December 02, 2013 — Austin
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 REALTORS®, the report shows double-digit growth in condominium (condo) and townhome sales in Texas’s four major markets.
According to the report, Austin, Dallas, Houston, and San Antonio experienced an average 26% jump in condo sales between January and September 2013. Individually, Dallas condo sales jumped 38%, followed by Houston at 25%, Austin at 24%, and San Antonio at 18%.
Shad Bogany, chairman of the Texas 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’s 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 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, Ph.D., economist with the Real Estate Center at Texas A&M University, said: “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% to $153,000. The number of new listings also increased 10% to 6,311, whereas active listings dropped 26% to 1,607 and pending sales jumped 33% to 4,077, year-over-year. Finally, days on the market dropped to 67, a 28% 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 7% to $140,000. The number of new listings increased 3% to 7,552, whereas active listings dropped 31% to 1,737 and pending sales increased 17% to 2,827, year-over-year. Finally, days on the market dropped to 61, a 27% 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 7% to $192,420. The number of new listings increased 8% to 3,306, whereas active listings dropped 28% to 635 and pending sales jumped 22% to 2,706, year-over-year. Finally, days on the market dropped to 52, a 30% 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 6% to $98,900. The number of new listings decreased 3% to 776, whereas active listings dropped 22% to 379 and pending sales increased 11% to 415, year-over-year. Finally, days on market dropped to 113, a 23% decrease from the year prior.