Texas condominium sales dropped 2.1 percent from July 2017 to June 2018, while townhome sales increased 6.3 percent, according to the Texas Association of REALTORS® 2018 Texas Condominium Sales Report.
“Despite the slight decrease in sales, the Texas condominium and townhome market remains one of the most popular segments of the Texas housing market,” said TAR Chairman Kaki Lybbert. “With less maintenance and close proximity to popular attractions, many retirees and young professionals prefer condos and townhomes as an affordable alternative to traditional, single-family homes.”
Generally a more affordable alternative to single-family homes, the median year-to-date price for Texas condominiums as of June 2018 was $185,000, and the median year-to-date price for Texas townhomes as of June 2018 was $226,000. This reflected an increase of 3.4 percent and 2.3 percent, respectively. Price per square foot averaged $187 for Texas condominiums and $139 for Texas townhomes.
Real Estate Center at Texas A&M University Chief Economist Jim Gaines said, “Across our major markets, condominiums and townhomes are more suited to meet the affordable demands of housing in high-density urban areas. As population growth continues to climb, especially in major metropolitan areas of Texas, condominiums and townhomes are prime options for residents looking to own property in densely-populated areas under $300,000.”
Inventory for both condominiums and townhomes slightly decreased, with a 0.2 month decline to 4.5 months of inventory for condominiums and a 0.1 month decline to 4.6 months of inventory for townhomes. For the first half of 2018, condominiums were on the market an average of 65 days, and townhomes were on the market an average of 61 days.
Lybbert said, while “condominiums and townhomes offer greater affordability and higher levels of inventory than other housing types on the market,” they often have stricter guidelines and regulations than single-family homes. She encouraged homebuyers to consult with their REALTORS®.