November.

The number of condos put under agreement in December was up 12 percent compared with December 2012 (1,045 units in 2013 from 933 units in 2012). This is the greatest number of condos put under agreement in December since MAR has been tracking the data. On a month-to-month basis, condos put under agreement were down 32 percent from 1,537 units in November 2013.

The median sales price of a condo put under agreement in December was $305,000, up 8 percent from $282,500 in 2012. On a month-to-month basis, under agreement median prices were up 3.5 percent from $294,835 in November.

There were a total of 52,382 single-family homes put under agreement in 2013, up 11.3 percent compared with 47,082 single-family homes put under agreement in 2012. The number of condominiums put under agreement in 2013 was up 15 percent compared with 2012 (21,205 units in 2013 from 18,437 units in 2012). 

MAR: Pending Home Sales Up 11 Percent In December

by Banker & Tradesman time to read: 1 min
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