Condos, townhomes flying off shelves in Big D

DALLAS-FORT WORTH – The takeoff in DFW home sales is the biggest turnaround in the local housing market in decades. During March 2013, condo and townhouse sales in North Texas soared by 55 percent from a year ago, according to the Real Estate Center at Texas A&M University.

Some residential districts saw condo and townhouse sales more than double sales in 2012.

March was the largest one-month total of condo and townhouse sales North Texas has seen since 2007. In addition, the median sales price of condos was up 11 percent from a year ago.

In March there were only 1,619 preowned condos and townhouses listed for sale with real estate agents in North Texas — a 30 percent drop in listings from a year earlier. Inventory amounts to about a four-month supply.

With apartment costs in the DFW area rising sharply in the last few years, a growing number of renters are looking at what they can afford in a condo or townhouse.

For detailed information on North Texas condo and townhouse sales, visit the Real Estate Center’s NTREIS MLS Area Housing Activity Report.