Pending home sales rose again in March compared with the same time last year, according to a new report from the Massachusetts Association of Realtors (MAR).
"March might not have had the weather most of us here in Massachusetts were hoping for, but that didn’t stop buyers from getting into the market and making offers," 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co., said in a statement. "Homes that are priced correctly and are in move-in condition are being snapped up. We just need more of them to come on the market to meet the increasing demand."
The number of single-family homes put under agreement in March was up 15 percent compared with the same time last year (5,185 homes in 2014 from 4,507 homes in 2013). This is the 13th straight month of year-over-year increases, and the most homes put under agreement in March since 2004 when there were 5,501 homes. On a month-to-month basis, single-family homes put under agreement went up 44.5 percent compared with 3,587 homes put under agreement in February. Significant month-to-month increases from February-to-March are typical.
The median sale price of single-family homes put under agreement in March was $314,000, which was up 8.3 percent from $290,000 in 2013. On a month-to-month basis, under agreement median prices were up 6.3 percent from $295,600 in February.
"We continue to be hopeful that increasing home equity will encourage those homeowners who are thinking about selling to take advantage of the buyer demand and list their homes for sale," added Ruffini in his statement.
The number of condos put under agreement in February was up 7.3 percent compared with March 2013 (2,183 units in 2014 from 2,035 units in 2013). This is the largest number of condos put under agreement in March since 2006 when 2,198 units were put under agreement. On a month-to-month basis, condos put under agreement went up 42.4 percent from 1,533 units in February.
The median sale price of a condo put under agreement in March was $304,500, which was up 12.8 percent from $270,000 in 2013. On a month-to-month basis, under agreement median prices were up 7.8 percent from $282,500 in February.
