What’s hotter than the summer heat in Dallas/Fort Worth? Condo and townhome sales!
Condo purchases are 40% above 2012 levels. And there was a 17 percent increase in July, higher than in the same move last year. The increasing appeal of neighborhoods near Downtown Dallas and in Uptown have helped the gain in sales, which tends to be behind traditional single-family home sales. Condos and townhouse sales are up 50% this year in central Dallas and Oak Lawn.
Throughout the DFW area, there are only about 1,600 condos and townhouses offered for sale by real estate agents. That works out to just over a three-month supply and real estate agents say prime properties go fast.
New condo buyers have stated that the urban lifestyle is appealing. However with townhouse construction on the rise, there hasn’t been as large of a boom for condominium developers. Most builders are sticking to the rising apartment market, where it is easier to finance new construction.There is a large number of eyes keeping track of buyers in the area. Developers would look into new condo plans if enough renters in Uptown and Downtown make the move to owning their homes and stay in the area.