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.

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

In a recent special report, bizjournals.com, the publisher of the Memphis Business Journal and 40 other business journals across the country, ranked Memphis as the ninth most affordable housing market of the 50 largest U.S. metropolitan areas. Probably not surprising to many, but the good thing about the methodology of this report is that the rankings are based not only on housing costs, but on the total housing payment cost as a percentage of household income. The top 10 are (total housing payment as a percentage of household income in parentheses):

1. Oklahoma City (19.04%)
2. San Antonio (19.91%)
3. Birmingham (20.29%)
4. Indianapolis (20.72%)
5. Pittsburgh (21.22%)
6. Kansas City (22.26%)
7. Buffalo (22.28%)
8. Houston (22.33%)
9. Memphis (22.43%)
10. Rochester, N.Y. (22.44%)