Nashoba Valley Voice Staff
WALTHAM — Pending home and condominium sales in Massachusetts were both up more than 30 percent in November from the same month last year, the Massachusetts Association of Realtors announced last week.
The association says the growth could continue, citing strong buyer activity and increasing market confidence.
The 4,456 single-family homes placed under agreement last month represent a 38.5 percent increase over the 3,218 of November 2014. The median home price of $345,000 is also up, from $330,000.
“The momentum continues, as pending home sales went up again for the 32nd time in the last 33 months,” MAR President Corinne Fitzgerald, who owns a brokerage in Greenfield, said in a statement. “We’ve seen such strong buyer activity this year, I wouldn’t be surprised to see this momentum carry into 2016.”
Condos saw a sharper increase in median sale price, rising to $335,000 from $304,000. Pending condo sales hit 1,666 last month, 30.8 percent higher than the 1,274 in November 2014.
A pending sale, or sale “under agreement,” occurs when a buyer and seller agree on terms of the sale of a home and have a signed purchase-and-sale agreement, but have yet to close and be recorded as such. Real-estate pros say pending home sales are a strong indicator of the market’s strength two to three months hence.