Spring is typically a popular time to buy and sell homes, but local realtors say this season could be huge.
The Massachusetts Association of Realtors released pending sales figures for February last week that could indicate a promising sales season.
"Historically, February is probably one of the slowest months in real estate for Realtors making contracts," said Corinne Fitzgerald, the association's president. "In this market, the buyer and seller markets were out despite the snow. Some will say, 'I'll take a month off,' but we didn't see it this year."
Pent-up demand — fewer homes listed, and a surplus of buyers — has altered the pattern. The Realtors' group found pending sales from last month were up 2.6 percent compared to last February.
"If there was such a thing as a crystal ball in real estate to know what the future is, that would be pending sales," said Fitzgerald, broker and owner of Fitzgerald Real Estate in Greenfield. "Basically, you are predicting the next couple of months of what is going to close. Not everyone is going to close, but the majority of them do."
At Hammond Residential Real Estate in Charlestown, 58 properties — single-family, condo and multi-family — had sales pending as of Wednesday, compared to 17 last year at the same time.
"That's a 241 percent increase," said Nora Moran, senior vice president and manager of Hammond's Charlestown office.
Low inventory has created a competitive buyer's market for the past two years, but other factors are contributing to the demand.
"Low interest rates continue to drive the buyer pool, and the high rental amounts to live here," said Tracy Shea, senior sales associate in Hammond's Charlestown office. "Job opportunities are coming into the city, and, coupled with the low inventory, you roll all that in and it's a perfect storm for sellers."
Last weekend, Shea hosted nearly 60 prospective buyers at 23 Prospect St. in Charlestown. By Monday, she had five offers, and the property was under agreement by Wednesday.
Anthony Giglio, a broker and owner of ReMax/Legacy in Woburn, said recent open houses have been packed. In Medford, one open house drew 69 interested parties and yielded 11 offers. All but one was over the asking price, Giglio said. Last weekend, a property in Tewksbury listed by Giglio's offce had 50 people visit and eight offers were received.
"If (the home) is in a decent location and priced right, you are going to have a feeding frenzy," Giglio said.
Realtor Kristin Buker of Keller Williams in Braintree has seen similar results.
"We've done better than we did last year," Buker said. "We are constantly increasing, even with the weather."
From last February to this year, Buker's office has seen a 14 percent increase in sales. In February, business was up 63.5 percent in her office; and year to date, January to February, was up 41 percent on closed sales volume.
"When (properties) come on, if they are priced properly and staged, they sell quickly," Buker said. "There are a lot more buyers out there right now."
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