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MLS Press Release

Media Contacts

Public Relations Manager
3693 Southwest Freeway
Houston, TX. 77027
Phone: 713-629-1900 x258
E-mail: david.mendel@har.com
Chief Communications Officer
3693 Southwest Freeway
Houston, TX. 77027
Phone: 713-629-1900 x155
E-mail: matt@har.com
Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 36,000 REALTORS®
September 2000 Sales
Third Quarter Existing Homes Sales Figures Account for Record-Setting Pace
Houston Association of Realtors Reports More Than 42,000 Sales to Date
 
HOUSTON (October 11, 2000) — According to statistics released today by the Houston Association of Realtors’ Multiple Listing Service (HARMLS), existing home sales figures remain ahead of last year’s record-setting pace. Total sales reached the second highest amount ever recorded for the month of September peaking at 4,440, which is slightly lower than last September’s standing record of 4,495. The median price of single-family existing homes remained steady, accounting for the third-highest amount ever recorded at $119,600.

With 4,440 total sales closed in September, and 42,600 closed through the third quarter, 2000 year-to-date, existing home sales are slightly ahead of last year’s record-setting figures by a slim margin of 0.3 percent. Total sales through the third quarter of 1999 equaled 42,491.

"As the third quarter comes to a close, existing home sales continue to keep up an incredible pace in comparison to last year’s record-setting numbers," said Frankie Jefferson, madam chairman of the Houston Association of Realtors board of directors. "Despite the recent dip in total sales, Houston’s real estate market has remained consistently strong across the board in terms of sales, pricing and inventory. The next couple of months will determine how this exciting year will finish."

The Houston Association of Realtors reported that 15,014 homes alone were sold in the third quarter of 2000 resulting in a significant decrease from third quarter 1999, which saw 15,556 homes sold. However, the total dollar volume for the third quarter of 2000 amassed more than $2.28 billion, representing a 7.3 percent increase over third quarter 1999.

Throughout the third quarter of 2000, the median price of single-family existing homes decreased 1.9 percent from $121,900 in July to $119,600 in September. July’s figure is the second highest ever recorded in Houston. The median price means that half the homes sold for more, half for less.

Inventory increased slightly from July to September, while the average number of days on the market for single-family existing homes also rose from 66 days to 72 days.
 
Third Quarter Comparison
  Third Quarter 1999 Third Quarter 2000 Percent Change
Total property sales 15,556 15,014 -3.5%
Total dollar volume $2,131,704,594 $2,286,309,597 +7.3%
Avg. active listings per month 23,837 26,443 +10.9%
Total contracts opened 11,494 11,233 -2.3%
Average days on market 67.3 69.7 +3.6%
 
September Home Sales Post Steady Figures

The 4,440 homes sold in September comes second only to last September’s figure, representing a 1.2 percent decrease over last September, which saw 4,495 total sales. September sales contributed $678,010,395 to the total dollar volume for the quarter.

September’s median price of $119,600 represents the third highest ever recorded, indicating an increase of 12.8 percent compared to last September’s median price of $106,000.

Buyers opened 3,242 contracts last month, a slight decrease from September 1999. Open contracts, also referred to as pending sales, are a traditional indicator of closed sales 30 to 60 days ahead.

Available inventory in September dipped to 26,494, down slightly from August’s 26,508, however, this represents a 10.7 percent increase in active listings compared to 23,926 for September 1999.
 
September Comparison
  September 1999 September 2000 Percent change
Total property sales 4,495 4,440 -1.2%
Total dollar volume $604,542,565 $678,010,395 +12.2%
Median price, single-family $106,000 $119,600 +12.8%
Days on market 70 72 +2.9%
Active listings 23,926 26,494 +10.7%
 
High Rise Properties, Townhomes/Condos and Country Homes Update

HARMLS reported a dramatic increase in the median price for high rise properties for September, rising 62.4 percent to $304,500 from last year’s $187,500. High rise sales also increased to 42 in September compared to 33 in the same month last year.

Townhome/condominium figures also rose last month with 475 sales and a median price of $72,500 compared to September 1999’s totals of 471 and $69,000, respectively. The median price of country homes dropped considerably by nearly 35 percent from $147,450 last September to $96,000 this year. As a result, sales increased from 24 in September 1999 to 29 last month.
 
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by more than 17,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. For specific questions regarding a certain area, contact your Realtor. The information published and disseminated to the HAR Multiple Listing Services is communicated verbatim, without change by Multiple Listing Services, as filed by MLS participants. The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All data is preliminary and subject to change. Monthly sales figures reported since November 1998 include a statistical estimation to account for late entries. Twelve-month totals may vary from actual end-of-year figures. (Single-family detached homes were broken out separately in monthly figures beginning February 1988.)

The Houston Association of Realtors is the largest trade association in Houston and the largest local Realtor association in the nation. Residential home sales statistics as well as listing information for more than 34,000 listings can be found on the Internet at http://www.HAR.com.

Media Contacts

Public Relations Manager
3693 Southwest Freeway
Houston, TX. 77027
Phone: 713-629-1900 x258
E-mail: david.mendel@har.com
Chief Communications Officer
3693 Southwest Freeway
Houston, TX. 77027
Phone: 713-629-1900 x155
E-mail: matt@har.com