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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 2005 Sales
Houston Maintains Rank As One of the Most Affordable Major Cities
Region’s March home sales show continuing strength in real estate market
 
HOUSTON – (April 21, 2005) – The greater Houston area’s home sales certainly sprang forward in March, with home buyers and sellers continuing strong activity levels, according to statistics released by the Houston Association of REALTORS® Multiple Listing Service. Year-over-year comparisons show that total number of properties sold, total dollar volume of transactions, average sales price and median sales price were all monthly records.

Total property sales for the month totaled 6,483, which was a 4.2 percent increase over March 2004. More than $1.1 billion worth of properties changed hands during the month, which was a 9.5 percent increase compared to last year’s $1.0 billion in March sales. Additionally, year-to-date total property sales reached 15,322, which is an increase of 4.1 percent over the first quarter of 2004.

“The Houston metropolitan area is showing no signs of a weakening housing market, despite some predictions that we would not match last year’s remarkable levels,” said Toni C. Nelson, HAR Chair and a Division Vice President for Coldwell Banker United, REALTORS®. "The record number of pending sales at the end of March shows that Houstonians are continuing to take advantage of the tremendous affordability provided by the various housing options. In fact, of the 10 most populous cities in the country, only San Antonio has a median home price lower than Houston.”

March Monthly Market Comparison

All listing categories combined, Houston’s overall housing market in March experienced increases across the board including sales, available inventory, pending sales – those listings expected to close within the next 30 days – and overall total dollar volume on a year-over-year basis.
March (all categories)
All Classes March 2004 March 2005 Percent Change
Total property sales 6,224 6,483 +4.2%
Total dollar volume $1,007,115,894 $1,102,986,968 +9.5%
Average single-family sales price $171,734 $178,575 +4.0%
Median single-family sales price $130,700 $135,000 +3.3%
Active listings 39,662 43,152 +8.8%
Pending sales 4,519 5,118 +13.3%
Months inventory* 6.1 6.0 -1.7%
* Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.
 
Single-family Homes Update

The overall median price of single-family homes reached $135,000 in March, which was an increase of 3.3 percent compared to the prior year, and the average price for single-family homes reached $178,575, which was up 4.0 percent versus the same period last year. The median is a typical market price where half of the homes sold for more and half sold for less that that figure.

Houston’s current median price of $135,000 is 29.3 percent less than the national median price, which reached $191,000 in February, according to statistics released by the National Association of REALTORS®. These data continue to show the tremendous value and lower cost of living afforded to Houstonians.

Additionally, total sales for single-family homes in Houston increased by 2.7 percent to 5,275 in March, up from last year’s 5,135.

Houston Real Estate Milestones in March
  • Marked the highest ever number of pending home sales at month-end.
  • Reached the highest number of homes sold in the month of March.
  • Marked the highest number of available homes (active listings) at month-end.
  •  
    The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 19,000 REALTORS throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. Residential home sales statistics as well as listing information for more than 40,000 properties 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 includes 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.)

    Founded in 1918, the Houston Association of REALTORS® (HAR) is a 20,000-member organization of real estate professionals engaged in every aspect of the industry, including residential and commercial sales and leasing, appraisal, property management and counseling. It is the largest individual membership trade association in Houston, as well as the second largest local association/board of REALTORS® in the United States.

    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