$1 Million Homes

The number of Houston-area home sales handled by Realtors that were worth $1 million or more:    
* 2007 - 797; * 2006 - 648; * 2005 - 487; * 2004 - 380; * 2003 - 297. Almost 800 buyers paid at least $1 million for houses in 2007 through transactions handled by agents in places like Stablewood, Memorial and River Oaks. That was up 23 percent from the year before and 64 percent over the sales for 2005, according to the Houston Association of Realtors.

High-priced sales have given a boost to the overall market, though million-dollar sales only represented about 1 percent of the homes sold through the Multiple Listing Service last year, according to Crawford Realty Advisors. Predictably, those willing to spend seven figures on houses are often doctors, lawyers or those employed by the energy business, the dominant industry in Houston's economy and one that's been fueling job growth and sales of expensive abodes.

Home values are spiking in upscale neighborhoods where builders are scrapping outdated properties to put up amenity-filled "McMansions," according to a study on 2007 housing prices conducted by Crawford Realty Advisors in conjunction with the University of Houston's Institute for Regional Forecasting. Almost 10 percent of the sales in River Oaks were new homes. And in Tanglewood, 21 percent of last year's sales were of new homes. More homes in Bellaire, Afton Oaks and even suburban areas such as The Woodlands and Kingwood are selling for seven figures. The average time it took to sell a $1 million or pricier home in February was 111 days, according to the latest data from the realty association. That's down from 164 days last year. The inventory of such homes, however, is growing. It would take slightly more than a year to sell all the million-dollar homes that were on the market at the end of February. That's up from 11.6 months a year earlier.
[Houston Chronicle]

Mark Fuller is a Houston area luxury real estate expert who can assist you in buying or selling luxury homes in the Houston area. If you have any questions or would like to speak with Mark feel free to contact him at:

Mark Fuller	View Map
Phone: 713-470-2161
The Fuller Team
10497 Town and Country Way, Ste 120
Houston, TX 77024
Fax: 713-470-2113