For salePending sales of single-family homes and condominiums both fell by double-digits in March compared to the same time last year, according to a recent report from the Massachusetts Association of Realtors (MAR).

The number of single-family homes put under agreement in March was down 16.33 percent to 4,023 compared to 4,808 in March 2010. However, compared to the previous month, single-family homes put under agreement were up 40 percent from 2,874 homes in February – the largest month-to-month gain since MAR began tracking pending sales.

The number of condos put under agreement in March fell 22 percent to 1,649 units compared to 2,122 units in March 2010, according to MAR. This is the 11th straight month of year-over-year decreases. Compared to the previous month, condos put under agreement increased 45.4 percent from 1,134 units in February – the second largest month-to-month gain since MAR began tracking pending sales.

"We’ve been hearing from Realtors across the state that improving weather conditions have sparked an increase in activity and it is encouraging to see those reports come to fruition in the numbers," said 2011 MAR President Laurie Cadigan, broker and owner of Barrett & Co. in Concord. "On an annual basis, we are continuing to compare March activity against a time period in 2010 that had the availability of the expanded homebuyer tax credit and as a result, pending sales were down."

Pending Home Sales Fall In The Bay State

by Banker & Tradesman time to read: 1 min
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