HAR MLS Market Update for February 2011

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

Sales of existing single-family homes increased 2.0 percent;

At $214,039, the average price of a single-family home reached the highest level ever recorded for a February in Houston;

At $151,900, the median price of a single-family home reached the highest level ever recorded for a February in Houston;

Single-family home rentals rose 20.0 percent;

Townhouse/condominium rentals increased 15.9 percent;

7.3 months inventory of single-family homes compares favorably to the national average of 7.6 months.

RE/MAX is a company built on the promise of exceptional customer service. Whether you are selling your home or searching for that special place to call your own, you deserve to work with someone who has your best interests in mind. I realize that something as valuable as your trust must be earned.

I strive daily to live on the basis of Honesty, Integrity, and Trust.

Whatever your particular real estate need, I'll work hard to make sure that you are completely satisfied. I have the knowledge, experience, and dedication that it takes to get results.

I am NEVER too busy for your referrals...

Brian Mitchell, 713-447-0963, brianamitchell@remax.net

HAR MLS Market Update for January 2011

THE NEW YEAR USHERS IN HOUSTON'S FIRST INCREASE IN HOME SALES IN SEVEN MONTHS

All housing segments see gains in January; average price appreciates further

HOUSTON — (February 15, 2011) — Despite the bone-chilling winter weather, Houston's housing market heated up in January, recording the first increase in property sales since June 2010. Pricing also heated up in the first month of the new year, with the average price of single-family homes reaching the highest level ever for a January in Houston.

January sales of single-family homes throughout the Houston market rose 7.5 percent when compared to January 2010, according to the latest monthly data compiled by the Houston Association of REALTORS® (HAR). Positive activity was recorded in all segments of the housing market, with the sharpest increases in sales volume taking place at opposite ends of the pricing spectrum.

Luxury home sales helped propel the average price of a single-family home, which increased 2.2 percent from January to $196,879. The January single-family home median price—the figure at which half of the homes sold for more and half sold for less—dipped 3.2 percent from one year earlier to $139,000, due to hefty sales volume among homes priced at $80,000 and below.

Foreclosure property sales reported in the Multiple Listing Service (MLS) declined 4.7 percent in January compared to one year earlier. Foreclosures comprised 24.7 percent of all property sales in January, down from the 26.7 percent share they held at the beginning of 2010. The median price of January foreclosures fell 4.0 percent to $80,600 on a year-over-year basis.

January sales of all property types in Houston totaled 3,413, up 9.5 percent compared to January 2010. Total dollar volume for properties sold during the month was $643 million versus $574 million one year earlier, representing an 11.9 percent gain.

"Houston's residential real estate market has definitely gotten the new year off to a healthy start," said Carlos P. Bujosa, HAR chairman and VP at Transwestern. "Housing inventory appears to be balancing out, but the economy as a whole remains somewhat fragile, so I believe we need to see how home sales perform in the next month or two before being able to accurately predict what 2011 has in store for us.""

January Monthly Market Comparison

The month of January brought Houston's overall housing market positive results when all listing categories are compared to January of 2010. Total property sales, total dollar volume and average price all rose on a year-over-year basis while the median single-family home sales prices dropped slightly.

Month-end pending sales for January totaled 2,984, up 7.2 percent from last year. That suggests the likelihood of further strengthening in demand when the February figures are tallied. The number of available properties, or active listings, at the end of January rose 9.5 percent from January 2010 to 49,253. Despite the increase in sales volume, growth in available housing pushed the January inventory of single-family homes to 7.3 months compared to 6.1 months one year earlier. The figure still compares favorably to the national inventory of single-family homes of 8.1 months reported by the National Association of REALTORS® (NAR).

CATEGORIES	JANUARY 2010	JANUARY 2011	PERCENT CHANGE
Total property sales	3,118	3,413	9.5%
Total dollar volume	$574,282,523	$642,901,862	11.9%
Total active listings	45,210	49,253	9.5%
Total pending sales	2,783	2,984	7.2%
Single-family home sales	2,572	2,766	7.5%
Single-family average sales price	$192,617	$196,879	2.2%
Single-family median sales price	$143,560	$139,000	-3.2%
Months inventory*	6.1	7.3	19.5%

* 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

January sales of single-family homes in Houston totaled 2,766, up 7.5 percent from January 2010. This marks the first increase in sales volume since June 2010, when the beneficial effects of the last homebuyer tax credit tapered.

Broken out by segment, January sales of homes priced below $80,000 surged 26.3 percent; sales of homes in the $80,000-$150,000 range climbed 9.0 percent; sales of homes between $150,000 and $250,000 edged up 2.5 percent; sales of homes ranging from $250,000-$500,000 rose 3.9 percent; and sales of homes that make up the luxury market—priced from $500,000 and up—increased 17.6 percent.

The average price of single-family homes in January was $196,879, up 2.2 percent compared to one year earlier. That is the highest level recorded for a January in Houston. At $139,000, the median sales price for single-family homes dipped 3.2 percent versus January 2010. The national single-family median price reported by NAR is $169,300, 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 January 2011, existing home sales totaled 2,423, a 16.2 percent increase from January 2010. The average sales price rose 4.0 percent to $185,258 compared to last year, while the median sales price of $128,500 slid 2.7 percent.

Townhouse/Condominium Update

The number of townhouses and condominiums that sold in January increased 10.7 percent compared to one year earlier—the first sales volume increase recorded since June 2010. In the greater Houston area, 279 units were sold last month versus 252 properties in January 2010.

The average price dropped 3.5 percent to $142,164 from January 2010 to January 2011. The median price of a townhouse/condominium declined 8.9 percent to $104,000.

Lease Property Update

Demand for single-family home rentals soared 27.5 percent in January compared to one year earlier. Year-over-year townhouse/condominium rentals increased 24.0 percent.

Houston Real Estate Milestones in January

Single-family home sales increased for the first time since June 2010, rising 7.5 percent;

At $196,879, the average price of a single-family home reached the highest level ever recorded for a January in Houston;

Sales of townhouses and condominiums saw their first increase since June 2010, climbing 10.7 percent;

Single-family home rentals rose 27.5 percent;

Townhouse/condominium rentals increased 24.0 percent;

7.3 months inventory of single-family homes compares favorably to the national average of 8.1 months.

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.)

Remember, I am NEVER too busy for your REFERRALS!

If you know someone wanting to buy, sell, or lease - please send them my way!

Brian Mitchell 713-447-0963

brianamitchell@remax.net

HAR MLS Market Update for December 2010

MLS Report for December 2010

THE HOUSTON REAL ESTATE MARKET CONCLUDES 2010 WITH A FURTHER APPRECIATION IN HOME PRICES

Sales decline slows in December as average price reaches the second highest level of 2010

HOUSTON — (January 18, 2011) — The Houston real estate market put the wraps on 2010 with signs of improvement despite six consecutive months of declining sales. Prices of single-family homes across Greater Houston continued their upward march in December while sales volume sustained the smallest reduction since the declines began last July following expiration of the homebuyer tax credit. The average price achieved an all-time high for a December in Houston and the second highest level for all of 2010.

According to the latest monthly data compiled by the Houston Association of REALTORS® (HAR), December sales of single-family homes throughout the Houston market slipped 3.9 percent when compared to December 2009. Positive sales activity was recorded in three of the five segments of the housing market, with the $150,000 to $250,000 segment experiencing its first growth since last May.

Luxury home sales again helped push the latest pricing gains. The average price of a single-family home edged up 2.2 percent from December 2009 to $221,613 while the December single-family home median price—the figure at which half of the homes sold for more and half sold for less—rose 4.0 percent from one year earlier to $157,500. Foreclosure property sales reported in the Multiple Listing Service (MLS) declined 14.3 percent in December compared to one year earlier.

Foreclosures comprised 20.1 percent of all property sales in December, remaining consistent with the levels they held for much of 2010. The median price of December foreclosures fell 7.8 percent to $82,750 on a year-over-year basis.

December sales of all property types in Houston totaled 5,131, down 3.0 percent compared to December 2009. Total dollar volume for properties sold during the month was basically flat at $1.08 billion.

"We need to carefully watch how the Houston real estate market performs over the next couple of months before being able to truly determine how 2011 might pan out, but the December report contains encouraging signs," said Carlos P. Bujosa, HAR chairman and VP at Transwestern. "A slowdown in declining sales and improvement in pending sales bode well for real estate, however rising oil prices and concerns about the employment landscape are also factors to consider as we look ahead. Mortgage interest rates are edging up, and that might spur prospective homebuyers into making purchases earlier in the year."

2010 Annual Market Comparison

The Houston housing market concluded calendar year 2010 with strengthened pricing compared to 2009 and declines of 5.7 percent in single-family home sales and 4.6 percent in total property sales. On a year-to-date basis, the average price climbed 4.0 percent to $211,765 while the median price edged up 0.6 percent to $153,990. Total dollar volume for full-year 2010 dipped 1.2 percent to $12.3 billion compared to full-year 2009.

CATEGORIES	Full-Year 2009	Full-Year 2010	PERCENT CHANGE
Single-family home sales	54,531	51,428	-5.7%
Total Property Sales	63,803	60,871	-4.6%
Total dollar volume	$12,499,040,325	$12,364,327,660	-1.2%
Single-family average sales price	$203,626	$211,765	4.0%
Single-family median sales price	$153,000	$153,990	0.6%

December Monthly Market Comparison

The month of December brought Houston's overall housing market mixed results when all listing categories are compared to December of 2009. Total property sales declined slightly, total dollar volume was basically unchanged, and the average and median prices of single-family homes rose.

Month-end pending sales for December totaled 2,821, up 4.5 percent from last year, signaling the possibility of improved demand when the January figures are tabulated. December's figure was an improvement from November's 5.8 percent decline in pending sales and the 23.2 percent and 17.2 percent drops the market suffered in October and September, respectively. The number of available properties, or active listings, at the end of December rose 13.5 percent to 49,005 compared to December 2009. Ongoing growth in available inventory combined with declining sales volume pushed December's inventory of single-family homes to 7.2 months compared to 5.7 months one year earlier. However, the figure is the lowest it has been since May 2010 and remains favorable compared to the national inventory of single-family homes of 9.5 months reported by the National Association of REALTORS® (NAR).

CATEGORIES	December 2009	December 2010	PERCENT CHANGE
Total property sales	5,290	5,131	-3.0%
Total dollar volume	$1,096,550,998	$1,087,473,477	-0.8%
Total active listings	43,185	49,005	13.5%
Total pending sales	2,700	2,821	4.5%
Single-family home sales	4,475	4,301	-3.9%
Single-family average sales price	$216,739	$221,613	2.2%
Single-family median sales price	$151,400	$157,500	4.0%
Months inventory*	5.7	7.2	25.9%

* 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

December sales of single-family homes in Houston totaled 4,301, down 3.9 percent from December 2009 and a dramatic improvement after a decline of 22.0 percent in November 2010. This marks the sixth monthly decline in sales volume following four consecutive months of accelerated sales attributed largely to the tax credit.

Broken out by segment, December sales of homes priced below $80,000 increased 9.2 percent; sales of homes in the $80,000-$150,000 range tumbled 14.2 percent; sales of homes between $150,000 and $250,000 were up 3.3 percent—the first increase that segment has recorded since May 2010; sales of homes ranging from $250,000-$500,000 slid 6.3 percent; and sales of homes that make up the luxury market—priced from $500,000 and up—rose 8.3 percent.

The average price of single-family homes in December was $221,613, up 2.2 percent compared to one year earlier. That is the highest level recorded for a December in Houston and the second highest for all of 2010. At $157,500, the median sales price for single-family homes increased 4.0 percent versus December 2009, achieving its highest level for a December in Houston. The national single-family median price reported by NAR is $171,300, illustrating the continued higher value and lower cost of living that consumers enjoy in Houston.

HAR also breaks out the sales performance of existing and new single-family homes throughout the Houston market. Existing home sales in December 2010 were unchanged from one year earlier. The average sales price edged up 1.9 percent to $202,036 compared to last year, while the median sales price of $145,000 climbed 6.6 percent.

Townhouse/Condominium Update

The number of townhouses and condominiums that sold in December dropped 9.4 percent compared to one year earlier—a dramatic improvement from sales declines of 42.7 percent and 37.0 percent in October and November, respectively. In fact, the December decline is the smallest since the downturn in sales volume began last July. In the greater Houston area, 386 units were sold last month versus 426 properties in December 2009.

The average price reached its highest level since June 2008, rising for the first time since May 2010 to $171,206 compared to December 2009. The median price of a townhouse/condominium also rose for the first time since May 2010, climbing 14.3 percent to $140,000—the highest level since June 2009.

Lease Property Update

Demand for single-family home rentals rose 26.8 percent in December compared to one year earlier. Year-over-year townhouse/condominium rentals increased 25.5 percent.

Houston Real Estate Milestones in December

At $221,613, the average price of a single-family home reached the second highest level of 2010 and an all-time high for a December in Houston;

At $157,500, the median price of a single-family home also reached the highest level recorded for a December in Houston;

At $171,206, the average price of a townhouse/condominium reached the highest level since June 2008;

At $140,000, the median price of a townhouse/condominium reached the highest level since June 2009;

7.2 months inventory of single-family homes is the lowest level in Houston since May 2010 and compares favorably to the national average of 9.5 months.

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.

I am NEVER too busy for your referrals!


Brian Mitchell
RE/MAX CityView
602 Sawyer St #110
Houston, TX 77007
713-447-0963
brianamitchell@remax.net