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Pending Median Price for Condos Rises Higher than Single-Family Homes in Massachusetts

by Eric Berman - - 781-839-5507 | Apr 11, 2018

Pending sales for single-family homes up over last year while condo sales remain flat 

WALTHAM, Mass. – April 11, 2018 – The Massachusetts Association of Realtors® (MAR) reported today that the number of single-family homes put under agreement in the month of March increased over last year. The number of condominiums remained essentially the same. Median prices for both single-family homes and condominiums saw a hike year-over-year. The median price of a condominium was higher than the price of a single-family home. Despite inventory remaining at inventory at historically low levels, Realtors® are not seeing their clients use seller contingencies any more than usual. 

March Pending Sales: 



March 2017

% Change





Median Price




  • Pending sales have been up 10 of the last 12 months 


March 2018

March 2017

% Change





Median Price




  • Pending sales have been up 10 of the last 12 months 

"Condominiums are typically the cheaper option for those looking to own their first home or trying to downsize," said 2018 MAR President Rita Coffey, general manager of CENTURY 21 Tullish & Clancy in Weymouth. "I think this just goes to show how difficult it is to afford a home in Massachusetts."   

Realtor® Market and Price Confidence Indexes: 

Confidence Index


March 2017










  • Measured on a 100-point scale, a score of 50 is the midpoint between a “strong” (100 points) and a “weak” (0 points) market condition     

“Realtors® confidence in price has slipped a bit since last year, but buyer demand has kept the Realtor® Market Confidence Index high.” said Coffey.  

Monthly ‘Hot Topic’ Question: 

The March “Hot Topic” question asked Realtors® whether their clients are seeing/using/agreeing to seller contingencies (i.e. home purchase contingency), especially with inventory at historically low levels. Of those who responded, 36 percent reported that either seller contingencies are being used less frequently (21%) or much less frequently (15%). Another 35 percent said that seller contingencies are being used no more or less frequently in this market. A remaining 29 percent reported that contingencies are either being used more frequently (20%) or much more frequently (9%) in this market. 

"The expectation is that the low inventory might make a seller more prone to use a contingency clause based on their ability find a home themselves," said Coffey. "After all, people need a place to live. These results suggest that one in three Realtors® are seeing these seller contingencies used more often."  

About the Data Sets: 

The tracking of signed purchase and sales agreements (also called “pending sales”) provide reliable information about where the real estate market is heading in coming months. 

A pending sale or a sale “under agreement” happens when the buyer 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 be recorded as such.  MAR is the only organization, which compiles this statewide information from Multiple Listing Services each month. 

 Monthly pending (or under agreement) data and closed sales data comes from the three REALTOR®-affiliated Multiple Listing Services in Massachusetts. They are the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS® Multiple Listing Service, Inc.; and MLS Property Information Network, Inc. The data is compiled by 10K Research and Marketing, Inc. and updated each month. As a result, previous data may change after the reports have been run. 

The REALTOR® Index Methodology - The Massachusetts REALTOR® Market Confidence Index (RMCI) and Price Confidence Index (RPCI) are based on monthly responses from a random sampling of Massachusetts Association of REALTORS® members on the state of the housing market.  More specifically, the survey asks members two basic questions pertaining to the real estate business in their market area in Massachusetts. 

  • How would you describe the current housing market? 

  • What are your expectations of home prices over the next year? 

In addition to these standard questions, the survey each month includes one wildcard question that changes each month and is based on an industry hot topic. 

The RMCI is calculated in the following way.  Respondents indicate whether conditions are, or are expected to be “strong” (100 points), “moderate” (50 points), and “weak” (0 points).  The results are the average score for each question.  A score of 50 is the threshold between a “strong” and a “weak” condition.  Similarly, the question about home prices over the next year (REALTOR® Price Confidence Index) is calculated using five categories: “Rise 0-5%” (75 points), “Rise 5%+” (100 points), “Level” (50 points), “Fall 0-5%” (25 points), and “Fall >5%” (0 points). 

About the Massachusetts Association of REALTORS®: 

Organized in 1924, the Massachusetts Association of Realtors® is a professional trade organization with more than 24,000+ members.  The term Realtor® is registered as the exclusive designation of members of the National Association of Realtors® who subscribe to a strict code of ethics and enjoy continuing education programs. 


Editors and reporters: Please note that the term Realtor is properly spelled with an initial capital “R”, per the Associated Press Stylebook.