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Rising prices ahead?

Posted by Scott Van Voorhis April 10, 2012 05:46 AM

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Pending home sales soared nearly 39 percent in March.

A total of 4,519 homes were put under agreement last month, up sharply from 3,256 last March, the Massachusetts Association of Realtors reports.

The number of condos put under agreement was also up more than 30 percent over March 2011, hitting 1,854.

This surge in activity begs the obvious question: Will prices be headed up soon as well?

Well it's a question easier to speculate on than answer, with the numbers reported by the major real estate indexes lagging actual market activity by months.

Still, Trulia has provided a valuable clue, reporting that listing prices in the Boston area actually fell 1.4 percent in the Boston area during the first quarter.

As with pending sales,Trulia contends listing prices are a good indicator of where prices are headed over the next few months - after all, many of those first quarter listings will convert over to actual sales over the next three months.

Still, prices may very well start heading up later this year in Greater Boston, especially if sales continue to soar.

But for now the current sales surge appears sparked in part by a willingness of sellers to come down on price and snag a buyer, instead of holding out for some fantasy number.

Cheers to that!

On another note, buyers, sellers, email me your stories at Multiple bids or no bids at all, tell me what you are seeing out there.

This blog is not written or edited by or the Boston Globe.
The author is solely responsible for the content.

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About boston real estate now
Scott Van Voorhis is a freelance writer who specializes in real estate and business issues.

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