Texas condo, townhome sales dip, inventory increases

​​​AUSTIN – Texas condominium and townhome sales​ fell ​​​between July 2018 and June 2019, according to a Texas Realtors report.

Condo sales dropped 8.4 percent to 13,118 sales. Total dollar volume for condos was just over $3.2 billion. The median sales price was $189,000 ($194 per sf), up 1.5 percent. Inventory grew 0.6 months to 5.1 months, and the average Texas condo was on the market for 69 days. 

Townhome transactions​ slipped 2.7 percent to 8,849 sales totaling over $2.8 billion. The median sales price was $226,000 ($140 per sf), down 1.2 percent from July 2018. Inventory was 5.4 months, up 0.9 months. Townhomes spent an average of 63 days on the market. 

"The statistics from the Texas Condominium Sales Report prove that all types of housing in our Texas real estate market are in demand, especially more affordable options for first-time homebuyers," said Real Estate Center Chief Economist Dr. Jim Gaines. "Although condominium and townhome sales experienced slight decreases across the major Texas markets, the increase in inventory statewide is a strong indicator of developer demand to build upward​ in not only urban areas but some suburban areas as well."

In 2017-18, condominium sales fell 2.1 percent while townhome sales grew 3.4 percent.​