MASSACHUSETTS ASSOCIATION OF REALTORS®

Pending home sales up for the 10th straight month in April as buyers pushed to take advantage of the expiring homebuyer tax credit

The Massachusetts Association of REALTORS® (MAR) reported May 4 that the number of single-family homes put under agreement in April was up 25 percent over the same time last year, while condominiums were up 22 percent. April is the tenth straight month that the number of both single-family homes and condominiums put under agreement had increased over the year before.

“With the tax credit expiring at the end of the month, we were not surprised to see a big increase in the number of homes put under agreement in April,” said 2010 MAR President Kevin Sears, broker/co-owner of Sears Real Estate in Springfield. “Pending sales activity in the next few months will give us a good indication of how stable the market is post tax credit.”

Single Family Homes Sales in Massachusetts

The number of single-family homes put under agreement in April was up 25 percent compared to the same time last year (4,480 homes in 2009 to 5,580 homes in 2010). On a month-to-month basis, single-family homes put under agreement were up 16.1 percent from 4,808 homes in March.

The number of condos put under agreement in April was up 22 percent compared to April 2009 (1,878 units in 2009 to 2,292 units in 2010). On a month-to-month basis, condos put under agreement were up 8.0 percent from 2,122 units in February.

About Pending Sales:

The tracking of signed purchase and sales agreements (also called “pending sales”) provide reliable information about where the real estate market is heading in coming months.

A pending sale or a sale “under agreement” 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 and be recorded as such. MAR is the only organization which compiles this statewide information from Multiple Listing Services each month.

About the Massachusetts Association of REALTORS®:

Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 20,000 members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.

On April 10th Bayside held it first art exhibit and sale. Guild of Harwich artist member, and past president Odin Smith, was the featured artist. This was the first time she had a show of over 40 original art works. The event was catered by Barbara Wright with over 200 people in attendance. A portion of the proceeds has been donated to the nonprofit organization WE CAN in Harwichport with the entire event sponsored by Bayside. This came about after a collaboration of two childhood friends, namely Kim Clark and Odin Smith (both grew up in Brewster). Look for news regarding our next event! www.odinksmith.com

Brokers and Realtors are expecting the spring real estate market to start earlier due to the extended tax credit for first-time home buyers and the new move-up buyer credit. A typical closing can take about 6-8 weeks, possibly longer for purchases of a bank owned home or short sale (pre-foreclosure) home. The process of finding the right home and the transaction can take a while. Consumers have realized what a great opportunity the tax credits have created and they don’t want to miss out. The tax credit can be used for a number of things such as updates to the new home, paying off debt or even the down payment. In my experience I have already had calls from clients that have been on the fence and have decided to buy now in order to take advantage of the tax credits. They are doing the right thing starting early so they are not rushing to deadline worrying that they might miss out on the $8,000.

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