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Massachusetts pending home sales increase to close out year

by Stephanie Sims and Natalie Terchek

boston-winter-beacon-hill-homes-houses

Buyers and sellers statewide found themselves in a prime market at the end of 2017, with increased pending sales, median prices and confidence, according to the Massachusetts Association of Realtors.

“It seems the concept of an ‘off-season’ is going to be another topic we’ll be reading about in the real estate history books with buyer demand being so high throughout the past several years,” said 2018 MAR President Rita Coffey. “Despite the snow and freezing cold, people continue to want to live in Massachusetts, but we need more homes to meet the demand.”

The latest report from MAR shows that in December 2017, there were 3,162 pending sales, an increase of 11.6 percent from 2,834 in December 2016. Overall, there were 57,308 pending sales in Massachusetts in 2016, up 1.2 percent from 56,605 in 2016.

The median price also jumped 6.6 percent to $382,500 last month from $358,750 in December 2016. As of 2017 year end, the average median sales price last year was $376,292, a 6.4 percent increase from 2016’s median sale price of $353,644.

2018 is likely to see more increases, as the MAR report found that the Realtor Market Confidence Index increased for the 10th straight month in December 2017. The overall market confidence index was 74.62, up 11.5 percent from 2016, while the price confidence index increased 2.7 percent to 71.55.

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