Pending Sales Up in March; MLS Statistics Report Gets an Upgrade

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Pending sales recorded by the MAAR Multiple Listing Service as of March 15 were up more than 4 percent from pending sales recorded as of February 15. This is the second straight month we’ve seen an increase in pending sales and that statistical data is in line with anecdotal reports from many MAAR members who have reported increased activity for the first few months of 2008. This information is part of the February market report released today by MAAR.

With the February report we have begun including sales, pricing, and days on market information broken out for 17 geographic areas: Fayette and Tipton counties and 15 areas within Shelby County. This expanded reporting should provide MAAR members and the general public with a more detailed view of what’s happening within the Memphis-area real estate market.

Area Detail Report

Look for more enhancements to the MLS statistics report in the coming months as we add more historical data to show longer-term trends.

Posted by Scott Sherrin at 3:40 pm

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3 Responses to “Pending Sales Up in March; MLS Statistics Report Gets an Upgrade”

  1. John S. White Says:

    I am concerned over the large number of “pending” listings that have been listed as pending for many, many months. Yesterday, I was reviewing activity in a smaller neighborhood, and one sale had been pending since Jan, 2008, and another since early 2007. If we could somehow get these cleaned up it would add a great deal to the validity of our pending statistics and make the whole database more relevant.

  2. Scott Sherrin Says:

    John - you raise a very good point and one that other members have raised as well. Some of the longer-term pending listings are actually lease-to-purchase transactions that should be given their own category altogether. MAAR’s MLS department is working with MLXchange to add a new status to reflect this. For the others we will begin reaching out to the listing agents to determine if the status is actually pending or if it needs to be changed. The data we report is only useful if it’s accurate.

  3. Seth Agranov Says:

    John & Scott,

    Next week, we are planning to add a sub-status called Lease to Purchase for Pending listings. The plan is to make this work and display very similar to the way contingencies are added and displayed on Active listings.

    A listing could still sit in Pending status for a long time. However, the hope is that if a “long term” pending listing gets properly labled on reports as Pending - Lease to Purchase, users will get a clearer understanding of why it is sitting in the pending status for so long.

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