The number of Massachusetts single-family home sales pending in January 2016 increased 39.7 percent to 3,914 compared to 2,802 pending sales in January 2015, according to data compiled by the Massachusetts Association of Realtors (MAR).
A pending sale or a sale “under agreement” happens when the homebuyer and seller agree on the terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and record the new deed at the Registry of Deeds. MAR is the only organization that compiles pending sales information statewide. It uses data from three multiple listing services in Massachusetts each month.
The number of condominium sales pending in January increased 34.2 percent to 1,480 compared to 1,103 pending condo sales in January 2015. Pending condo sales also have increased 34 of the last 35 months.
The tracking of signed purchase and sales agreements provides information about where the real estate market is heading in coming months. Not all signed purchase and sale agreements result in a closed transaction, but the vast majority do close. Typically a closing takes place in about three to six weeks after the purchase and sale is signed, but the timing varies from transaction to transaction.