March pending home sales highest since '04
Pending single-family homes sales rose for the 13th consecutive month in March, according to the state’s Realtors’ group.
The Massachusetts Association of Realtors (MAR) said the number of homes placed under agreement – indicating they’ll likely be sold in the next two to three months – increased 15 percent from 4,507 in March 2013 to 5,185. Meanwhile, the number of condominiums placed under agreement rose 7.3 percent, from 2,035 to 2,183.
The data marked the highest March readings for pending home sales since 2004, and for condo sales since 2006.
“March might have not 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,” MAR President Peter Ruffini said in a statement. “Homes that are priced correctly and are in ‘move in’ condition are being snapped up.”
Pending home sales increased 44.5 percent from February, while pending condo sales jumped 42.4 percent. Significant increases from February to March are typical, MAR said.
The median March sales price for a single-family home was up 8.3 percent to $314,000, while the median condo price rose 12.8 percent to $304,500.
(Image credit: freedigitalphotos.net)
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