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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®
May 2000 Sales
Existing Homes Sales, Median Price Scorch Records
Figures Increase Dramatically Including All-Time High Median Price
 
HOUSTON (June 14, 2000) – Only one month after existing home sales figures dipped for the first time in nearly six years, Houston real estate got back on track setting a new record for total sales in the month of May and establishing an all-time high median price for single-family homes. According to statistics released today by the Houston Association of Realtors’ Multiple Listing Service, total sales for May topped out at 5,414, while the median price of single-family homes soared to $116,000.

Total sales in May increased by 7.4 percent in comparison to May 1999, jumping from 5,040 to 5,414. This represents the fourth highest total sales figure ever recorded in Houston. The median price of single-family homes surpassed last month’s record amount of $115,000 and marks the third time this year the median price has established a new record.

As a result of the high median price, the total dollar volume closed last month was $820,406,776, an increase of 20.6 percent compared to last May’s total of $680,284,548. Despite the high prices, single-family existing homes spent only 70 days on the market, establishing a new record for May and confirming a strong seller’s market throughout the city.

“Despite the slight drop in April, Houston’s existing home sales activity rebounded quickly to regain strength and momentum as we head into the most active months of the home-buying season,” said Frankie Jefferson, madam chairman of the Houston Association of Realtors. “May figures exemplify that summer predominantly is the busiest time of year with regard to the real estate industry. They’re a convincing indicator that this season could be one of the most productive ones ever experienced in Houston.”

While May existing home sales were significantly higher than last year’s total, the median price of $116,000 for single-family homes was 7.1 percent higher than last May’s $108,300. Buyers opened 4,080 contracts in May, a slight decrease from May 1999.  Open contracts, also referred to as pending sales, are a traditional indicator of closed sales 30 to 60 days ahead. Compared to last May’s 72 days, single-family existing homes sold this May spent two fewer days on the market.

Available inventory rose to 25,317 last month, up significantly over 24,375 in April. This also represents a 12.5 percent increase in active listings compared to 22,500 for the same month last year.
 
May Comparison
  May 1999 May 2000 Percent Change
Total property sales 5,040 5,417 +7.4%
Total dollar volume $680,000,000 $820,000,000 +20.6%
Median price, single-family home $108,300 $116,000 +7.1%
Days on market 72 70 -2.8%
Active Listings 22,500 25,317 +12.5%
 
High Rise Properties, Townhouse/Condo and Country Homes Update

HARMLS reported a tremendous increase in the median price for high rise properties for May, soaring 96.4 percent to $324,000 from last year’s $165,000. High rise sales increased to 41 last month compared to 26 in the same month last year.

Townhouse/condominium figures also rose last month with 517 sales and a median price of $74,500 compared to May 1999’s totals of 438 and $65,350, respectively. Country home figures increased as well in median price by more than 33 percent from $75,000 last May to $100,000 this year, while sales increased from 19 last May to 35 this year.

Top MLS Areas in May

Among the MLS areas experiencing significant increases in median price in May over last year were:

Area 16 (Central) – from $287,500 in 1999 to $330,750 this year
Area 17 (Southwest) – from $284,500 to $322,500;
Area 19 (Montgomery County Northeast) – from $78,120 to $95,700;
Area 20 (Bellaire South) – from $98,000 to $126,500;
Area 22 (Central West) –from $315,000 to $372,500;
Area 23 (Memorial) – from $327,500 to $382,000;
Area 30 (Fort Bend Southwest) - from $128,440 to $147,450;
Area 31 (West) - from $146,000 to $168,500;
Area 32 (Far Northeast) - from $119,500 to $150,000; and
Area 35 (Hempstead West) - from $114,500 to $144,00.
 
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.