~ Single-family home sales are down by 12% in sold units over January YTD 2007 sales with 3,620 MLS recorded sold units, In January 2005, a great year for real estate and now viewed as the 3rd greatest year on record [behind 2006 and 2007], 3,139 homes sold which is clearly 15% fewer homes than this year.
~ Dollar volume sold in MLS through January YTD 2008 is $688,607,260 which is an 8% decline in dollar volume sold over last year. The current dollar volume is 27.5% above January 2005 figures and clearly shows how far real estate values have come in 3 short years.
~ Average sales price YTD is $190,223 or 5% greater than this time last year. The current average sales price is 10% higher than found in January 2005.
~ Active listings are up by 12% with 34,570 single-family homes on the market. This increase is the one figure that shows the primary difference in the market between the two years, 2005 and 2008 as there were 20% fewer listings in 2005 than currently.
~ Contracts written, which represent January YTD buyer demand in Houston is down 10% over this time last year with 3,583 homes that have gone under contract. And yet in 2005, we saw 2,957 contracts written. In other words, demand today is 21% greater than demand found in January 2005.
~ Average sales price per square foot is $84, which is 3% greater than last year.
~ Days on the Market, a statistic that is good if it is declining has gone up by 14% since last year and the average time to sell a home in Houston is 92 days. Days on the Market in January 2005 was 91 days and when one considers the current increase in inventory, the Days on the Market to sell a home in Houston is in great shape because it is so similar to 2005.
~ Sales and contracts pending in the first month of the year have cooled somewhat but not in comparison to 2005. The year has started to trend towards becoming the third best year in real estate, next to 2006 and 2007.
~ The single most striking difference in the Houston market that has taken place over a short period of time is the sales occurring by price ranges. With few exceptions, homes priced below $600,000 have declined in number over this time last year, whereas homes priced $600,000 and above experienced double digit increases in units sold over this time last year. It is clear that lower priced homes have been affected by the subprime mortgage debacle, but this points to a changing demographic and dynamic for Houston real estate. Jobs created in the energy and medical sectors are key players in changing the price range demand in Houston housing.
