We’ve talked until we’re blue in the face about how brisk the market its for single-family homes in North Texas, and Dallas especially, but the market for condominiums is just as hot according to the 2013 Texas Condominium Sales Report from the Texas Association of Realtors.
We definitely agree, and we noted in November that luxury units are moving quickly, selling units in buildings in Uptown, the Arts District, Downtown, and the Cedars like hotcakes!
Texas’ four major metro areas all showed double-digit increases in condo and townhome sales, said the report featuring data from the Real Estate Center at Texas A&M University. Austin, Dallas, Houston, and San Antonio experienced an average 26 percent increase in condominium sales in 2013, but Dallas led the pack with a huge 38 percent jump in sales, followed by Houston at 25 percent, Austin at 24 percent, and San Antonio at 18 percent.
“Data from the Texas Condominium Sales Report shows that all types of housing are in demand in Texas,” said Shad Bogany, chairman of the Texas Association of Realtors. “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.”
The report echoes the trends we’ve been noticing in housing here at CandysDirt.com: High demand thanks to a healthy job market is fueling higher prices, and homes are flying off the market, leaving the Dallas Real Estate market feeling like picked-over department store shelves after Black Friday.
“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” said Jim Gaines, PhD., economist with the Real Estate Center at Texas A&M University. “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.”
Here’s the report for Dallas:
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.
You can read the full, city-by-city report right here.