Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 47,000 REALTORS®
|January 2005 Sales|
|Houston Real Estate Market Begins 2005 With Continued Strength|
|January home sales extend record-breaking streak, with bright year ahead expected|
HOUSTON (February 21, 2005) Following a record-breaking 2004, the Houston real estate market continued its strength
into 2005, 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 for January.
Total property sales for the month totaled 3,855, which was a 1.8 percent increase over January 2004. More than $640 million worth of properties changed hands during the month, which was a 10.8 percent increase compared to last years $580 million in January sales.
Additionally, the median home price for a single-family home reached $132,120, and the average home price rose to $172,018, increases from last year of 4.9 percent and 6.4 percent, respectively.
While 2004 was the best year in the history of Houston real estate, we expect 2005 to be another outstanding year for home sales, said Toni C. Nelson, HAR Chair and a Division Vice President for Coldwell Banker United, REALTORS®. "With the Federal Reserve expressing confidence in the U.S. economic expansion and reiterating its plan for a measured pace of interest rate increases from the current relatively low levels, the greater Houston housing market should continue to realize moderate growth throughout the year.
January Monthly Market Comparison
All listing categories combined, Houstons overall housing market in January 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.
The number of available homes (active listings) at the end of January was 41,338 properties, which was an increase of 10.9 percent versus last January and a new monthly record. Month-end pending sales of properties reached 3,645, which was up 9.3 percent from last year, and was another new record for the month of January. The months inventory of single-family homes for January decreased to 5.8 months from last years 5.9 months, which is relatively low and shows that demand is keeping up with the available supply of homes.
|* 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 $132,120 in January, which was an increase of 4.9 percent compared to the prior year, and the average price for single-family homes $172,018, which was up 6.4 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.
Houstons current median price of $132,120 is 30.1 percent less than the national median price, which reached $188,900 in December, 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 3.4 percent to 3,139 in January, down from last years 3,036.
Houston Real Estate Milestones in January
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 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 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.