“The slight decrease in sales volume is likely more a reflection of supply than demand,” said Cindi Bulla, chairman of Texas Realtors. “These properties remain a popular and rapidly growing sector of the Texas housing market. As the Texas population continues to boom and affordability challenges increase, condominiums and townhomes provide prime options for homeowners seeking closer locales to popular attractions and essential services at all price points.”
Inventory for Texas condominiums increased 0.3 months to 5.3 months of inventory, while the inventory of townhomes declined 0.6 months to 4.3 months of inventory. According to the Real Estate Center at Texas A&M University, a market balanced between supply and demand has between 6.0 and 6.5 months of inventory. In the first six months of the year, Texas condominiums spent an average of 70 days on the market, while townhomes spent an average of 64 days on the market.
From July 2019 to June 2020, the total dollar volume of condominiums and townhomes sold in Texas was $5,259,859,880, with $2,997,908,303 in condominium sales and $2,261,951,577 in townhome sales.
Sales price increased moderately for both condominiums and townhomes. Statewide, the year-to-date median sales price as of June 2020 was $192,000 for condominiums, an annual increase of 1.6%, and $230,000 for townhomes, an annual increase of 1.3%. The average price-per-square foot during this time frame was $200 for condominiums and $143 for townhomes.
Bulla concluded, “From first time homebuyers looking to purchase a starter property to retirees looking for less upkeep, condominiums and townhomes offer an affordable price point in high-density urban areas.”
About the Texas Condominium Sales Report
Data for the Texas Condominium Sales Report is provided by the Data Relevance Project, a partnership among Texas REALTORS® and local REALTOR® associations throughout the state. Data analysis is provided by the Real Estate Center at Texas A&M University. The report analyzes condominium and townhome sales data from July 2019 through June 2020 for the Austin, Dallas-Fort Worth, El Paso, Houston, McAllen and San Antonio Metropolitan Statistical Areas. To view the report in its entirety, visit texasrealestate.com.
About Texas REALTORS®
With more than 135,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. In 2020, Texas REALTORS® is celebrating a century of shaping Texas by being the advocate for private property rights, maintaining the highest standards of professionalism, and providing its members with the tools to achieve success. Visit texasrealestate.com to learn more.
Morgan Moritz, firstname.lastname@example.org