HOUSTON, March 7, 2007 - "In the first two months of 2007, single-family residential sales in Fort Bend County have experienced increases in the number of units sold, dollar volume sold, median sales price and - the best indicator of market conditions - contracts written,” reports Toni Nelson, director of strategic initiatives for Prudential Gary Greene Realtors.

In the first two months of 2007, 927 units closed in Fort Bend County representing a 50-unit increase over the same period for 2006, a 5.7 percent increase. The increase in sales was a catalyst for a higher dollar volume of closed sales, which was just over $187 million, or a 5.9 percent increase over the same period in 2006.

The median sales price during the first two months of this year for Fort Bend was $172,000, representing a 2.38 percent increase over the same period in 2006. The median sales price is the midpoint where half the homes sold for more and half the homes sold for less than the median sales price. The average days on the market to sell a home in Fort Bend has declined from the first two months in 2006 to the same period in 2007 by 5.18 percent and is currently 78 average days on the market.

"There is no shortage of demand for real estate in Fort Bend County,” adds Nelson. "During January and February 2007, the county has experienced a 32.6 percent increase in buyer demand over the same period last year. Last year through February, the market saw 1,135 single-family homes go under contract, and this year through February, that number has grown to 1,506. This statistic, more than any other, displays the current state of the market.” Buyer demand represents the number of units under contract (contracts written) during a specified time frame. Homes that are under contract are pending to close at some time in the future. It reports the number of buyers in the market in comparison to a previous time frame. The 32.6 percent increase is substantial in the first two months of the year compared to last year.

All of the above metrics are combined totals for both new construction and residential resale in the single-family homes market. Residential resale was responsible for most of the increases in sales and contracts written (buyer demand) in Fort Bend County. There were 747 units that sold in residential resale in January and February 2007, representing 80 percent of all single-family sales. The most positive market indicator for residential resale was a 36 percent increase in written contracts the first two months of 2007. There were 1166 contracts written representing a 211-unit increase over the same time in 2006.

This type of buyer demand occurring in the first two months of the year is a strong indication that Fort Bend County will have a very robust year in single-family residential resale. The number of listings is up by 32 percent with 2,970 residential resale homes on the market. While this is quite an increase in inventory over last year, buyer demand (up 36 percent) is more than keeping up with the increase in inventory. Median sales price for residential resale in Fort Bend County is currently $165,000, and that figure is up 5.13 percent over last year.

New construction single-family homes in Fort Bend as recorded in the Houston Multiple Listing Service represent 20 percent of the total single-family residential market in Fort Bend. The market has experienced 180 units that sold in January and February 2007, which is a 14 percent decline in number of sales over the same time frame in 2006. Dollar volume sales dropped 22 percent during the first two months of 2007 in comparison to 2006 for a total dollar volume of $41,500,000. While these figures do not look positive for new construction, market demand is still growing. There were 340 units of new construction that went under contract during January and February 2007, representing a 23 percent increase in buyer demand over the same time frame last year. With this type of increase, one can expect actual closed sales to increase in future months and possibly rise above 2006 sales figures. The current median sales price, where half the homes sold above and half sold below the midpoint price, for new construction is $184,766, down from last year's $217,000. Currently, the new construction listing inventory is up over last year by 16 percent, with 901 new construction homes currently on the market. Once again, as it is in resale, demand is keeping up with supply.

In summary, the Fort Bend market has proven in its first two months to be counterintuitive to the national news reports of a decelerating market. To the contrary, the overall market seems to be accelerating in terms of buyer demand and most other important sales metrics. While the county has not experienced any meteoric rises in sales price, they have remained stable with incremental increases in value over time. Perhaps the slow and steady course of appreciation that Fort Bend County has experienced in the last 10 years is the safest investment environment in the long run.

About Prudential Gary Greene, Realtors

Prudential Gary Greene, Realtors, which is independently owned and operated, became an affiliate of the Prudential Real Estate Network in 2000. Since that time it has earned a host of honors, including most recently, receiving the company's sixth straight Gibraltar Circle Award, which recognizes the top 50 companies in the Prudential Real Estate Network as well as being ranked nationally by Real Trends in the Top 100 Brokers by closed transactions in 2005. Prudential Gary Greene, Realtors was founded in Houston in 1963 as Gary Greene, Realtors.