Pending means that the home is in escrow. There's an accepted offer and the buyers are doing their inspections, getting their loan, etc. So while that "due diligence" period is going on the home is a pending sale.
There are actually three kinds of pendings that we typically use on our mls here. One is pending show (the buyers haven't removed all their contingencies), another is pending release clause (the buyers have another home to sell first), the third is pending (do not show-all contingencies are removed and it will close escrow shortly.
Hope this clarifies things for you and doesn't make it more confusing.
Regards,
Maureen Mason
