Friday, February 10, 2012
Pending Sales in Massachusetts is up 39.44% in January 2012
The fact that we have been experiencing a very mild wither with minimum snowfall has kept home buyers out there looking - and placing properties under agreement. Compare that with last year when we were buried with snow, which keeps the buyers from venturing out of their homes (or apartments).
By the weather isn't the only thing driving the real estate market. The continued improvement in the unemployment rate and more confidence in the economy in general reassures potential home buyers that they won't be losing their job anytime soon. The low mortgage interest rates combined with lower housing prices has made homes more affordable than any other year since the early 1970's.
The number of single-family homes put under agreement in January was up almost 40% percent compared to the same time last year (*2,041 homes in 2011 to 2,846 homes in 2012). That is a huge increase that can't just be contributed to a milder winter. This is the ninth straight month of year-over-year increases. On a month-to-month basis, single-family homes put under agreement went up almost 2 percent from 2,794 homes in December.
The number of condos put under agreement in January was up 25.77 percent compared to January 2011 (*846 units in 2011 to 1,064 units in 2012), another big increase. On a month-to-month basis, condos put under agreement were up less than one percent at 0.66 percent from 1,057 units in December.
What does this mean to you? Well, if you are thing about placing your home on the market, this is a good time to do it. The inventory of homes is at a low point right now, which means less competition for your home. Less competition means you should be able to sell your home quicker and for more money.
About Pending Sales:
A pending sale or a sale “under agreement” is when the buyer and seller agree on the terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such. MAR is the only organization which compiles this statewide information from Multiple Listing Services each month.