Texas condominium and townhome sales fell between July 2018 and June 2019, according to the Texas Condominium Sales Report released Wednesday 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.
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 home buyers," 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.
