The Real Estate Center at Texas A&M University released a report about Texas Condominium sales that is below. South Padre is no exception to this increase in sales. We give credit for this increase to the new sources for mortgages on condos.
The 2014 Texas Condominium Mid-Year Sales Report showed that condominiums and townhomes were the fastest growing segment of the Texas housing market during the first half of 2014, showing double-digit sales growth in among Texas’ four major markets.
Austin, Dallas, Houston and San Antonio experienced an average 10.5 percent jump in condo sales between January and May 2014.
Individually, San Antonio condo sales jumped 18 percent, followed by Austin at 14 percent, Houston at six percent and Dallas at four percent.
Dan Hatfield, chairman of the Texas Association of Realtors, explained: “The thriving economic growth in Texas’ major metro areas has led to a revitalization and redevelopment of our urban centers, providing new needs and opportunities for condo development.
Condos offer greater affordability and inventory than other housing types on the market and, as a result, are playing an increasingly important role in the Texas housing market as a whole.”
Indicative of rising demand, condos have shown steady, consistent growth in all four of Texas’ metro areas in both price as well as sales volume in the first half of 2014. However, the average price for condos from January to May 2014, which is $226,814 among Texas’ four major cities, is considerably less than other housing types on the market.
According to Jim Gaines, Ph.D., economist with The Real Estate Center at Texas A&M University, this resurgence of the urban centers of Texas’ major metros has also led to an increase in condo development across the state.
“There is little available land for housing development in Texas’ major metro areas, particularly in its urban centers where housing demand is strongest,” Gaines explains. “Developers are now looking upward for opportunities to build and investing in multi-family developments both in these centers and even in some suburban areas. Condo sales will likely be a strong driver in the Texas housing market for the rest of the year.”