WALTHAM — The residential real-estate market has remained strong in Massachusetts this summer, with the latest evidence being a 37 percent jump in pending sales last month.
A pending sale occurs when a buyer and seller have signed a purchase-and-sale agreement for a property, but have yet to close on the deal. Real-estate pros say pending sales are a good indicator of the market’s strength two to three months hence.
MAR reported that 6,315 single-family homes were put under agreement last month, up 37.2 percent from the July 2014 total of 4,604.
The median price for homes put under agreement last month was $365,000, up 1.4 percent from the year-ago median of $360,000.
The market for condominiums is nearly as strong.
MAR reported that 2,221 condominiums were put under agreement last month, up 22.7 percent from the 1,810 pending sales recorded in July 2014.
The median price for condos put under agreement last month was $338,000, up 5.1 percent from the year-ago median of $321,750.
In the case of both single-family homes and condominiums, pending sales have risen, year over year, in 28 out of the last 29 months.
“As the temperatures heated up in July, buyers were hot to get their offers accepted on the limited number of homes for sale,” said MAR President Corinne Fitzgerald, broker/owner of Fitzgerald Real Estate in Greenfield, in a statement. “Buyer activity should stay strong, as demand exceeds supply and interest rates remain low.”