2014 Texas Condominium Mid-Year Sales Report July 2014

PET - south-padre-island-aerialThe 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. 

Executive Summary:

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.”

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About padreeliteteam

Alta Monroe, Gayle Hood, Jules Wilk & Laurie Howell are a full-time professional and dynamic team known as the Padre Elite Team with RE/MAX 1st Choice in South Padre Island. Quality service for their clients is their number one priority. To them, it is about the client's needs and protecting their interests. Finding just the right property for their buyers or helping their sellers get their property SOLD is their goal. Helping clients step through the complicated process of buying or selling a property to a smooth closing is essential to them. A personal Bio on each of the team agents is posted on their website at www.PadreEliteTeam.com. The South Padre Island real estate industry is changing faster than ever these days. With the changes in the economy, there are new challenges with buyers, sellers, foreclosures, short sales, Internet marketing, our education, increases in inventories, changes in comparable sales, and frustrating politics. Alta, Gayle, Laurie, and Jules strive to stay on top of all of these changes and to keep in touch with their clients. Alta, Gayle, Jules & Laurie all hold designations they have acquired through eduction. These designations include CLHMS, CRS, GRI, RSPS, CPN, ePRO, SFR and RSPS. Gayle and Jules both hold the CLHMS (Certified Luxury Home Marketing Specialist) designation and they are the ONLY agents in the entire Rio Grande Valley that are members of the Institute of Luxury Home Marketing. This better qualifies them to share their specialized expertise with a luxury home seller or buyer. Making sure the buyer and the seller are represented correctly is a priority for this team. Investing in TREPAC (Texas Real Estate Political Action Committee) is important to this team since TREPAC has proven to be a major force in Texas by lobbying for Realtors and property rights for the consumer. For many years, the Padre Elite Team has been a major investor in TREPAC. Alta and Gayle have attended the National Association of Realtors Mid-Year Conference in Washington, D.C. often. The conference is primarily for Realtors that are Board directors or executives. It is a great way to stay on top of the current issues facing Realtors and homeowners in our country. They get to meet with their Senators and Congressmen to express their concerns. Last year they were invited to attend the Realtor PAC President’s Circle Conference in New York where they heard many famous guest speakers regarding current real estate issues. The Padre Elite Team also attends the RE/MAX International Conference each year to acquire more education and to keep up with the latest technology available to Realtors in the Marketplace. They have received numerous awards for being Top Producers in the real estate industry. Education is a priority for this entire team including their assistant, Grace. The GOOD news is that 2012, 2013, 2014 and now 2015 proved to be better each year for real estate sales in South Padre Island and the surrounding areas of Port Isabel, Laguna Vista/South Padre Island Golf Community, and Bayview. The real estate market is showing an increase in the number of sales and a leveling of values. Now that the market has hit the bottom, investors are finding that real estate is a great place to invest their money. It is still a buyer's market and a great time to buy. Alta, Gayle, Jules & Laurie all agree that it has been such a pleasure to live & work in a resort area such as South Padre Island. A hundred of your closest friends and family will visit when you live near the beach! Clients are always encouraged to contact them. For more information about this team and to view their blog, visit www.PadreEliteTeam.com.
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