Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 47,000 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.
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.
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 https://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.)