HOUSTON PROPERTY SALES RISE FOR A TENTH STRAIGHT MONTH
Average and median prices reach the highest levels for a March in Houston while inventory maintains its lowest level in more than three years
HOUSTON — (April 17, 2012) — The Houston real estate market enjoyed a tenth consecutive month of rising sales in March, with homes continuing to sell quickly enough to keep housing inventory at its lowest level since December 2008. Average and median prices achieved the highest levels for a March in Houston, with the average price coming just a few dollars shy of the all-time high set in June 2008.
According to the latest monthly data prepared by the Houston Association of REALTORS® (HAR), March sales of single-family homes rose 7.8 percent versus one year earlier. That follows February’s 15.6 percent jump which was the biggest sales boost since last September. Declining sales of homes priced below $80,000 combined with increased activity in the luxury housing segment fueled the pricing gains.
“March was an excellent month for home sales in Houston and the healthy appreciation in pricing is welcome news as well,” said Wayne A. Stroman, HAR chairman and CEO of Stroman Realty. “Inventory remains at its lowest level in more than three years and is outpacing the national real estate market. The moderation in pending sales in March could possibly translate to a leveling off of sales before we enter the summer buying season, but we will know for sure next month.”
The March single-family home average price rose 5.7 percent year-over-year to $227,270, the highest level for a March in Houston and only $70 below the all-time high reached in June 2008. The median price—the figure at which half of the homes sold for more and half sold for less—climbed 7.8 percent to $161,750, also a record high for a March in Houston.
Foreclosure property sales reported in the Multiple Listing Service (MLS) fell 12.8 percent year-over-year in March. Foreclosures comprised 19.6 percent of all property sales, which is down from the 21.1 percent level observed over the past 12 months. The median price of foreclosures in February was flat at $81,500.
March sales of all property types in Houston totaled 5,908, an increase of 7.4 percent compared to March 2011. Total dollar volume for properties sold during the month soared 15.2 percent to $1.3 billion versus $1.1 billion a year earlier.
March Monthly Market Comparison
The month of March brought Houston’s overall housing market positive results when all sales categories are compared to March 2011. Total property sales, total dollar volume and average and median pricing rose on a year-over-year basis.
Month-end pending sales for March totaled 4,162. That is down a fractional 0.7 percent from last year and may suggest a slight tapering of sales when the April housing data are compiled. The number of available properties, or active listings, at the end of March declined 17.8 percent from March 2011 to 41,997. For the second month in a row, the inventory of single-family homes held to the lowest level since December 2008-5.6 months. That compares to 7.5 months one year earlier and means that selling the entire inventory single-family homes currently on the market would take 5.6 months to complete based on the past year’s sales activity. The figure is superior to the national inventory of single-family homes of 6.4 months recently reported by the National Association of REALTORS® (NAR). These indicators continue to demonstrate that Houston has a balanced real estate marketplace.
| CATEGORIES | MARCH 2011 | MARCH 2012 | PERCENT CHANGE |
| Total property sales | 5,499 | 5,908 | 7.4% |
| Total dollar volume | $1,122,788,737 | $1,293,042,237 | 15.2% |
| Total active listings | 51,091 | 41,997 | -17.8% |
| Total pending sales | 4,190 | 4,162 | -0.7% |
| Single-family home sales | 4,634 | 4,996 | 7.8% |
| Single-family average sales price | $214,980 | $227,270 | 5.7% |
| Single-family median sales price | $150,000 | $161,750 | 7.8% |
| Months inventory* | 7.5 | 5.6 | -25.9% |
Single-Family Homes Update
March sales of single-family homes in Houston totaled 4,996, up 7.8 percent from March 2011. This marks the tenth consecutive monthly increase.
Broken out by housing segment, March sales performed as follows:
At $227,270, the average price of single-family homes rose 5.7 percent from last March, resulting from a combination of increased sales activity among luxury homes and a decline in the sales of homes priced below $80,000. The average price achieved a March high but fell just shy of the historic level of $227,340 reached in June 2008. At $161,750, the median sales price for single-family homes climbed 7.8 percent year-over-year, also achieving a high-point for a March in Houston.
HAR also breaks out the sales performance of existing single-family homes throughout the Houston market. In March 2012, existing home sales totaled 4,088, a 6.3 percent increase from March 2011. The average sales price rose 6.5 percent from last year to $212,524 and the median sales price increased 7.4 percent to $145,000.
Townhouse/Condominium Update
The number of townhouses and condominiums that sold in March declined 3.6 percent compared to one year earlier. In the greater Houston area, 374 units were sold last month versus 388 properties in March 2011.
The average price jumped 15.2 percent to $166,228 compared to March 2012. The median price of a townhouse/condominium rose 17.4 percent to $135,000.
Lease Property Update
Demand for lease properties persisted throughout the Houston market in March. Single-family home rentals rose 10.3 percent compared to one year earlier and year-over-year townhouse/condominium rentals increased 3.8 percent.
Houston Real Estate Milestones in March
_______________________________________________________________________________
The computerized Multiple Listing Service of the Houston Association of REALTORS® includes residential properties and new homes listed by 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 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.
Important: Secure Your Home
I recently had the unfortunate experience of having my home burglarized. I thought my home was pretty safe:
- It’s in a low-crime neighborhood with active police patrols.
- I have an alarm which I always activate when I leave.
- I had good quality, double-key locks on all my doors.
- I have two, small, barky dogs.
But in spite of all that, my front, side door (next the the garage, but on the front of the house) was kicked in at 2:25 p.m. on a school day…in the middle of the afternoon! I always thought break-ins happened at night! But here’s the truth…
Your Door Is Easy to Kick In
So I started researching this problem and how to prevent further break-ins in the future and I came across some interesting facts that I did not know. One of the best articles that I read was “Home Security: Burglary Prevention Advice” by Chris E McGoey, CPP, CSP, CAM at http://www.crimedoctor.com/home.htm
That article points out:
“The most common way used to force entry through a door with a wooden jamb is to simply kick it open. The weakest point is almost always the lock strike plate that holds the latch or lock bolt in place followed by a glass paneled door. The average door strike plate is secured only by the soft-wood doorjamb molding. These lightweight moldings are often tacked on to the door frame and can be torn away with a firm kick. Because of this construction flaw, it makes sense to upgrade to a four-screw, heavy-duty, high security strike plate. They are available in most quality hardware stores and home improvement centers and are definitely worth the extra expense. Install this heavy-duty strike plate using 3-inch wood screws to cut deep into the door frame stud. Use these longer screws in the knob lock strike plate as well and use at least one long screw in each door hinge. This one step alone will deter or prevent most through-the-door forced entries. You and your family will sleep safer in the future.”
So now I tell all my friends, family, clients–EVERYONE!–that they need to secure their strike plates with 3.5 inch screws. It doesn’t matter how good your lock is, if all a thief has to do is kick in the door! These screws are inexpensive and easy to install no matter how “tool challenged” you may be.
You Need Better Locks
The second thing that I did, was to replace my double-key locks with The Ultimate Lock which was designed by a former Houston police officer and are made right here in Fort Bend County! These things are incredible. They have a safety pin which, when pushed in, prevents even a person with a key from unlocking the door. You can buy them at Lowes for about $180 each.
Watch the demonstration video: http://www.youtube.com/watch?v=PbvSXaSYkq4
Security Film for Windows Is Incredible
Another thing that I learned is that if they can’t kick your door in, then they will probably “smash and grab” a window…most likely a master bath or master bedroom window, because most people keep their valuables and prescription medication in the master bathroom or closet. I am good friends with two police officers who have security film on their widnows to prevent this. Plus, I asked a Fort Bend Sheriff’s deputy to give my house a security audit, and he too has security film on his home windows. That’s 3 out of 3 police officers that I know who have security film on their own homes. So I contacted Steve Meyer, at SunTech Glass Tinting, to install security film on my windows too…especially all the windows next to my doors and locks!
There are many different brands of security film, but you have to check out a video demonstration: http://www.youtube.com/watch?v=xlEcffvTWak to believe it.
You can search on YouTube for “security film for windows” and see lots of different demonstration videos. The cool thing about this stuff, is not only does it improve the security of your home, it’s also a layer of protect from flying debris…say, during a hurricane. I think…that’s good…one less thing.
Tags: fort bend crime, fort bend theft, home invasions sugar land, home security in sugar land, sugar land crime