Condo sales are surging in this market

by Steve Randall06 Oct 2017
Sales of condominiums and townhomes have continued soaring in Texas with sales exceeding $5.4 billion between August 2016 and July 2017.

The figures are revealed in the Texas condominium sales report released today by the Texas Association of Realtors.

It shows that condo sales in the state jumped 8.6% during the year to 14,656 sales while townhome sales increased 5.1% to 8,134.

"The Texas condominium market has been one of the fastest-growing segments of the housing market this year," said Vicki Fullerton, chairman of the Texas Association of Realtors. "These property types are increasingly preferred among many Texas homebuyers, as they often are less expensive to purchase, require less upkeep and provide closer access to their work, schools and essential services."

Sales prices were also up, with a 9% annual increase for the year-to-date median sales price of condos to $179,900; and an 8.5% annual increase for the year-to-date median sales price of townhomes, to $226,675.

Inventory for condos and townhomes was 4.9 months of supply as of July.

"Rapid population growth across the state has turned cities surrounding our major metro areas into job and development hubs, creating a need for condominium and townhome development outside of urban centers that did not exist before," said Jim Gaines, chief economist with the Real Estate Center at Texas A&M University. "As this growth continues over the next decade, higher density options such as condominiums and townhomes will be essential to maintaining affordability in our cities."                   

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