Texas Realtors releases 2022 edition of Texas Condominium Sales Report
AUSTIN, Texas, Nov. 29, 2022 /PRNewswire-HISPANIC PR WIRE/ — Texas condominium and townhome remained steady between July 2021 and June 2022, compared to the same period the previous year, according to the 2022 edition of the Texas Condominium Sales Report released today by Texas Realtors. The number of condominiums sold across the state slightly decreased 0.2% to 17,164 sales, while townhome sales remained virtually the same at 11,575 sales (compared to 11,579 last year).
The report analyzes condominium and townhome data statewide as well as the Austin–Round Rock, Dallas-Fort Worth–Arlington, El Paso, Houston–The Woodlands–Sugar Land, McAllen–Edinburg–Mission and San Antonio–New Braunfels metropolitan statistical areas.
“While median prices have gone up, condominiums and townhomes remained a very popular living option for Texans across the state over the past year,” said Russell Berry, chairman of Texas Realtors. “There was a significant increase in condominium and townhome sales in the previous reporting period, and this year’s report shows that the demand for this property type is still high.”
Median price increased for both condominiums and townhomes. Statewide, the median condominium sales price in June 2022 was $265,000, a 10.4% increase over June 2021. The median sales price for townhomes was $334,695 in June 2022, an increase of 17.8% from the previous June. The average price-per-square-foot in June 2022 reached $274 for condominiums and $199 for townhomes.
Housing inventory for Texas condominiums decreased from 2.2 months of inventory in June 2021 to 1.8 months in June 2022, while the inventory of townhomes increased from 1.8 to 1.9 months. Texas condominiums spent an average of 28 days on the market in June 2022—down from 48 days in June 2021—while townhomes went from 36 days to 32.
The dollar volume of all condominiums sold in Texas between July 2021 and June 2022 totaled $5,669,658,653, an 11.5% increase from the previous reporting period, and dollar volume totaled $3,912,111,843 in townhome sales, a 13.5% increase.
Berry concluded, “Condominiums and townhomes appeal to people for a variety of reasons. They often require lower maintenance and upkeep or come with desirable amenities and attractive price points. But they also require belonging to an owners association that has fees and restrictions. It’s important to work with a Realtor to assess all aspects of properties you’re considering to make sure it’s the right fit for you.”
About the Texas Condominium Sales Report
Data for the Texas Condominium Sales Report is provided by the Data Relevance Project, a partnership among Texas REALTORS® and local REALTOR® associations throughout the state. Data analysis is provided by the Texas Real Estate Research Center at Texas A&M University. The report analyzes condominium and townhome sales data from July 2021 through June 2022 for the Austin, Dallas-Fort Worth, El Paso, Houston, McAllen and San Antonio Metropolitan Statistical Areas. Real estate sales that occur outside of an MLS are not reflected in the report. To view the report in its entirety, visit texasrealestate.com.
With more than 150,000 members, Texas REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We are the advocates for REALTORS® and private property rights in Texas. Visit texasrealestate.com to learn more.
SOURCE Texas Realtors