Eleven Oaks Realty is proud to present their March 2017 Austin Condo Price Report measuring activity in the Austin condo market. The March 2017 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 22%
In March 2017, 258 condos sold in Austin compared to 212 in March 2016, marking a 22% (46 condo) increase in year over year numbers.
21% Increase in the Number of Condos Under Contract
In March 2017, there were 320 condos that went under contract (pending) in Austin compared to 264 in March 2016, marking a 21% (56 condo) increase in year over year numbers. This winter did not see the slow down we saw last winter and we are seeing that momentum continue into spring.
Time to Sell an Austin Condo Up 55%
In March 2017, it took 49 days to sell a condo in Austin compared to 32 days in March 2016 marking a 55% (17 day) increase in year over year numbers. This suggests there may be some hesitation in the market as prices continue to increase.
Austin Condo Inventory Down 2%
In March 2017, we had 2.10 months of inventory on the Austin condo market compared to 2.15 months in March 2016, showing a 2% de
crease in year over year inventory numbers.
Number of Austin Condos Listed for Sale Up 1%
In March 2017, there were 373 condos and townhomes listed for sale in Austin compared to 370 in March 2016 marking a 1% increase in year over year numbers.
Number of Condos on the Austin Market Up 20%
In March 2017, there were 1,042 condos and townhomes for sale in Austin compared to 868 in March 2016, marking a 20% increase in year over year numbers. This year buyers have many more options than they have in years past. If you’re looking to buy a condo in Austin, now might be the window of opportunity you’ll need to be successful.
Median Sold Price of Austin Condos Up 11%
In March 2017, the median sold price of a condo in Austin was $269,900 compared to $244,050 in March 2016, marking an 11% increase in year over year numbers.
Median For Sale Price Up 5% vs Median Sold Price Up 11%
In March 2017, the median price of a for sale condo in Austin was $365,000 compared to $349,000 in March 2016, marking a 5% increase. The median sold price of a condo in Austin went from $269,900 in March 2016 to $244,050 in March 2017, marking a 11% increase.
Number of Austin Condos Taken off the Market Up 22%
The number of expired condos in Austin (number of condos that were taken off the market) was up 22% or 11 condos in year over year figures. In March 2017, there were 61 condos taken off the market compared to 50 in March 2016. We continue to see this trend in Austin as unrealistic sellers choose to take their units off the market vs. lowering the price.
Austin Condo Supply Up 20% and Condo Demand Up 22%
This month we saw a 20% increase in the supply (number of condos for sale) and a 22% increase in demand for Austin condos. With both supply and demand already heating up, we are expecting a busy spring and summer in the condo market.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 2017 Austin Condo Numbers
In March 2017, there were 263 condos and townhomes that sold in Austin. Condos ranged in size from 352-4,932 sq ft with 1-4 bedrooms and 1-6 bathrooms. The most expensive condo that sold in Austin sold for $5,150,000 and the least expensive condo sold for $65,000. It took, on average, 49 days to sell a condo in Austin and sellers received, on average, 97.36% of their original list prices. The average price per square foot of a condo sold in Austin in March 2017 was $256.37.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||263|
|Source:||ABoR Sales Data||Area||Austin|
Time to Buy? Sell?
As we always say, the time to buy or sell a condo in Austin is when it’s right for you. Trying to time your condo purchase or sale for the market is next to impossible. The only way to know we’ve hit the peak or the bottom of the market is when it’s behind us. The most important factor in the decision to purchase is are you financially and emotionally ready to own a condo? Work with professionals who can help you wade through your finances and living situation and help you make an informed decision.
If you are looking strictly at the numbers, it appears as though the recommendation is – it is time to buy. With supply up 45% and demand down 4%, buyers have many more choices with less competition than they have in previous years. For the first time in a while, median price of an Austin condo is also down slightly, which tells me buyers are more successful in getting condo sellers to budget. Winter is typically the best time for buyers to get the best deal on a condo in Austin. And, with more sellers competing for your offer, you might find one who is willing to negotiate a great deal. Remember, the most successful buyers are proactive with their search and clear on they types of units they are looking for. If you’re looking to buy, our team of experienced buyer’s agents can help you find the right condo in the right complex for you and your family. Because we know the market, we’re also pretty good at negotiating good deals as well. Check out our Austin Home Buyer Representation Program for more info about how we’ll consult you to a thoughtful purchase, rather than hard sell you the first condo we see.
If you’re looking to sell, don’t be discouraged. The Austin condo market is still a very healthy market with just under 3 months of inventory available. Though median price is down, it’s only down by 4% from last year’s figures. As we head deeper into Spring, we would expect demand to go up considerably. Make your condo stand out as a value compared to the competition and you will be successful at getting an offer quickly. Remember, positioning your condo as a value doesn’t just mean pricing lower. If you’re looking to sell a condo in Austin, spend some time preparing your condo to meet the market. The best condos are still selling quickly and for more money than they were last year. With some preparation and market appropriate pricing, you’ll have no trouble finding a buyer. Check out our Condo Marketing Plan, which we know is the best in Austin for how our team will sell your home faster and for more money than any other team in Austin.
How Much is My Condo Worth?
If you’re considering selling and want to know how much your condo is worth, our Market Snapshot Tool is perfect for you. Simply put in your address below and we’ll email you a detailed report with sold prices, time to sell and market activity in your complex.
Questions About the Austin Condo Price Report?
Do you have questions about our Austin Condo Price Report? Looking to buy or sell a condo or townhome in Austin? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Austin condos, don’t forget to check out our Austin Buyer Resources and Austin Seller Resources for more tips.