Here’s some very good news for those worried about the low number of homes for sale in Massachusetts, a problem that has recently led to wild price escalations as demand outstrips supply:
The Massachusetts Association of REALTORS® (MAR) reported today that pending home sales for single-family homes had its biggest April since MAR began tracking pending home sales in January 2004. Condominiums also went up again in April compared to the same month in 2013.
Pending sales figures (also called homes under agreement) are a leading indicator of actual housing sales in Massachusetts for the following 2-3 months.
“The spring real estate market started to gain momentum in April as buyers put homes under agreement in record numbers,” said 2014 MAR President Peter Ruffini, regional vice president at Jack Conway & Co. “We’re beginning to see inventory expanding in pockets across the state and it’s a trend that needs to continue to meet the strong buyer demand.”
Fyi: Looking at the same MAR data, Scott notes how median condo prices are now almost at the level of single-family homes in Massachusetts. The obvious drivers: The recent desire by many homeowners to live in urban areas, led largely by empty nesters, and investors driving up prices in cities like Boston and Cambridge.