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Home sales set to spring ahead - The Sun Chronicle : Local News

Home sales set to spring ahead

Uptick in properties ready to close

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Posted: Wednesday, March 3, 2010 12:00 am

The number of single-family homes and condominiums placed under agreement in the Attleboro area jumped sharply in February, compared with the previous month and the same period last year.

Across 10 area communities, a total of 125 single-family houses were placed under agreement last month, up more than 50 percent from February 2009, according to the latest data from the Massachusetts Association of Realtors.

The total was also up slightly from 79 homes under agreement in January.

Numbers of condominiums placed under agreement more than doubled from nine in February 2009 to 23 last month. A total of 16 condos made the list in January.

The statistics were compiled for pending sales over an area that includes Attleboro, North Attleboro, Mansfield, Norton, Rehoboth, Seekonk, Wrentham, Plainville and Norfolk.

The "homes placed under agreement" category is a relatively new statistic that the statewide realtors organization began collecting about a year ago. The numbers differ from real estate sales statistics in that pending sales are a forward-looking category charting sales due to be closed within the next 45 to 60 days, association spokesman Eric Berman said.

Local real estate brokers say they're feeling an updraft of sales activity and cited continuation of federal tax incentives for homebuyers, low interest rates and a stabilizing economy.

"I'm in a much better place now that I was a year ago at this time," said Kurt Franklin of the Remax Realty Center in North Attleboro.

Statewide, the Realtors association reported that the number of single-family homes put under agreement in February was up 16 percent over the same period last year. Condos under agreement were up 25 percent.

February marks the eighth straight month that the number of both single-family homes and condominiums put under agreement has increased over the previous year.

"The only way we're going to get back to more normal market levels is to have buyers making the choice to purchase a home," said association President Kevin Sears, broker and co-owner of Sears Real Estate in Springfield.

"As the February numbers indicate, this is what is happening," he said. "Buyers are looking at the market conditions and evaluating them against the desire to own a home and are increasingly making the decision that now is the time."

Statewide, the number of single-family homes put under agreement increased from 2,999 homes in February 2009 to 3,489 homes this year.

On a month-to-month basis, single-family homes put under agreement were up 25 percent from 2,791 homes in January.

The number of condos put under agreement in this year was up 25 percent compared with February 2009, from 1,147 units to 1,434 units.

On a month-to-month basis, condos put under agreement were up 20.1 percent from 1,194 units in January.

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Welcome to the discussion.


  • anonymous posted at 5:03 pm on Wed, Mar 3, 2010.

    anonymous Posts: 0

    Check out Patrick.net to view a collection of articles from all news sources regarding the ongoing housing crisis (Bloomberg, Reuters, Investment News, Market Watch,Economist, numerous city papers, etc.)Realtors still cling to their "we're living in the best of all possible worlds" dreamland, hoping you'll bite and put a few bucks in their pocket.

  • anonymous posted at 10:26 am on Wed, Mar 3, 2010.

    anonymous Posts: 0

    I hate to be a naysayer, but who really believes this? When 0bama decides to STOP helping us, a true bottom will occur. Buying before that is worse than owning now.

  • anonymous posted at 8:09 am on Wed, Mar 3, 2010.

    anonymous Posts: 0

    Olson, I tip my hat to you. Better to know the truth and have the facts than to fly around blind. I wish more people would shoot straight. Great words. Thank You

  • anonymous posted at 3:56 am on Wed, Mar 3, 2010.

    anonymous Posts: 0

    "Home sales set to spring ahead" I like that, I may just print it and hang it above my bathroom door. But what does it really mean, absolutely nothing. Housing sales are still ahead of January 2009. True enough. But, as the New York Times points out, "applications for mortgages have tumbled, dropping to the lowest level in 13 years last week." Not a good sign at all. Now with the tax incentives (which is due to expire) and interest rates down, what is gonna happen when the rate jumps to 6 or slightly higher? If the real estate market was a horse, we all know what we would have to do. Click, click............Boom. I think it's wrong to try and make things look better than they truly are. A good friend of mine had an expression about polishing the truth. He called it (sugar coated Poop). It's like the old saying "What do you get when you put makeup on an 80 year old hooker? An 80 year old hooker with makeup on! I'm not making up the the facts, just repeating them. Just want you think for a change, and don't believe all you read.

  • anonymous posted at 2:09 am on Wed, Mar 3, 2010.

    anonymous Posts: 0

    Improvement in the economy?