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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®
October 1999 Sales
Existing Home Sales, Prices Reach All-Time Highs For October
4th Quarter Begins Establishing New Records
 
HOUSTON (November 10, 1999) – With the continuing stellar pace of the real estate market, statistics released today by the Houston Association of Realtors Multiple Listing Service indicate that October was another record-setting month in Houston. Existing home sales broke the 4,000 barrier, a first for the month of October, topping out at 4,272, and the median price for a single-family home was $102,000, both figures establishing new records for the month of October.

Rather than deterring buyers, the increase in prices has resulted in heightened competition for listed homes, with homes sold in October spending an average of only 70 days on the market.

"There is no way to predict when this incredible trend will reach its peak," said Mark Woodroof, chairman of the Houston Association of Realtors. "Houstonians still are presented with terrific opportunities to buy or sell good properties in nearly every area of town."

October home sales were up 6.9 percent over last year’s total of 3,995 while the median price of $102,000 was 5.2 percent higher than last October’s $97,000. The total dollar volume closed last month was $555,629,839 indicating an increase of 10.6 percent compared to last October’s total of $502,282,289. Buyers opened 3,227 contracts in October, a small increase.

Over October 1998. Open contracts, also referred to as pending sales, are a traditional indicator of closed sales 30 to 60 days ahead.

Available inventory rose to 24,048 last month, up slightly over 23,926 in September and also represents a two percent increase in active listings compared to 23,509 for the same month last year. Compared to last October’s 80 days, single-family existing homes sold this October spent 10 fewer days on the market at only 70 days.

MLS also showed a dramatic increase in the median price for townhomes and condominiums, high rise properties and country homes for October. The median price for townhomes and condominiums jumped up to $68,000, an increase of 14.8 percent from last year’s $59,250. High rise property median prices soared to $198,000, an increase of 38.9 percent over last October’s $142,500. Country homes also increased significantly in median price rising 17 percent from $157,750 last October to $184,500 this year.

Among the MLS areas experiencing significant increases in median price in October over last year were:

Area 7 (Clear Lake Area) – from $109,700 in 1998 to $124,700 this year;
Area 9 (Central North) – from $85,000 to $99,000;
Area 15 (Montgomery County Southwest) – from $119,250 to $133,250;
Area 22 (Central West) – from $261,500 to $284,950;
Area 23 (Memorial) – from $250,500 to $345,000;
Area 29 (Fort Bend Central) – from $137,000 to $161,500;
Area 30 (Fort Bend Southwest) – from $123,750 to $141,750;
Area 37 (Fort Bend West) – from $85,500 to $106,750;
Area 39 (Montgomery County Northwest) – from $130,180 to $149,000.
 
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