The number of single-family homes put under agreement in March had the biggest month-to-month jump since the Association began tracking pending sales in 2008. The number of condominiums put under agreement had its second largest increase ever from the month before.
According to the Massachusetts Association of Realtors- homes sales hit record highs for the most increase of sales from the month before. What does this mean? You may remember that February sales were down another 10%. March's increase could just be pent up activity. People held off making the decision in February and just deferred it to March.
January and February in Massachusetts were very snowy months. We had record amounts of snow, that stay between storms. We also had back to back storms. In some areas we had close to 4ft. of snow. With such high number of REO/foreclosed properties, and abandoned short sales, these houses were not cleared by snow and therefore not accessible.
This could also be a reflection of renewed confidence in the market. We have had slightly stronger retail months, unemployment has held steady or decreased slightly, and economic indicators are seeing slight positive indications.
In Spencer and Worcester county, we have experienced conservatively a 50% increase in pending sales from February to March 2011.
Could our homes sales drought be nearing it's end?
Pam Crawford, ABR,e-PRO®,CRS,CDPE,LMC
Owner, REALTOR®, Managing Partner, MBA, BSBA
RE/MAX Professional Associates
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