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Mario Pavli's Blog

By Mario Pavli | Agent in Somerville, MA

March Pending Home Sales Rebound After Stormy February

Pending home sales increased in March after taking a dive in February amid several weekend snow storms, according to the Massachusetts Association of Realtors.

“A lack of inventory continues, but buyers pushed pending sale activity forward in March,” said Kimbelry Allard-Moccia, MAR’s president, in a statement. “Several weekend storms kept a good percentage of buyers inside in February, so it was encouraging to see activity pick back up in March.”

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 President 
Boston Luxury Residential 
316 Newbury St. Suite 21
Boston, MA 02115
 
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