Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 47,000 REALTORS®
|February 2005 Sales|
|Greater Houston Housing Market Experiences Warm February|
|Home sales continue to rise; growth rate slows from last years breakneck pace|
HOUSTON (March 17, 2005) Even though it is the shortest month of the year and should deliver cold weather, the
greater Houston real estate market helped warm up the region, as February property sales continued the upward trend of
the last few years, 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 February.
Total property sales for the month totaled 4,925, which was a 4.6 percent increase over February 2004. More than $836 million worth of properties changed hands during the month, which was a 10.1 percent increase compared to last years $760 million in February sales. Additionally, year-to-date total property sales reached 8,795, which is an increase of 3.5 percent over the first two months of 2004.
The greater Houston region continues to see solid strength in the housing market, especially in many of our suburban areas like the Bay Area, Fort Bend and Montgomery County, said Toni C. Nelson, HAR Chair and a Division Vice President for Coldwell Banker United, REALTORS®. "The Houston regional market has not experienced the wild ride in prices as many other major markets around the country so we should be able to maintain the steady growth that we have seen over the last few years in this area.
February Monthly Market Comparison
All listing categories combined, Houstons overall housing market in February 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 February was 42,330 properties, which was an increase of 11.3 percent versus last February and a new monthly record. Month-end pending sales of properties reached 3,850, which was up 3.4 percent from last year, and was another new record for the month of February. The months inventory of single-family homes for February remained relatively flat, if slightly down, at 5.9 months, which remains 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 $136,880 in February, which was an increase of 5.9 percent compared to the prior year, and the average price for single-family homes $178,387, which was up 4.9 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 $136,880 is 26.8 percent less than the national median price, which reached $186,900 in January, 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 5.0 percent to 4,029 in February, down from last years 3,837.
Houston Real Estate Milestones in February
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.