Wednesday, July 09, 2014

Report: Dallas sees rise of condo and townhome sales

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Surprisingly, the fastest-growing segment of the Texas' housing market was condominium and townhome sales, showing double-digit growth in the state's four major markets.

In Austin, Dallas, Houston and San Antonio, the markets saw an average of 10.5 percent growth of condo and townhome sales year-over-year between January and May, according to a report conducted for the Texas Association of Realtors through The Real Estate Center at Texas A&M University.

Through this year, Dallas has recorded the sale of 2,383 condos and townhomes through May, which is up 4 percent year-over-year,. That is the lowest growth of a major market in Texas. San Antonio saw the highest increase of 18 percent year-over-year through the mid-year.

"I was a little surprised at the numbers and how strongly condo sales came back,"Mary Pat Coco, a Realtor with Ebby Halliday Realtors, told the Dallas Business Journal."There seems to have been a break from the construction of new condos and baby boomers see this as a great option as they downsize with little to no maintenance."

Coco has bought and sold condos and townhomes, as well as other single-family homes, in Dallas for the past 14 years.

The median condo price in Dallas was $165,000 through May, which is an increase of 4 percent year-over-year, according to the report. The average price per square foot is $136.

The average condo sits on the market in Dallas for 62 days.

As Dallas' condo market improves, a number of developers — from Harwood International to Realty Capital Management — have plans to build condo towers throughout Dallas-Fort Worth. The West Plano market has also been targeted for condo development.

Candace Carlisle- Dallas Business Journal