MA Realtors: Pending Home Sales Up
Local realtor says this could be the best market since 2006.
For the twenty-first straight month, in January pending home sales have been up, showing a positive real estate trend for 2013, according to a recent report by the Massachusetts Association of Realtors. The pending home sales are up in the state for both condominiums and single family homes.
Pending sales figures (also called "homes under agreement") are a leading indicator of actual housing sales in Massachusetts for the following 2-3 months, said the Association.
The number of single-family homes put under agreement in January rose 18.4 percent compared to the same time last year (2,599 homes in 2012 to 3,076 homes in 2013). On a month-to-month basis, single-family homes put under agreement were essentially flat compared to 3,062 homes put under agreement in December 2012.
Local realtor Judy Boyle, who concentrates on the Boston MetroWest area with RE/Max Properties, agrees with MAR, and says it applies to this area.
"There are early signs that this will be the strongest spring market since 2006," said Boyle.
Of the "borough" properties, plus the abutting areas of Grafton, Shrewsbury, Boylston, Berlin and Hudson, there are currently 570 listed for sale, and 239 of those are pending. That's 42 percent of home pending in nine communities.
Northborough, in particular, surpasses this statistic by 7 percent. Of the 68 single family listings, almost half of those are under agreement.
"People ask me all the time if the market is coming back," said Boyle. "My personal opinion is that is never quite went anywhere in our immediate area. I do feel that buyers are realizing the market is on the upswing and, with mortgage rates expected to climb to 5 percent by the end of the year, it is time to make a move."