AUSTIN, Texas, Oct. 6, 2017 /PRNewswire/ -- Texas condominium and townhome sales exceeded $5.4 billion and posted strong gains in sales volume between August 2016 and July 2017, according to the Texas Condominium Sales Report released today by the Texas Association of Realtors.
"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."
From August 2016 to July 2017, the sales dollar volume of condominiums and townhomes sold in Texas was $5,411,886,686, with $3,329,759,930 in condominium sales and $2,082,126,756 in townhome sales. Texas condominium sales increased 8.6 percent to 14,656 sales and townhome sales increased 5.1 percent to 8,134 sales during this time frame, making condominiums and townhomes one of the fastest-growing segments of the Texas housing market in 2017.
Sales prices also increased for condominiums and townhomes throughout 2016 and into 2017. Statewide, the year-to-date median sales price as of July 2017 was $179,900 for condominiums and $226,675 for townhomes, which is an annual increase of 9.0 percent and 8.5 percent, respectively. The average price-per-square foot during this time frame was $178 for condominiums and $136 for townhomes in Texas.
The housing inventory for Texas condominiums and townhomes grew to 4.9 months of inventory as of July 2017, which is an increase of 0.1 months for condominiums and a 0.6-month increase for townhomes. In the first seven months of the year, Texas condominiums and townhomes spent an average of 61 and 54 days on the market, respectively.
"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."
Fullerton concluded, "Texas homebuyers interested in buying a condominium or townhome are encouraged to work with a Texas Realtor in advance of starting the home search process, as many of these properties can come with additional restrictions and requirements that do not apply to single-family homes. A Texas Realtor can help condominium buyers know what to look for and explore all options before making a decision."
About the Texas Condominium Sales Report
Data for the Texas Condominium Sales Report is provided by the Data Relevance Project, a partnership among the Texas Association of REALTORS® and local REALTOR® associations throughout the state. Data analysis is provided by the Real Estate Center at Texas A&M University. The report analyzes condominium and townhome sales data from July 2016 through July 2017 for the Austin, Dallas-Fort Worth, Houston and San Antonio Metropolitan Statistical Areas. To view the report in its entirety, visit TexasRealEstate.com.
About the Texas Association of REALTORS®
With more than 110,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights, and promote public policies that benefit homeowners. Visit TexasRealEstate.com to learn more.
SOURCE Texas Association of Realtors
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