Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 47,000 REALTORS®
|December 2000 Sales|
|2000 Homes Sales Achieve Record for Houston Real Estate Market|
|2000 Home Sales Reach 55,514; Total Dollar Volume Exceeds $9.8 Billion|
HOUSTON (January 18, 2000) - The Houston real estate market finished 2000 by establishing new records in virtually
every existing home sales category, including total sales, median price and total dollar volume, according to
statistics released today by the Houston Association of Realtors' Multiple Listing Service.
Total home sales in 2000 slightly surpassed last year's record figure of 54,704 by 1.5 percent, closing the year with a new, all-time high of 55,514. The median price for single-family homes in 2000 peaked at $123,500, representing a 10.3 percent increase over the previous 1999 record median price set of $112,000. Record high prices and sales totals translated into a total dollar volume for 2000 of more than $9.8 billion, an increase of 34.2 percent over last year's total of $7.3 billion.
"Many people in Houston believed our real estate market would slow down after 1999's record setting year, however, those predictions simply never materialized," said Todd Mason, 2001 Chairman of the Board of the Houston Association of Realtors®. Available inventory and days on market also experienced significant changes throughout 2000. The year began with available inventory with 23,274 active listings. Figures increased steadily throughout the year, however, peaking at 26,659 in October, before finishing in December at 24,623.
Even though interest rates rose and median prices increased, homes still moved at a significantly fast pace. The days that single-family homes spent on the market in 2000 moved from 84 in January to 82 days in December, including a low of 66 days in July. For the year, the average number of days on the market equaled 75.
"In 2000, the speed at which homes moved reflected consumers' desires to beat rising interest rates and created heightened competition for listed homes," noted Mason.
Townhome Sales Increase, High Rise Sales Decrease
Townhomes and condominium sales established new records. In 2000, Realtors® sold 5,321 townhomes and condominiums, representing a 5.6 percent increase over 1999, and sold at an averaged median price of $73,500, up from an averaged price of $67,000 a year ago. High rise and loft sales increased dramatically this year. Sales rose from 344 in 1999 to 458 this past year, an increase of 33.1 percent. The averaged median price of high-rise residences soared 36.8 percent, finishing 2000 at $260,000.
"As the development of the downtown and Inner Loop areas continues, residential migration to these exciting parts of town appears to persist as well," said Mason. "Due to shortened commute times to the downtown and medical district areas and tremendous commercial development growth, such as shopping areas and entertainment arenas, the attractiveness of such areas will only continue to increase for the future."
Residential lot sales decreased 2.6 percent in 2000 to 2,848 lots sold. However, multi-family property sales increased modestly over 2000 to 304 sales.
In overall single-family home sales, the top ten areas for 2000 were:
December Sales Stay Strong
Single-month statistics show that December 2000 was the third-best December on record with 4,126 home sales, a decrease of 3.8 percent compared to the previous December. The median price for single-family homes in December was $123,500, a new December record, and the highest median price in Houston. Higher prices resulted in a total dollar volume of $646,547,628 for last month, an increase of 5.8 percent compared to December 1999.
There were 2,610 contracts opened in December, a decrease of 7.7 percent when compared to the same month last year. "The high number of contracts pended coupled with a surprise decrease in interest rates indicate that the strong sales trend could continue into 2001," added Mason. The HARMLS also reported the median price for townhomes and condominiums in the Houston area during December was $79,950, while the median price for high rise residences was $356,950, up by 92.9 percent from last year.
|The computerized Multiple Listing Service of the Houston Association ofRealtors includes residential properties and new homes listed by 11,000 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 homes can be found on the Internet at https://www.HAR.com.|