August 13, 2019 — Austin
Texas condominium and townhome sales fell slightly between July 2018 and June 2019, according to the Texas Condominium Sales Report released today by Texas REALTORS®. Texas condominium sales decreased 8.4% to 13,118 sales, while townhome sales declined 2.7% to 8,849 sales during this time frame.
“Condominiums and townhomes remain a popular choice for Texas buyers because they often have a lower price compared to single-family homes. Also appealing is the decreased maintenance, and they oftentimes offer a closer commute to work, schools and city life,” said Tray Bates, chairman of Texas REALTORS®. “Whether you’re a native Texan relocating from another city, or a new Texan from out of state, there’s a wide variety of these types of properties being made available.”
Inventory for Texas condominiums and townhomes increased slightly, with condominiums increasing 0.6 months to 5.1 months of inventory and townhomes increasing 0.9 months to 5.4 months of inventory. In the first six months of the year, Texas condominiums spent an average of 69 days on the market, while townhomes spent an average of 63 days on the market.
From July 2018 to June 2019, the total dollar volume of condominiums and townhomes sold in Texas was $5,504,751,660, with $3,224,612,082 in condominium sales and $2,280,139,578 in townhome sales.
“The statistics from the Texas Condominium Sales Report prove that all types of housing in our Texas real estate market is in demand, especially more affordable options for first-time homebuyers,” said Jim Gaines, Ph.D., chief economist with the Real Estate Center at Texas A&M University. “Although condominium and townhome sales experienced slight decreases across the major Texas markets, the increase in inventory statewide is a strong indicator of developer demand to build upwards in not only urban areas but some suburban areas as well.”
Sales prices increased moderately for condominiums, while townhome sales prices decreased slightly. Statewide, the year-to-date median sales price as of June 2019 was $189,000 for condominiums, an annual increase of 1.5%, and $226,000 for townhomes, an annual decrease of 1.2%. The average price-per-square foot during this time frame was $194 for condominiums and $140 for townhomes.
Bates concluded, “From millennials to older homebuyers, condominiums and townhomes offer a turnkey lifestyle and can feature more or better amenities than a traditional single-family home. With more affordable price points, the market for these types of properties can be competitive. A Texas REALTOR® can help buyers navigate the market, understand property-owners-association rules and provide expert guidance before making a decision.”