Friday, February 3, 2023

Texas condo and townhome sales have stagnated

According to the 2022 edition of the State Condominium Sales Report, condominium and townhome sales in Texas, United States, were flat between July 2021 and June 2022 compared to the same period a year earlier.

across the state, The number of condos sold decreased slightly 0.2%, that’s 17 thousand 164 sales, while Townhouse sales remained practically flat 11,575 in sales (compared to 11,579 in 2021).

were analyzed The state includes condominium and townhome data, as well as the Austin–Round Rock, Dallas–Fort Worth–Arlington, El Paso, Houston–The Woodlands–Sugar Land, McAllen–Edinburgh–Mission metropolitan statistical areas and the San Antonio–New Braunfels.

“Despite the increase in median prices, condominiums and townhomes remain a very popular housing option for Texans in the state over the past year,” said Russell Berry, president of Texas Realtors.

According to Texas Realtors, there was a significant increase in condo and townhome sales in the 2021 reporting period, and this year’s report shows that The demand for such properties is high. Median prices increased for both condos and townhomes.

In the state, the median sales price for condominiums in June 2022 was $265,000, an increase of 10.4% from June 2021. In turn, the median sales price for a townhome in June 2022 was $334,1,695, an increase of 17.8% from June. According to a PRNewswire publication a year ago.

meanwhile he Average price per square foot to reach $274 in June 2022 for condos and $199 for townhomes. For its part, Texas condominium housing inventory is expected to decrease from 2.2 months of inventory in June 2021 to 1.8 months in June 2022, while inventory for townhomes will increase from 1.8 to 1.9 months.

Condos spent an average of 28 days on the market in June 2022, up from 48 days in June 2021, while townhomes went from 36 to 32 days.

dollar volume of all Condos Sold in Texas Between July 2021 and June 2022 Townhome sales totaled $5.6 billion, an increase of 11.5% compared to the prior reporting period, and the dollar volume of townhome sales totaled $3.9 billion, up 13.5 percent.

Condos and townhomes attract people for many reasons. They often require little maintenance and care, or come with desirable features and an attractive price tag. But they also require homeowners association membership, which has fees and restrictions. It is important to work with a real estate agent to evaluate all aspects of the property to make sure it is the right property.

Nation World News Desk
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