Eleven Oaks Realty is proud to present their January 2015 Austin Condo Price Report measuring activity in the Austin condo market. The January 2015 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 31%
In January 2015, 112 condos sold in Austin compared to 163 in January 2014, marking a 31% decrease in year over year numbers.
Number of Condos Under Contract Up 11%
In January 2015, there were 217 condos that went under contract (pending) in Austin compared to 195 in January 2014, marking an 11% (22 condo) increase in year over year numbers. This month we saw pending condo sales double from December numbers to near Spring highs. If this is any predictor of the condo market in Austin, it will be a strong Spring.
Time to Sell an Austin Condo Up 2%
In January 2015, it took 40 days to sell a condo in Austin compared to 40 days in January 2014 marking a 2% decrease in year over year numbers according to the market stats. I haven’t used my engineering degree in years, so my math skills may not be up to par, but I don’t see how they get a 2% change with no change in the number of days. At any rate, we would expect time to sell to decrease as we head into Spring.
Austin Condo Inventory Down 11%
In January 2015, we had 1.8 months of inventory on the Austin condo market compared to 2.0 months in January 2014. This marks an 11% decrease in year over year inventory numbers. Though pretty close, it seems this month the condo market is stronger than the single family housing market in Austin.
Number of Austin Condos Listed for Sale Up 2%
In January 2015, there were 278 condos and townhomes listed for sale in Austin compared to 273 in January 2014 marking a 2% increase in year over year numbers. As expected, we saw a significant increase in new condos and townhomes introduced to the market in January compared to December figures. As we get away from the Holidays, we expect to see an increase in new listings. This January was no different and even slightly stronger than last year.
Number of Condos on the Austin Market Up 4%
In January 2015, there were 664 condos and townhomes for sale in Austin compared to 637 in January 2014, marking a 4% increase in year over year numbers.
Median Sold Price of Austin Condos Up 3%
In January 2015, the median sold price of a condo in Austin was $221,850 compared to $214,450 in January 2014, marking a 3% increase in year over year numbers. It seems this month returned back to the $220,000 average we had seen for the past year until December numbers nearly hit $270,000. It will be interesting to see where this number goes next month.
Median For Sale Price Up 22% vs Median Sold Price Up 3%
In January 2015, the median price of a for sale condo in Austin was $303,843 compared to $249,900 in January 2014, marking a 22% increase. The median sold price of a condo in Austin went from $214,450 in January 2014 to $221,850 in January 2015, marking a 3% increase. It seems sellers are looking at the shortage of condo inventory and pricing their units higher than last year, but buyers are successful in bringing the price back down.
Number of Austin Condos Taken off the Market Up 16%
The number of expired condos in Austin (number of condos that were taken off the market) was up 16% or 7 condos in year over year figures. In January 2015, there were 51 condos taken off the market compared to 44 in January 2014. Though expired condos were up from last year, they are down about 33% from December numbers, which is what we would expect as we head into Spring.
Austin Condo Supply Up 4% and Condo Demand Down 31%
This month we saw a 4% increase in the supply (number of condos for sale) and a 31% decrease in demand for Austin condos. It seems there is a unique opportunity for buyers who are looking to avoid as much competition as possible. With supply up and demand down significantly, buyers won’t face as much competition as they will when the market heats up.
Source: Clarus Market Metrics, ACTRIS Sold Data
January 2015 Austin Condo Numbers
In January 2015, there were 114 condos and townhomes that sold in Austin. Condos ranged in size from 400-3,789 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $3,400,000 and the least expensive condo sold for $70,500. It took, on average, 44 days to sell a condo in Austin and sellers received, on average, 96.94% of their original list prices. The average price per square foot of a condo in Austin in January 2015 was $243.80.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||Jan 2015|
|Property Type||Condos & Townhomes||Number Sold||114|
|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 the same as it was last month – it is time to buy. With demand down significantly from last year, there seems to be more opportunities for buyers to negotiate better deals on condos, especially now that median price is down from last month. Though we are still in a strong seller’s market, the market is still not as strong as last Spring. But, with low interest rates and record numbers of people moving to Austin, we expect this Spring to be just as strong as last year. If you’re looking to buy in 2015, start your search now before demand heats up and you’ll probably end up saving thousands. 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 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.
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.