Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 47,000 REALTORS®
|January 1997 Sales|
|Houston Resale Home Market Posts January Records|
On the heels of the best year on record for Houston real estate, January did not disappoint, posting a record number
of closed sales for the month, topping the old record for January sales set just last year. Realtors posted
significant increases in the resale home market in several areas despite a slight drop in inventory.
The Houston Association of Realtors (HAR) Multiple Listing Service (MLS) reported 2,116 sales closed in January, an increase of approximately 6.2 percent over last January. Buyers opened 2,587 contracts in January, a .4 percent decrease over last year. Contracts opened, also referred to as pended, are a good indicator of closed sales 30 - 60 days ahead. There were 28,669 active residential listings in the MLS in January, approximately 4.5 percent fewer than last year, representing a 6.7 month inventory at the current rate of absorption.
All the indicators point to another strong first quarter for Houstons real estate market, said Robin Mueck, 1997 Chairman of the Houston Association of Realtors. Realtors are experiencing increases in demand, illustrated by the closed sales and contracts pended, continuing the growth experienced last year.
Mueck adds that the low inventory trend shows no signs of changing, noting that the number of active listings this month was the second lowest on record only behind last December. She reiterated that when demand outpaces inventory, prices generally rise in response. That truism was demonstrated by the 8.3 percent increase over last January in the median price of single-family homes to $86,500. The median price means half the homes sold for more, half for less. The total dollar volume sold in January was $242,582,387. The average days on market for single-family homes sold was 110. The median price for a townhouse/condominium was $54,250, up 26.2 percent from last January.
|The computerized Multiple Listing Service of the Houston Association of Realtors includes residential properties and new homes listed by 10,000 Realtors throughout Harris, Fort Bend and Montgomery counties, as well as parts of Brazoria, Galveston, Waller and Wharton counties. All reported MLS data is preliminary and subject to changes. 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 22,000 homes, can be found on the Internet at https://www.HAR.com.|