The condos are coming . . . and coming.
Additionally, Houston experienced the second-highest jump in sales in the state with a 25 percent increase between January and September, a period in which 5,067 condos were sold in the city. The median price for condos went up seven percent to $140,000 when compared to the same period in 2012.
Houston experienced the second-highest jump in sales in the state with a 25 percent increase between January and September.
Perhaps the most obvious indicator that condos are in high demand is the number of active listings. From January through September, active listings dropped by 31 percent to only 1,737 listings and days on the market dropped 27 percent from the previous year to an average of only 61 days on market according to the Houston Business Journal.
In terms of other major Texas cities, Austin sold 2,450 condos during January through September, Dallas sold 4,468 and San Antonio sold 469. Dallas also experienced the highest sales jump at 38 percent. Overall, statewide condo sales had an average jump of 26 percent.
Houston's increased condo sales have led the city to experience a condo and multifamily housing development boom. Many projects are currently underway including a 36-unit luxury mid-rise in the Heights and a 26-story, 46-unit luxury high-rise project in the uptown district.