Houston’s Association of Realtors just released the MLS statistics for the month of February and although total property sales continue to decline, the average and median sales prices for the single family home segment are still on the rise for local property owners! With all listing categories combined, property sales for February 2008 registered at 5,266 for the month, representing a 10.2% drop compared to February 2007. Despite this overall decline, it is notably an improvement from last month’s 17.2% fall. Total dollar volume was also down by 7.9% totaling just over $1billion for the month in sales compared to $1.1 just a year earlier. The number of available homes for the Houston area also rose for the month with 599 more active listings than witnessed in the previous month. Although this does reflect a continued slow down in sales, it registers at only half of the increase we saw between December 2007 and the first month of the new year. Month end pending sales were also down 10.1% for the month, signaling that another decline in sales should be expected in March as well. By month end, Febraury’s month’s inventory of available homes rose to 6.1 months, just slightly higher than the 6 month supply seen in January.
On a positive note, the single family segment of home sales saw increases in its average and median sales prices for the month. Average sales price rose 5.6% to $206,140 compared to $195,148 in February 2007. Median sales were up 3.1% to $151,430 and further illustrates the higher value and lower cost of living found in Houston when compared to the national median average of $201,100. Although total sales for single family homes at 4,431 was down just over 10% from last February’s it is an improvement over January’s 12% decline. Taking out new construction from the single family home stats, existing single family homes reported a 10% drop at 3,646 sales for the month. But again, median and average sales prices for the month were both on the increase at 1.8% and 5% respectively compared to February 2007 results. MLS reports that sellers is needing an average of 92 days of marketing time before an acceptable offer is received, a slight increase over stats just a year ago at 84 days.
The Houston Association of Realtors reports statistical milestones for the month of February as being the 6th consecutive month of declining property sale, but seeing increases in the single family average and median sales prices. It is also important to note that results revealed sales under $80,000 and over $500,000 remained strong and this further emphasizes that now is the time to buy! With interest rates still low and a good selection of inventory available, this is an excellent time to invest in Houston real estate! To start your property search now, go to www.dowdyteam.com for your one stop online source to all Houston and surrounding area property listings! If you are a seller, please be aware that these statistics do not represent individual neighborhoods or cities around the Houston area, but rather an overall view of what our local real estate market is experiencing.
For information about a specific area, feel free to contact me at jennifer@dowdyteam.com to schedule a free and no obligation evaluation of your home’s current market value!
Jennifer Cook is an expert and 6 year veteran to residential real estate sales in Houston, Texas specializing in The Woodlands, Spring, and Lake Conroe areas. For more information, visit her team website at http://www.dowdyteam.com
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