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Real Estate News: Thanks to the Start of Spring Pending Home Sales Were Up in March

The Massachusetts Association of REALTORS (MAR) reported that the spring market started to gain traction in March as pending home sales went up over 14 percent from the same time last year. 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.

March Pending Sales:

Single-Family March 2015 March 2014 %Change
Sales 4,836 4,226 +14.4%
Median Price $320,000 $314,063 +1.9%

Pending sales have been up 24 of the last 25 months

Condominium March 2015 March 2014 %Change
Sales 2,135 1,905 12.1%
Median Price $309,108 $300,154 +3.0%

Pending sales have been up 24 of the last 25 months

While Massachusetts was still covered with snow in March, homebuyers were out there and made offers that were ultimately accepted, said 2015 MAR President Corinne Fitzgerald. We know that as the temperature rises, so will the amount of offers being made this spring."

Both REALTOR Confidence Indexes are at 12 month highs, they were still down slightly from March 2014.

REALTOR Market and Price Confidence Indexes:

Confidence Index March 2015 March 2014 %Change
Market 69.18 69.50 -0.5%
Price 78.88 79.69 -1.0%

The RMCI has been down 15 of last 16 months The 12th straight month that the RPCI has gone down March 2015 is the highest the RMCI has been since March 2014 March is the fourth time the RPCI has been at 70 or above since August 2014 Measured on a 100-point scale, a score of 50 is the midpoint between a strong (100 points) and a weak (0 points) market condition

Pent up buyer and seller demand from the winter has lifted the overall confidence level of REALTORS when it comes to the market and prices as we head full on into the spring market, said Fitzgerald.

The Massachusetts REALTOR Market Confidence Index (RMCI) and Price Confidence Index (RPCI) are based on monthly responses from a random sampling of Massachusetts Association of REALTORS members on the state of the housing market. More specifically, the survey asks members two basic questions pertaining to the real estate business in their market area in Massachusetts. In addition to the two standard questions, the survey each month includes one wildcard question that changes each month and is based on an industry hot topic.

About the Massachusetts Association of REALTORS: Organized in 1924, the Massachusetts Association of REALTORS is a professional trade organization with more than 19,000+ 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.

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