Everything may be bigger in Texas, but downsizing is driving strong sales for the Dallas-Forth Worth condo market. The region saw more than 660 condo sales in August - the largest single-month total to date, according to the Dallas Morning News. More:Luxury Condo Market Heats Up in Houston Analysts are attributing the increased sales to empty nesters abandoning larger properties for more manageable space as well as young professionals who have grown weary with rental costs. Mike Puls of market research firm Foley & Puls told the publication he expects the trend to continue. “I think we are in the best demand-driven condo market we’ve ever seen in Dallas,” said housing analyst Mike Puls with Foley & Puls. “I see this trend continuing because the demographics are there and growing fast.” Puls said the condo market is being driven by a combination of older folks exiting houses for something smaller and young professionals who don’t want to keep shelling out thousands of dollars a year in apartment rent. “Some of these condo buyers are selling their houses and in some cases have made a big profit,” he said. “Where are they going to put that? In the stock market? “The don’t want the stairs and maintenance of a house and they want something they can lock up and go.”
Condo sales in the region have been strong across all price points. But of the more than 50 high-rise and luxury condos sold since the start of the year, the average sales price was $2.3 million, according to Puls’ research, which is “about 10 times what the average North Texas pre-owned house sells for.” [The Dallas Morning News]View full listing (pictured top)