The condo and townhome market is doing well
Dallas Area Residential Sales Report for November – Condos and Townhome market
Sales of condos and townhomes were up 27% in November as compared to last year. The average sales price rose 10% while the median sales price increased 12%. Pending sales saw a 34% rise so we can anticipate a good sale number in January. This market is suffering from the same problem as the single family market namely a shortage of inventory. While new listings were up 4%, the number of active listings fell 11%. The months os inventory now stands at 3.4 months. While this number is better than the 1.1 month supply of single family, If you are looking for something in the $200,000 to $500,00, you will find around a 2 months or less supply. Above $700,000 supply is much greater.
Sales: 591
Average Sales Price: $298,815
Median Sales Price: $257,000
Pending Sales: 648
New Listings: 675
Active Listings: 1,904
Months of Inventory: 3.4
Information provided by the Real Estate Center
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