AUSTIN (Texas Association of Realtors) – The single-family home market isn't the only market going strong in Texas this year. Condominium sales are doing just as well according to the 2013 Texas Condominium Sales Report.
The report, which was released yesterday by the Texas Association of Realtors (TAR), shows double-digit growth in condominium and townhome sales among the state's four major markets. Austin, Dallas, Houston and San Antonio had 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.
In Dallas, 4,468 condos were sold between January and September 2013. Compared with 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. Active listings dropped 26 percent to 1,607 listings, and pending sales jumped 33 percent to 4,077 year-over-year. Days on the market dropped to 67, down 28 percent from the previous year.
In Houston, 5,067 condos were sold during the first nine months of the year. The median price increased 7 percent over last year to $140,000. New listings increased 3 percent to 7,552, active listings dropped 31 percent to 1,737, and pending sales increased 17 percent to 2,827 year-over-year. Days on the market dropped to 61, a 27 percent decrease from last year.
Meanwhile, in Austin, 2,450 condos were sold between January and September. The median price increased 7 percent to $192,420. New listings increased 8 percent to 3,306, active listings dropped 28 percent to 635, and pending sales jumped 22 percent to 2,706 year-over-year. Units spent an average of 52 days on the market, a 30 percent decrease from 2012.
Finally, 469 condos were sold in San Antonio between January and September. The median price increased 6 percent over last year to $98,900. New listings decreased 3 percent to 776, active listings dropped 22 percent to 379, and pending sales increased 11 percent to 415 year-over-year. Average days on the market dropped to 113, down 23 percent from a year ago.
“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 Real Estate Center Research Economist Dr. Jim Gaines. "As a result, we’re at least a year or two away from delivering the condos that are currently needed in Texas’ metro areas.”