Boom inside the Beltway: Townhome and condo demands on the rise

By Mark Boyle - Reporter

HOUSTON - There seems to be a bit of twist in the Houston housing market -- the demand for townhouses and condos is up.

During January through May of this year, buyers purchased more than 2,500 townhouses and condominiums. According to the Texas Association of Realtors that's up 6 percent over the same period last year.

Single family home sales have been flat.

Houston Association of Realtors Chair Chaille Ralph says demand will remain high.

"Your townhouse and condo market tends to be in your close-in market, so many people want to be as close in as they possibly can be. Affordability is certainly key as well," Ralph said.

There are several major projects around town including the Belfiore condo project on Post Oak. Sales agents say the building is selling quickly and a 3-bedroom unit starts around $2,000,000.

Meanwhile, as inventory is low, don't expect construction projects to slow anytime soon.

"There is not a lot of inventory in the market, we do need inventory. We have plenty of buyers that are local buyers and plenty of people who are relocating into the city of Houston so the buyer inventory is strong, just the list inventory is what we need," Ralph said.

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