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®
March 2002 Sales
Existing Home Sales Stay in Record Territory
First Quarter Predicts Promising Year
 
HOUSTON (April 12, 2002) - Existing home sales for the first quarter of 2002, as reported in Houston's Multiple Listing Service, increased 11 percent over the first quarter of 2001, setting the stage for a promising year, according to statistics released today by the Houston Association of Realtors Multiple Listing Service. In addition, existing home sales in March reached the second highest level ever recorded in the same month.

"The first quarter figures are a positive indication that the Houston market shows promising results for the rest of the year," said Shad Bogany, chairman of the Houston Association of Realtors. "As an economic indicator, consumers should take comfort in the fact that the real-estate market remains stable and hopefully is indicative of what is to come for the entire economy."

March Home Sales, Total Sales Reach High in First Quarter

Total sales for the first quarter of 2002, consisting of single-family homes, townhomes, multifamily, country homes, high-rise properties, lots and new homes listed on the MLS, topped out at 12,726 for 2002, which is an 11 percent increase in cumulative sales from this time last year. Last year's total sales for the first quarter of 2001 reached 11,432.

The total dollar volume closed during the first quarter was $1.94 billion, an increase of 13 percent compared to last year's total of $1.72 billion. The number of pending sales increased 6.5 percent from 26,497 the first quarter last year to 28,211 this year.

Throughout the first quarter of 2002, the median price of single-family homes climbed 4 percent to $129,900 in March from $124,900 in January. Available 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 84 days.
1st Quarter Comparison
  1st Quarter 2001 1st Quarter 2002 Percent Change
Total sales 11,432 12,726 + 11%
Total dollar volume $1,716,517,555 $1,942,605,343 + 13%
Active listings 26,497 28,211 + 6.5%
Total contracts opened 10,691 10,034 - 6%
Avg. days on market 85.3 85.3 0%
Month-to-Month Comparison

Total sales for the month, consisting of single-family homes, townhomes, multifamily, country homes, high-rise properties, lots and new homes listed on the MLS, topped out at 4,901 for March 2002. Last year's total sales for March 2001 reached 4,899.

The total dollar volume closed last month was $777,950,085, an increase of 3.8 percent compared to last March's total of $749,301,851. The number of pending sales decreased 13.4 percent from 4,022 in 2001 to 3,548 this year. Pending sales are the traditional indicator of sales expected to close within the next 30 to 60 days. Available inventory rose to 28,630 in March, compared to 28,126 in February.
March Comparison
  March 2001 March 2002 Percent Change
Total sales 4,899 4,901 0
Total dollar volume $749,301,851 $777,950,085 + 3.8%
Active listings 27,272 28,630 + 5%
Pending listings 4,022 3,548 - 13.4%
Single-family homes update

Single-family homes spent 84 days on the market, down one from last year's 83 days on the market. Total sales for single-family homes decreased 1.8 percent to 3,964 from last year. The median price of $129,900 was 8.3 percent higher than last March's $120,000.

In March, 2,434 single-family homes sold for less than $149,999, a decrease of 187 units from this time last year. Mid-priced home sales, homes ranging from $150,000 to $499,999, grew from 1,288 in March 2001 to 1,403 this year. Additionally, 129 homes sold for more than $500,000.
 
The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 16,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of 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 listings can be found on the Internet at http://www.HAR.com.

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.)