Pending home sales increased in March after taking a dive in February amid several weekend snow storms, according to the Massachusetts Association of Realtors.
â€œA lack of inventory continues, but buyers pushed pending sale activity forward in March,â€ said Kimbelry Allard-Moccia,Â MARâ€™s president, in a statement. â€œSeveral weekend storms kept a good percentage of buyers inside in February, so it was encouraging to see activity pick back up in March.â€
The number of single-family homes put under agreement in March swelled to 4,308, up from 4,118 a year ago, a 4.6 percent hike. This is the 22nd time out of the past 23 months that there have been year-over-year increases and the highest level since March 2005 when 4,404 homes went under agreement.
Condos put under agreement in March rose 9.4 percent to 1,888 compared to a year ago when 1,725 units were contracted. This is the 23rd straight month of year-over-year increases.
Pending sales figures, also called homes under agreement, are an indicator of housing sales for the next 90 days. A pending sale 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 at the Registry of Deeds.
Source: Housing Wire
Mario Pavli Vice PresidentÂ Boston Luxury ResidentialÂ