Buyers seem to have strapped on their snow shoes to go house hunting in February, despite the remarkable winter weather we had that has left a good portion of the state buried in historic levels of snow. This, according to the Massachusetts Association of Realtors, resulted in a 2.6 spike in Pending Home Sales across the Bay State, combatting fears the property sector has in terms of how the past winter weather would affect the real estate recovery.
The median price of homes put under agreement in Massachusetts also rose during the blistery blast of cold and snow of last month, jumping 7.6 percent to $317,500, up from $295,000 in February 2014. The only weak spot were condominiums, which saw pending sales in the state fall 6 percent even as prices edged up slightly to a median of $287,000.
Per usual, inventory levels had a significant impact across properties in the state, but especially affected condominium sales as its coffers continued its seasonal slide, declining 8.5 percent compared to available units in the same period last year. However, relief is expected soon, as more listings will presumably come to market beginning this month, as the weather gradually turns to spring.
The spike in pending home sales in February is deeply encouraging to sellers, as figures prove that buyers are keen in acquiring properties, and will do just about anything to secure a sale. And though the 2.6 upsurge in sales is lower than previous year's numbers, it didn't cripple the property market as some have feared.
During the three-week period that the state experienced treacherous weather, about 40 percent of real estate professionals polled by the Massachusetts Association of Realtors reported that "all or most of their clients kept on going to open houses and making offers online". Another 19 percent of them said that "roughly half of their buyers kept their eyes glued to the buy/sell game". Only 3.6 percent of brokers and agents surveyed in the same time said "all of their buyers had decided to hibernate until spring", further contrasting fears of "frightened buyers" during the harsh wintertime.
Sellers, surprisingly, proved even more resilient. Less than half of all professionals surveyed said "either all or most of their sellers either kept their homes on the market or went ahead with plans to list their homes", according to MAR. Just 1.8 percent of agents said "all of their sellers decided to call it quits", with another 15 percent saying "most of their sellers had decided to wait until warmer weather to move ahead with their sales plans."
With all these figures in mind, it is not hard to imagine how much higher pending sales could have edged if it were not for the winter weather that walloped the state last month. However, warmer months are ahead, and we should see a resurgence of both buyers and sellers rush back to the market even more.
So, if you're still on the fence whether you should sell or not this spring, this bit of news should give you a clear indication of the demand that's slated to hit the city and state in the next couple of months when winter is but only a memory.
David Paez has been successfully in the business of buying, selling, and renting homes for over seven years. He is actively aiding willing sellers in disposing their investments. List your home now and reap the financial rewards! Call David at (617) 549-9783 and schedule a risk-free consultation and find out he can get you the most return on your investment.