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.