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Pending homes sales — not just prices — soar in May

Boston condos

Boston condos

Boston Massachusetts Real Estate

The Massachusetts Association of Realtors is reporting that pending homes sales went through the roof last month compared to a year ago, hitting levels not seen since 2004.

Bottom line: We’re in a uber-seller’s market, folks.

From the MAR release:

“May was a tipping point as increasing prices and interest rates pushed qualified buyers to make offers that sellers accepted in great numbers,” said 2013 MAR President Kimberly Allard-Moccia, broker-owner of Century 21 Professionals in Braintree. “However, we still need more homes on the market and hopefully this activity will spark potential sellers to list their homes to help meet the demand.”

The number of single-family homes put under agreement in May was up 83.6 percent compared to the same time last year (9,075 homes in 2013 from 4,944 homes in 2012). This was the most homes that have gone under agreement in any month that the Association has available data (starting in January 2004). This was also the first time that pending home sales went over the 9,000 home mark and the biggest monthly year-over-year increase ever recorded. On a month-to-month basis, single-family homes put under agreement were up 58 percent compared to 5,738 homes put under agreement in April 2013.

So it looks like people were snapping up homes no matter how few were out there — and putting down the money.

File under: Seller’s market, extraordinaire