According to the Massachusetts Association of Realtors® (MAR) the number of single-family homes that were under agreement in December was up 5 percent over last year.  Condominiums were up 26 percent.  This marks the sixth straight months that homes under agreement have increased over the year before. 

Massachusetts Association President Kevin Sears stated, "It is a positive sign to see that pending home sales went up each month in the second half of the year as the real estate market is showing signs of improvement.  Now with the extension and expansion of the home buyer tax credit until April 30, we should see this trend continue over the winter months, a traditionally slower time for home sales." 

Pending sales in December of last year were 2,615 homes.  This year the number was 2,743 homes, or an increase of 5 percent.  

Condo units that were pending in December of 2008 were 922 units - in December 2009 they were 1,248 units.  

What are Pending Sales?  

A pending sale is when a buyer and seller have agreed on the terms of the sale and have entered into a purchase and sale agreement but are waiting for the closing to occur.  

Of course this can be viewed as a good sign and a possible housing turnaround.  However, since it is widely believed that the housing stimulus programs which are currently in place are considered to be fueling this increase, many people are wondering exactly what will happen when the tax credits end in April.  

Will they be extended or, possibly replaced by different incentives?  Only time will tell. 

Copyright 2009 - Claudette Millette, Broker, Owner, The Buyers' Counsel - (508) 881-6230

Buyer Broker for Massachusetts Since 1992  - Always in Your Corner

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