AUSTIN, TX - Texas single family home sales have been on fire this year, but condominium sales are just as strong according to the 2013 Texas Condominium Sales Report. Released today by the Texas Association of Realtors, the report shows double-digit growth in condominium (condo) and townhome sales among Texas’ four major markets.
According to the report, Austin, Dallas, Houston and San Antonio experienced an average 26 percent jump in condo sales between January and September 2013. Individually, Dallas condo sales jumped 38 percent, followed by Houston at 25 percent, Austin at 24 percent and San Antonio at 18 percent.
Shad Bogany, chairman of the Texas Association of Realtors, commented: “Data from the Texas Condominium Sales Report shows that all types of housing are in demand in Texas. Given the rapid job and population growth across Texas’ major metro areas as well as our state’s shrinking housing inventory, it’s no surprise condo sales are playing an increasingly important role in the Texas housing market.”
Based on data from The Real Estate Center at Texas A&M University, the Texas Condominium Sales report analyzes 2013 year-to-date condo sales in Austin, Dallas, Houston and San Antonio through September 2013. Trends during this time mirrored those of single family home sales across Texas, with double-digit decreases in active listings and days on the market and moderate increases in median and average price.
Jim Gaines, PhD., economist with the Real Estate Center at Texas A&M University, commented, “Inventory is at an all-time low for both condominiums and single-family homes, but the development of new condos and townhomes has lagged behind that of single-family homes through the housing recovery. As a result, we’re at least a year or two away from delivering the condos that are currently needed in Texas’s metro areas.”
In Dallas, 4,468 condos were sold between January and September 2013. Compared to the same period in 2012, the median price increased 10 percent to $153,000. The number of new listings also increased 10 percent to 6,311, whereas active listings dropped 26 percent to 1,607 listings and pending sales jumped 33 percent to 4,077 year-over-year. Finally, days on the market dropped to 67 days, a 28 percent decrease from the year prior.
In Houston, 5,067 condos were sold between January and September 2013. Compared to the same period in 2012, the median price increased seven percent to $140,000. The number of new listings increased three percent to 7,552, whereas active listings dropped 31 percent to 1,737 listings and pending sales increased 17 percent to 2,827 year-over-year. Finally, days on the market dropped to 61 days, a 27 percent decrease from the year prior.
In Austin, 2,450 condos were sold between January and September 2013. Compared to the same period in 2012, the median price increased seven percent to $192,420. The number of new listings increased eight percent to 3,306, whereas active listings dropped 28 percent to 635 listings and pending sales jumped 22 percent to 2,706 year-over-year. Finally, days on the market dropped to 52 days, a 30 percent decrease from the year prior.
In San Antonio, 469 condos were sold between January and September 2013. Compared to the same period in 2012, the median price increased six percent to $98,900. The number of new listings decreased three percent to 776, whereas active listings dropped 22 percent to 379 listings and pending sales increased 11 percent to 415 year-over-year. Finally, days on the market dropped to 113 days, a 23 percent decrease from the year prior.