The condo market is heating up throughout all four major metro areas in Texas, according to Texas Realtors, and the high demand for the lifestyle associated with condo living is keeping the market competitive. As more millennials and young professionals make headway in the real estate market, the desire to live in a smaller space with access to nightlife and amenities grows stronger, trends show.
In three of the four metros areas in the Lone Star State, condo sales increased in double digits during the first half of 2016, according to the Texas Condominium Mid-Year Sales Report by Texas Realtors.
Condo and townhome sales by metro
According to the report, condo sales are on the rise in Houston and prices are following suit, climbing from January to May. A total of 1,674 condos sold in Houston during the same span, which is an annual increase of 11.2 percent.
Townhomes, however, haven’t seen as much of an improvement. Prices are increasing for townhomes in Houston — about 6.2 percent annually in the first half of the year — but there was a 19.7 percent drop in total sales during that time.
The average number of days a townhome spent on the market in the first half of the year in Houston was 56 — two days less than the time condos spent on the market — but a 14.3 percent increase year-over-year. Condos sold 6.5 percent faster during that span than they did the previous year.
Trends were a bit more in favor of townhomes in Austin, where condo sales increased 10.1 percent and townhomes increased 18.6 percent annually. The price point swelled slightly more for condos in Austin by 6.3 percent, compared with 3.8 percent for townhomes in the city.
Condos were on the market for an average of 48 days in the Austin from January to May, marking a 14.3 percent increase annually. And while townhomes were on the market for a slightly higher average of 56 days, trends fell 21.1 percent year-over-year.
San Antonio saw similar trends to Houston. Condo sales figures increased 5.3 percent year-over-year, but townhomes sales dipped 16 percent. The price for condos climbed 22 percent during the first half of the year, but the median price for townhomes dipped 1.8 percent.
Both condos and townhomes in San Antonio were listed for 25 percent fewer days than they were in the first half of 2015, at a respective 75 and 45 days.
