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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®
March 2000 Sales
Houston Existing Home Sales Set First Quarter Records
Houston Association of Realtors Reports New Highs for March
 
HOUSTON (April 12, 2000) — According to statistics released today by the Houston Association of Realtors’ Multiple Listing Service (HARMLS), existing home sales figures and median price established new records with the highest postings ever in the month of March. With 5,037 total sales closed in March, and 11,711 closed for the first quarter, 2000 year-to-date, existing home sales already are 4.7 percent ahead of last year’s record-setting figures.

"The fact that existing home sales already have surpassed 5,000 this early in the home-buying season summarizes Houston’s dynamic first quarter," said Frankie Jefferson, madam chairman of the Houston Association of Realtors board of directors. "Despite the high median prices, existing homes are spending a limited number of days on the market, which translates to a fast-paced real estate industry. Consumers who are willing to keep up with the market’s activity can buy or sell good properties in nearly every area of town."

The Houston Association of Realtors reported that 11,711 homes were sold in the first quarter of 2000 resulting in a total dollar volume of more than $1.6 billion. This marks a 4.7 percent increase over first quarter 1999 in the number of homes sold, as well as a 21.5 percent increase in dollar volume.

Throughout the first quarter of 2000, the median price of single-family homes climbed 2.3 percent from $109,500 in January to $112,000 in March. March’s figure is the highest ever recorded for that month and the second highest recorded in Houston. The median price means that half the homes sold for more, half for less.

Inventory increased only slightly from January to March, while the average number of days on the market for single-family homes dropped from 84 days to 80 days.
 
1st QUARTER COMPARISON
  1st Quarter 1999 1st Quarter 2000 Percent Change
Total property sales 11,183 11,711 +4.7%
Total dollar volume $1,392,587,732 $1,691,649,287 +21.5%
Avg. active listings per month 21,755 23,576 +8.4%
Total contracts opened 10,433 10,691 +2.5%
Average days on market 85 81.7 -3.9%
 
March Home Sales, Median Price Establish New Records

The 5,037 homes sold in March, the highest total ever recorded for the month, represent a 3.1 percent increase over last March, which saw 4,888 total sales. March sales contributed $729,671,279 to the total dollar volume for the quarter.

After establishing a new median price record for single-family existing homes in February, March tied for the second highest median price ever recorded at $112,000. This represents an increase of 10.2 percent over last March’s $101,650. June 1999 also experienced a median price of $112,000.

Buyers opened 4,159 contracts last month, a slight decrease from March 1999. Open contracts, also referred to as pending sales, are a traditional indicator of closed sales 30 to 60 days ahead.

Available inventory in March rose to 23,731, up slightly over February’s 23,524, and represents an 8.4 percent increase in active listings compared to 21,883 for March 1999.

 
March Comparison
  March 1999 March 2000 Percent Change
Total property sales 4,888 5,037 +3.1%
Total dollar volume $625,755,032 $729,671,279 +16.6%
Median price, single-family $101,650 $112,000 +10.2%
Days on market 180 80 0.0%
Active listings 21,883 23,731 +8.4%
 
High Rise Properties, Townhouse/Condo and Country Home

HARMLS reported an increase in the median price for high rise properties for March, rising 7.5 percent to $250,000 from last year’s $232,500. High rise sales also increased to 41 in March compared to 34 in the same month last year.

Townhouse/condominium figures also rose significantly last month with 487 sales and a median price of $71,500 compared to March 1999’s totals of 451 and $66,500, respectively. The median price of country homes dropped dramatically by 56.1 percent from $167,130 last March to $73,420 this year. Sales also decreased from 26 in March 1999 to 22 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.