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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®
February 1997 Sales
February Home Sales In Houston Top 2,400
 
Continuing the high pace of home sales in 1997, Houston-area Realtors posted the second highest February on record with 2,428 homes sold, only 1.7 percent behind arecord-setting 1996, according to statistics reported by the Houston Association of Realtors (HAR) Multiple Listing Service (MLS).

In addition to the home sales numbers, HAR also reported that there were 29,140 active listings in February, approximately 5.3 percent fewer than last year. This represents a 6.9 month inventory at the current rate of absorption, continuing the low inventory trend that Houston has been experiencing for several months. "The Houston real estate market is leaning towards a seller's market, meaning that low inventory and highdemand are creating an ideal situation for sellers," said Robin Mueck, chairman of the Houston Association of Realtors. "The number of active listings coupled with a strong number of contracts opened in February point to an exceptional first quarter for 1997."

Buyers opened 3,011 contracts in February, just a 5 percent decrease over last year. Contracts opened, also referred to as pended, are a good indicator of closed sales 30 - 60 days ahead.

Mueck also noted the median price of single-family homes sold last month was $82,500, up 4.8 percent over last February. The median price means that half the homes sold for more, half for less. She added that the rise in prices could be in response to high demand outpacing the current inventory of homes.

The total dollar volume sold in February was $265,742,439. The average days on the market for single-family homes sold was 109. The median price for a townhouse/ condominium was $51,500, down 5.5 percent from last year,but sales of townhomes and condominiums were up 10.6 percent from last February.
 
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