Article by @SteveBrownDMN and The Dallas Morning News
It’s not just Dallas-area house sales that are booming.
Sales of condominiums and townhouses are up this year too, according to a new report by the Texas Association of Realtors.
Dallas-area condo sales rose 3.8 percent in the first five months of 2016 compared to the same period last year.
And sales of townhouses were up 8.2 percent compared with 2015 levels, the study by the Austin-based real estate trade association found.
“Many young urban professionals and newly retired baby boomers are buying condos, as they provide an affordable alternative to single-family homes and townhomes,” Leslie Rouda Smith, chairman of the Texas Association of Realtors, said in a statement “These millennials and retirees don’t want the upkeep of a traditional, single-family home and want to be close to nightlife and amenities.”
Condo prices in the Dallas area are up 10.3 percent through May compared with the first five months of 2015. And median sales prices for townhouses are 7.8 percent higher.
Just like with houses, there’s a shortage of inventory for sale in the condo and townhouse sector. Read More >