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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®
March 2001 Sales
Houston's Real Estate Market Heats Up First Quarter Records
Northwest, Montgomery County Southwest and Galveston County Sizzle With More Than 13 percent of First Quarter Total Sales
 
HOUSTON (April 23, 2001) — According to statistics released today by the Houston Association of Realtors’ Multiple Listing Service, existing home sales figures recorded the second highest records ever for the month of March. With 4,899 total sales closed in March, and 11,432 closed for the first quarter, 2001 year-to-date, existing home sales are only slightly down by 2.7 percent and decreased only by 2.4 percent from first quarter 2000 figures. Top areas for the first quarter include areas 13 (Northwest), 15 (Montgomery County Southwest) and 33 (Galveston County), making up 13.7 percent of the total sales for the first quarter. “With the figures from the first quarter, the Houston market shows promising results for the rest of the year. The fact that existing home sales have decreased by only 2.4 percent from last year’s first quarter is a positive indication that the Houston market is simply adjusting, along with the rest of the nation, to the tightening economy,” said Todd Mason, 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 this quarter, which translates to a fast-paced real estate industry. The tremendous expansion of commercial growth into the traditional suburban areas along with the revitalization of downtown, brings great opportunities for buyers and sellers of properties in nearly every Houston market.”

The Houston Association of Realtors reported that 11,432 homes were sold in the first quarter of 2001 resulting in a total dollar volume of more than $1.7 billion. This marks a 2.4 decrease since first quarter 2000 in the number of homes sold, as well as a 1.5 percent increase in dollar volume.

Throughout the first quarter of 2001, the median price of single-family homes climbed 4.3 percent from $115,000 in January to $120,000 in March.

Inventory increased only slightly from January to March, while the average number of days on the market for single-family homes dropped from 87 days to 83 days.
1st Quarter Comparison
  1st Quarter 2000 1st Quarter 2001 Percent Change
Total home sales 11,711 11,432 - 2.4%
Total dollar volume $1,691,649,287 $1,716,517,555 + 1.5%
Avg. active listings per month 23,576 26,497 + 12.4%
Total contracts opened 10,691 10,216 - 4.4%
Avg. days on market 81.7 85.3 + 4.4%
March Home Sales, Total Sales Reach High in First Quarter

The 4,899 homes sold in March, one of the highest totals ever recorded for the month, represent a slight decrease of 2.7 percent down from last March, which saw 5,037 total sales. March sales contributed $749,301,851 to the total dollar volume for the quarter.

Median price recorded for single-family existing homes in March averaged $120,000. This represents an increase of 7.1 percent over last March’s $112,000. Months experiencing similar median prices to last month were June, July and December 2000.

Buyers opened 4,022 contracts last month, a slight decrease from March 2000. 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 27,272, up slightly over February’s 26,481, and represents a 14.9 percent increase in active listings compared to 23,731 for March 2000.
March Comparison
  March 2000 March 2001 Percent Change
Total home sales 5,037 4,899 -2.7%
Total dollar volume $729,671,279 $749,301,851 +2.7%
Median price, single-family $112,000 $120,000 +7.1%
Days on market 80 83 +3.8%
Active listings 23,731 27,272 +14.9%
High Rise Properties, Townhouse/Condo and Country Homes Update

HARMLS reported an increase in the median price for high rise properties for March, rising 16 percent to $290,000 from last year’s $250,000. High rise sales slightly decreased to 39 last month compared to 41 in the same month last year.

Townhouse/condominium figures rose last month with 495 sales and a median price of $71,900 compared to March 2000’s totals of 487 and $71,500, respectively. The median price of country homes increased by 41.8 percent from $73,420 last March to $104,120 this year. Sales decreased from 22 in March 2000 to 20 last month.
 
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 11,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as 28 surrounding counties, including Brazoria, Galveston, Waller and Wharton counties. 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 25,000 homes can be found on the Internet at http://www.HAR.com.

The information published and disseminated to the HAR Multiple Listing Service (MLS) is communicated verbatim, without change by MLS, as filed by MLS participants. The MLS does not verify the information provided and disclaims any responsibility for its accuracy. All MLS data is preliminary and subject to change. Monthly sales figures reported since August 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 January 1988.)

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