HOUSTON HOME SALES TAPER SLIGHTLY IN FEBRUARY AFTER AN ENTHUSIASTIC LAUNCH TO THE NEW YEAR Strong sales among luxury homes push prices to February highs HOUSTON — (March 15, 2011) — February marked a slight slowdown in the Houston real estate market following a galloping start to the new year in January when home sales [...]
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Read the full article →HOUSTON HOME SALES TAPER SLIGHTLY IN FEBRUARY AFTER AN ENTHUSIASTIC LAUNCH TO THE NEW YEAR
Strong sales among luxury homes push prices to February highs
HOUSTON — (March 15, 2011) — February marked a slight slowdown in the Houston real estate market following a galloping start to the new year in January when home sales rose for the first time in seven months. Despite last month’s decline in sales volume, average and median home prices rose to the highest levels ever recorded for a February in Houston.
February sales of single-family homes dipped 2.2 percent versus one year earlier. The popular middle segments of the Houston housing market, consisting of homes priced between $80,000 and $250,000, experienced declining sales while the low and high ends saw increases—the most dramatic among the $500,000-plus luxury segment.
For the second straight month, luxury home sales helped boost the average price of a single-family home, which climbed 6.6 percent from February 2010 to $214,039. The February single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 3.9 percent year-over-year to $151,900.
Foreclosure property sales reported in the Multiple Listing Service (MLS) declined 16.5 percent in February compared to one year earlier. Foreclosures comprised 21.5 percent of all property sales in February, down from the 24.7 percent share they claimed in January. The median price of February foreclosures fell 8.1 percent to $79,000 on a year-over-year basis.
February sales of all property types in Houston totaled 3,906, down 0.4 percent compared to February 2010. Total dollar volume for properties sold during the month rose 4.7 percent to $790 million versus $755 million one year earlier.
“The February housing report is encouraging if you recall that a year ago the federal government was rolling out the first-time home buyer tax credit, and consider the fact that home buyers today face more stringent lending guidelines than ever before,” said Carlos P. Bujosa, HAR chairman and VP at Transwestern. “While we anticipate growth in the Houston real estate market this year, we do not expect it to come all at once,” Bujosa said. “Factors that give us cause for at least cautious optimism in the months ahead are that local employment figures have been strong and that we are about to enter the spring home buying season.”
February Monthly Market Comparison
The month of February brought Houston’s overall housing market largely positive results when all listing categories are compared to February of 2010. Total property sales declined fractionally while total dollar volume, average price and median price all rose on a year-over-year basis.
Month-end pending sales for February totaled 3,034, down 4.2 percent from last year. That suggests the probability of lower demand when the March figures are tallied. The number of available properties, or active listings, at the end of February rose 6.8 percent from February 2010 to 49,839. The growth in available housing pushed the February inventory of single-family homes to 7.3 months compared to 6.3 months one year earlier. That means that it would take 7.3 months to sell all the single-family homes on the market based on sales activity over the past year. The figure still compares favorably to the national inventory of single-family homes of 7.6 months reported by the National Association of REALTORS? (NAR) and is unchanged from Houston’s January months inventory.
| CATEGORIES | FEBRUARY 2010 | FEBRUARY 2011 | PERCENT CHANGE |
| Total property sales | 3,923 | 3,906 | -0.4% |
| Total dollar volume | $754,836,514 | $790,104,672 | 4.7% |
| Total active listings | 46,658 | 49,839 | 6.8% |
| Total pending sales | 3,168 | 3,034 | -4.2% |
| Single-family home sales | 3,329 | 3,257 | -2.2% |
| Single-family average sales price | $200,867 | $214,039 | 6.6% |
| Single-family median sales price | $146,200 | $151,900 | 3.9% |
| Months inventory* | 6.3 | 7.3 | 15.6% |
* 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
February sales of single-family homes in Houston totaled 3,257, down 2.2 percent from February 2010. This follows January’s 7.8 percent (corrected) increase in single-family home sales—the first increase in seven months.
Broken out by segment, February sales of homes priced below $80,000 climbed 19.7 percent; sales of homes in the $80,000-$150,000 range dropped 16.0 percent; sales of homes between $150,000 and $250,000 declined 3.4 percent; sales of homes ranging from $250,000-$500,000 rose 10.7 percent; and sales of homes that make up the luxury market—priced from $500,000 and up—surged 28.4 percent.
Both the average and median prices of single-family homes achieved the highest levels ever for a February in Houston. The average price of single-family homes in February was $214,039, up 6.6 percent compared to one year earlier. At $151,900, the median sales price for single-family homes rose 3.9 percent versus February 2010. The national single-family median price reported by NAR is $159,400, illustrating the continued higher value and lower cost of living available to consumers in Houston.
HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In February 2011, existing home sales totaled 2,734, a 2.0 percent increase from February 2010. The average sales price rose 5.3 percent to $197,838 compared to last year and the median sales price of $139,700 increased 3.5 percent.
Townhouse/Condominium Update
The number of townhouses and condominiums that sold in February slid 5.3 percent compared to one year earlier. In the greater Houston area, 306 units were sold last month versus 323 properties in February 2010.
The average price was flat at $158,795 from February 2010 to February 2011. The median price of a townhouse/condominium declined 7.8 percent to $118,000.
Lease Property Update
Demand for single-family home rentals soared 20.0 percent in February compared to one year earlier. Year-over-year townhouse/condominium rentals increased 15.9 percent.
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 26,000 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 50,000 properties may be found on the Internet at http://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 26,000-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 dues-paying membership trade association in Houston as well as the second largest local association/board of REALTORS® in the United States.
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Centrally located next to downtown and between three of the largest freeways in Houston, Midtown Houston is a great place for professionals and students. Midtown’s Official Website describes the area as a “pedestrian-oriented urban community uniquely positioned in the heart of the city.”
Life and Work in Midtown, Houston. Getting to and from work in Midtown is a breeze. The area hosts three Metro stations and includes the Metro Lightrail line on Main Street with three stops, so public transportation can be used rather than the resident’s own vehicle. However, easy access to every major freeway in Houston via SH 288, I-45, or US 59 make commuting almost anywhere easy. Midtown is a few minutes from Downtown Houston and the Medical Center, so jobs abound. Midtown also has the feel, look, and convenience of downtown Houston with a bit less traffic and more two way streets, so getting to work is simple. Professionals find Midtown appealing because of its central location and convenient access to major business centers such as these.
Housing Options in Midtown. Midtown is home to some of the most modern and convenient home sites in Houston. The majority of Midtown housing is made of apartments, townhomes, and condominiums. The aesthetics of Midtown homes vary greatly. Townhomes and condominiums are found in small and medium sized complexes, some made of classic brick, others of timeless stone, and many of modern stucco of all styles and colors. Homes often are built upward and laid in rows in Midtown, and they are made with space efficiency in mind. A popular building style is to stack the home on top of a one or two car garage. Midtown is also known for its urban lofts, which are covered with industrial metal on the outside and feature matching metal finishes on the inside. These lofts look unique and most often are seen in red, gray, and blue.
Going to School? Live in Midtown! Midtown, Houston is just a few miles away from five major universities and colleges in Houston, with a total enrollment of over 50,000 students. These universities include the Houston Community College System, the University of Houston (Main Campus and Downtown locations), Texas Southern University, the University of St. Thomas, and professional schools such as the South Texas School of Law and the Houston branch of the University of Texas Medical Center. Midtown is great for full time students who need a place close to school and part time students who may work in the area. If a resident is looking to transition careers or move up in his or her current one, and needs a degree or certification, Midtown’s location provides convenient access to many college campuses.
Educating the kids in Midtown. Children and teens in Midtown Houston go to schools in the Houston Independent School District system. Students in elementary school are zoned to Blackshear, MacGregor Elementary School, or Gregory-Lincoln Education Center. Gregory-Lincoln also serves middle school students who live north of US 59 in Midtown. This area includes almost all the Midtown neighborhood, but students in Midtown living south of US 59 are zoned to Ryan Middle School. High schools in the area include Lamar High School, located in Upper Kirby, and Reagan High School, located in the Houston Heights. Parents must look into other neighborhoods to find private schools for their children in Midtown, but there are a few public alternatives to HISD in the neighborhood. Houston Community College’s Central Campus, in the heart of Midtown, hosts the Houston International Studies High School. The Contemporary Learning Center and the Houston CAN! Academy Main are public schools in Midtown that are not affiliated with HISD. The CAN! Academy is a charter school.
Community fun in Midtown. Relaxing and staying connected to friends and neighbors is easy in Midtown, 
Houston. The certified open-air Midtown Farmer’s Market happens on Saturday mornings and features free cooking classes, organic and locally grown coffee, freshly cut flowers, and more, all so close to home. Midtown’s Fannin Street is known for its pretty row of flower shops, located just a few minutes from Hermann Park. Other parks in the area include Midtown Park, funded by local corporations and businesses, Elizabeth Baldwin Park and Peggy’s Point Plaza Park, both funded by the City of Houston. The Baldwin Park is over a century old and features a Vietnamese Heritage Plaza. Another special feature of the community is The Ensemble Theater, the largest African-American theater company in the United States. Its studio is located in Midtown. Other close attractions include the Houston Arboretum and Nature Center and the Houston Fire Museum.
Nights in Midtown. Midtown is a great place to unwind. Its restaurants are some of the best in Houston and tend to be more affordable than similar ones in Downtown. McGonigel’s Mucky Duck is an Irish-style pub on Norfolk that often hosts live music and sports nights. A jazzy café on Taft Street, Gravitas is a quasi-Italian steakhouse restaurant and wine bar that features a happy hour that runs from 4:00 to 7:00 p.m. and has its own menu. Charivari, a European specialty cuisine restaurant on Bagby Street, is run by a Romanian man and his German wife, and hosts unique dishes. Also nearby is the Highland Village, where classics like Smith and Wollensky can be found. Of course, local almost fast food favorites like Beck’s Prime are everywhere. Midtown is also a great bar and club scene. Wine bars are common. Clubs such as the Continental Club on Main Street often host independent music acts. The Continental, like others, has an outdoor patio and pool tables as a retreat from the music. The Tasting Room on Gray Street is a hugely popular wine and beer bar in the area. These are just a few places to unwind in the area, and Midtown’s layout makes any attraction in the area close to your home.
Midtown Houston is a great neighborhood for modern and professional living. Click here to view pictures of housing sites and attractions in the area.
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