MLS Press Release

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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 2000 Sales
Existing Homes Sales Expected to Set Record for 2000
High Active Listings Accompany Lower Total Sales
 
HOUSTON (December 13, 2000) – Houston’s existing home sales remained solid as total sales for the month of November kept the city on a record-breaking pace, according to statistics released today by the Houston Association of Realtors’ Multiple Listing Service. The median price of single-family existing homes for November closed at $119,500, while marking the tenth consecutive month that the median price stayed above the $110,000 plateau.

Total sales for the month of  November topped out at 3,889. However, total sales dropped by 1.1 percent in comparison to November 1999. This represents the sixth time this year since 1994 that total sales for a month have decreased when compared to the same month from the previous year.

Despite the dip in sales, total home sales are still slightly ahead of last year’s record-setting pace, with 50,767 existing homes sold to date. Year-to-date existing home sales for the same period in 1999 totaled 50,696.

Available inventory decreased to 26,093 last month, down from 26,659 in October. This also represents the seventh consecutive month for the number of active listings to stay above 25,000, as well as a 10.9 percent increase compared to 23,532 for the same month last year.

"This is a great time of the year to purchase a house," said Frankie Jefferson, madam chairman of the Houston Association of Realtors. "When compared to summer months, there is a much larger inventory with a comfortable median price. This makes for a good opportunity for both buyers and sellers in the Houston area."

As a result of the high median price, the total dollar volume closed last month was $581,091,207, an increase of 9.1 percent compared to last November’s total of $532,691,080. Despite the high prices, single-family existing homes spent only 76 days on the market.

While existing home sales were slightly lower than last year’s total of 3,933, the median price of  $119,500 was 12.8 percent higher than last November’s $105,950. Buyers opened 2,884 contracts in November, down from 3,025 in November 1999. Open contracts, also referred to as pending sales, are a traditional indicator of closed sales 30 to 60 days ahead.
 
November Comparison
  November 1999 November 2000 Percent Change
Total property sales 3,933 3,889 -1.1%
Total dollar volume $532,700,000 $581,100,000 +9.1%
Median price, single-family home $105,950 $119,500 +12.8%
Days on market 72 76 +5.5%
Active Listings 23,532 26,093 +10.9%
 
High Rise Properties, Townhomes/Condos and Country Homes Update

HARMLS reported a significant increase in the median price for high rise properties for November, jumping 69.9 percent to $265,000 from last year’s $156,000. High rise sales, however, decreased to 35 last month compared to 37 in the same month last year. 

Townhouse/condominium figures decreased last month with 392 sales and a median price of $73,750 compared to November 1999’s totals of 400 and $68,000, respectively. Country homes increased significantly in median price by more than 13.8 percent to $107,000 this year from $94,000 last November, while sales decreased from 30 last November to 27 this year.

Top MLS Areas in November

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

Area 4 (South) – from $57,000 in 1999 to $109,900 this year;
Area 9 (Central North) – from $106,000 to $145,500;
Area 13 (Northwest) – from $111,500 to $135,700;
Area 16 (Central) – from $255,500 to $362,500;
Area 17 (Southwest) – from $270,000 to $433,000;
Area 23 (Memorial) – from $290,000 to $340,000;
Area 30 (Fort Bend Southwest) – from $74,500 to $153,000; and
Area 35 (Hempstead West) – from $116,500 to $146,000.
 
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.