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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®
November 1997 Sales
Houston Home Sales Still Hot Through November
Statistics Report Low Resale Home Inventory, New Listings
 
HOUSTON (December 17, 1997) . . . November home sales statistics released today by the Houston Association of Realtors* (HAR) Multiple Listing Service (MLS) show 1997's record sales pace continues unabated, while the number of new listings last month dipped to the lowest level since HAR began tracking this figure in 1994. Together, these indicators should mean great news for homeowners and new home builders in 1998.

"There was a significant decrease in the number of new listings on the market as compared to last November, while inventory last month was at its lowest point for any month since February of 1983," said Robin Mueck, 1997 Chairman of the Board of the Houston Association of Realtors. "However, the number of contracts opened by home buyers in November was a record high for the last month. This demonstrates that buyers are still out there looking for homes despite the dwindling selection."

Mueck added, "The inventory situation definitely favors the seller right now, which could prove beneficial to both homeowners and new home builders in 1998."

The MLS reported 2,952 homes were sold in November, a 6.4 percent increase over last November and a slight increase over the previous November record of 2,943. The available inventory slipped 3.4 percent from October to 26,616 and dropped 12.5 percent compared to last November.

This represents a 5.7 month inventory at the current rate of absorption. New listings for 4,764 homes appeared in the MLS last month, a 7 percent decrease over the same time last year. New listings have not dipped below 5,100 except in December since HAR began formally tracking them in 1994.

Home buyers opened 2,807 contracts last month, a 9.8 percent increase compared to 2,557 during the same time last year. Contracts opened, also referred to as pended, are a good indicator of closed sales 30-60 days ahead. Additionally, single-family home sales continued selling at a hot pace for November, spending an average of only 96.4 days on the market. Over the past three years, single-family homes in November spent an average of 104.1 days on the market.

In the individual MLS areas, several areas posted significant increases in single-family home sales over last November including the Northwest area (33.1 percent), Clear Lake (32.8 percent), Southwest Montgomery County (22.5 percent) and Galveston County (17.8 percent). The Central area, including downtown Houston and River Oaks, and the Central West area, including the Galleria/Uptown area and the Villages, both doubled their home sales over last November.n the individual MLS areas, several areas posted significant increases in single-family home sales over last November including the Northwest area (33.1 percent), Clear Lake (32.8 percent), Southwest Montgomery County (22.5 percent) and Galveston County (17.8 percent). The Central area, including downtown Houston and River Oaks, and the Central West area, including the Galleria/Uptown area and the Villages, both doubled their home sales over last November.

The Northwest area, located between Interstate 45 and FM 249 and Beltway 8 to the south and Spring Cypress to the north, led all areas in total single-family home sales for the 32nd straight month with 197 sales closed.
 
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 10,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. All reported MLS data is preliminary and subject to changes. 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 22,000 homes, 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