State out­paces Hous­ton in condo sales

Houston Chronicle Sunday - - PRIME PROPERTY - By Katherine Feser katherine.feser@chron.com twit­ter.com/kfeser

The Hous­ton re­gion cap­tured nearly one-third of the an­nual mar­ket for con­do­minium and town­homes in Texas, a new re­port showed. How­ever, the sales pace has been ac­cel­er­at­ing more quickly statewide than in Hous­ton so far in 2017.

Texas buy­ers spent more than $5.4 bil­lion on con­dos and town­homes dur­ing the 12-month pe­riod end­ing in July, ac­cord­ing to the Texas As­so­ci­a­tion of Real­tors’ Texas Con­do­minium Sales Re­port. That in­cludes about $772 mil­lion in condo sales and $935 mil­lion in town­home sales in the Hous­ton mar­ket.

The Dallas-Fort Worth mar­ket com­prised $1.67 bil­lion in condo and town­home sales, com­pared with $1.71 bil­lion in Hous­ton.

Texas condo sales in­creased 8.6 per­cent to 14,656 sales, while town­home sales rose 5.1 per­cent to 8,134 sales dur­ing the 12-month pe­riod. Hous­ton condo sales rose by 2.2 per­cent to 4,235 sales dur­ing the pe­riod, while town­home sales in­creased 1.5 per­cent to 3,415 sales.

“The Texas con­do­minium mar­ket has been one of the fastest-grow­ing seg­ments of the hous­ing mar­ket this year,” the as­so­ci­a­tion’s chair­woman, Vicki Fullerton, said in an an­nounce­ment.

Statewide, the me­dian sales price year-to-date through July reached $179,900 for con­dos and $226,675 for town­homes. The amounts are up 9 per­cent and 8.5 per­cent re­spec­tively from the same pe­riod in 2016.

In the Hous­ton area, the me­dian condo price rose 3.9 per­cent to $135,000 year-to­date through July. Town­home sales prices in­creased 8.2 per­cent to $237,900 in the lo­cal mar­ket.

Jim Gaines, chief econ­o­mist with the Real Es­tate Cen­ter at Texas A&M Univer­sity, pre­dicted the mar­ket will keep grow­ing.

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