AUSTIN, Texas, July 1, 2015 /PRNewswire/ -- Condominium and
townhome sales slowed in Texas'
major metro areas in the first half of 2015, according to the 2015
Texas Condominium Mid-Year Sales Report. Released today by the
Texas Association of Realtors, the report shows that condominium
(condo) and townhome sales in Texas' four major markets remained relatively
consistent with condo sales in the first half of 2014.
According to the report, Austin, Dallas, Houston and San
Antonio experienced an average one percent decrease in condo
sales between January and May 2015.
While Dallas and San Antonio posted small annual gains of three
and six percent, respectively, condo sales decreased one percent
year-over-year in Houston and 12
percent year-over-year in Austin
in the first half of the year.
Scott Kesner, chairman of the
Texas Association of Realtors, explained: "The rapid pace of
Texas' housing market growth has
slowed in the last year, and that includes the condominium and
townhome market. However, the demand for condos remains strong, as
condos continue to spend less time on the market and sell at higher
prices. Those higher prices, however, could be impacting some
Texas homebuyers' ability to
afford condos, especially in our state's metro areas."
Condos showed consistent gains in median price in three of the
four metro areas in the first half of 2015, with the exception of
Houston, which was unchanged in
median price compared to the first half of 2014. While still priced
considerably less overall than single-family homes, the
price-per-square-foot is significantly higher for condos and
townhomes versus single-family homes.
Jim Gaines, Ph.D., economist with
the Real Estate Center at Texas A&M
University, explained: "The land and development costs for
condominiums in Texas' metro areas
are so high that new condos being built today are priced outside of
an affordable price range for many first-time homebuyers and buyers
with lower household incomes. Existing condos, by comparison, are
priced significantly less than new condos and therefore have a much
higher demand and tighter inventory. In several of Texas' metro areas, existing condos and
townhomes are driving sales in that segment of the housing
market."
In Austin, 1,178 condos were
sold between January and May 2015, a
12 percent decrease from the same period in 2014. Median price
increased to $222,000, a four percent
gain from the year prior. New listings rose two percent to 1,904
listings, whereas active listings jumped 14 percent to 623 listings
and pending sales dropped four percent to 1,496 sales from January
to May. Finally, average days on the market fell to 43 days, an
eight percent decrease from the year prior.
In Dallas, 2,454 condos were
sold between January and May 2015, a
three percent increase from the same period in 2014. Median price
increased to $171,020, a seven
percent gain from the year prior. New listings decreased three
percent to 3,366 listings, whereas active listings dropped 20
percent to 1,101 listings and pending sales rose 11 percent to
2,618 sales from January to May. Finally, average days on the
market dropped to 48 days, a 22 percent decrease from the year
prior.
In Houston, 2,668 condos were
sold between January and May 2015, a
one percent decrease from the first half of 2014. Median price
remained unchanged at $145,000 during
the same time frame. New listings increased seven percent to 4,471
listings, whereas active listings increased two percent to 1,490
listings and pending sales rose 25 percent to 2,126 sales from
January to May. Finally, average days on the market dropped to 51
days, a nine percent decrease from the year prior.
In San Antonio, 288 condos were
sold between January and May 2015, a
six percent decrease from the same period in 2014. Median price
increased to $189,900, a nine percent
gain from the year prior. New listings decreased 12 percent to 467
listings, whereas active listings dropped 21 percent to 302
listings and pending sales rose six percent to 284 sales from
January to May. Finally, average days on the market dropped to 89
days, a seven percent decrease from the year prior.
About the Texas Condominium Mid-Year Sales Report
The
Texas Condominium Mid-Year Sales Report is based on data from The
Real Estate Center at Texas A&M
University and analyzes condominium and townhome sales data
from January through May 2015 for
Austin, Dallas, Houston and San
Antonio. The Texas Association of Realtors distributes
insights about the Texas housing
market each month, including quarterly market statistics, trends
among homebuyers and sellers, luxury home sales, international
trends, and more. To view these reports, visit
TexasRealEstate.com.
About the Texas Association of Realtors
With more than
100,000 members, the Texas Association of REALTORS® is a
professional membership organization that represents all aspects of
real estate in Texas. We advocate
on behalf of Texas REALTORS® and private-property owners to keep
homeownership affordable, protect private-property rights, and
promote public policies that benefit homeowners. Visit
TexasRealEstate.com to learn more.
CONTACT: Danielle
Urban
Pierpont Communications
512-448-4950
durban@piercom.com
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SOURCE Texas Association of Realtors