On February 15, 2011, The Houston Association of Realtors posted their MLS Report for 2011. The report stated that the Houston Housing market in January had active gains!
The Houston's housing market in January recorded 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. 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.
In summary, here are the 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.
This is great news for the greater Houston area, including Pearland! An increase in home sales in the area only benefit the Pearland area as it demonstates that the local economy (and thereby the local housing market) is growing stronger!
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