Dallas condo sales lead a surging Texas real estate market
It’s not just houses that are getting harder to find in Dallas. According to a new report, condominiums in Dallas and across Texas are experiencing a heavy increase in sales.
The Real Estate Center at Texas A&M published a new study that found that Texas condo sales are up 26 percent in 2013. Dallas is tops with 38 percent growth, followed by Houston at 25 percent, Austin at 24 percent and San Antonio at 18 percent.
Condo sales in Texas are up 26 percent for 2013. Dallas is tops with 38 percent.
This isn’t too surprising, considering that single-family homes in Dallas are rising in price and falling in inventory as developers struggle to catch up with soaring demand, thanks to job and population growth in North Texas.
It seems that condos are following a similar trajectory as prices in Dallas rose 10 percent from last year to reach an average price of $153,000. In all, 4,468 condos were sold in Dallas between January and September 2013.
In a sign that people are snapping up condos as quickly as possible, new listings rose 10 percent while active listings dropped 26 percent. Best of all, sales are up 33 percent.
And if you’re looking to sell, your time on the market has dropped to 67 days, which is a 28 percent decrease from last year.
While Dallas’ condos are selling higher than last year, it’s still a cheaper option than finding one in Austin, where condos are averaging $192,420. San Antonio is a relative steal at just $98,900, but that’s still a 6 percent increase from last year.