Eleven Oaks Realty is proud to present their January 2021 Austin Condo Price Report measuring activity in the Austin condo market. Our January 2021 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 29%
In January 2021, 233 condos sold in Austin compared to 181 in January 2020, marking a 29% (52 condo) increase in year over year numbers. Though the condo market did take a bit of a dip during the height of the pandemic, we are seeing it bounce back now.
40% Increase in the Number of Condos Under Contract
In January 2021, there were 386 condos that went under contract (pending) in Austin compared to 275 in January 2020, showing a 40% (111 condo) increase in year over year numbers. This year has started out much faster than most years. We saw more sales in January than we saw any month last year.
Time to Sell an Austin Condo Saw an 8% Increase
In January 2021, it took 56 days to sell a condo in Austin compared to 52 days in January 2020 marking an 8% (4 day) increase in year over year numbers. Though this seems like the opposite direction of what we would expect, this is an average of all the condos that sold. We are seeing condos that have been on the market for a while finally get a buyer, which is driving the average up. The median is 23 days, which is more representative.
Austin Condo Inventory Down 61%
In January 2021, we had 1.0 month of inventory on the Austin condo market compared to 2.6 months in January 2020, showing a 61% (1.6 month) decrease in year over year inventory numbers. Again this month, we are seeing inventory at below spring levels.
Number of Austin Condos Listed for Sale Down 6%
In January 2021, there were 320 condos and townhomes listed for sale in Austin compared to 340 in January 2020, marking a 6% (20 condo) decrease in year over year numbers. If we continue to see new listings trending downward, we will really have an inventory shortage.
Number of Condos on the Austin Market Down 19%
In January 2021, there were 836 condos and townhomes for sale in Austin compared to 1,036 in January 2020, marking a 19% (200 condo) decrease in year over year numbers.
Median Sold Price of Austin Condos Up 14%
In January 2021, the median sold price of a condo in Austin was $365,000 compared to $319,000 in January 2020, marking a 14% ($46,000) increase in year over year numbers.
Median For Sale Price Up 10% vs Median Sold Price Up 14%
In January 2021, the median price of a for sale condo in Austin was $437,000 compared to $395,500 in January 2020, marking a 10% increase. The median sold price of a condo in Austin went from $319,000 in January 2020 to $365,000 in January 2021, marking a 14% increase.
Number of Austin Condos Taken off the Market Up 12%
The number of expired condos in Austin (number of condos that were taken off the market) was down 12% or 7 condos in year over year figures. In January 2021, there were 65 condos taken off the market compared to 58 in January 2020.
Austin Condo Supply Down 19% and Condo Demand Up 29%
This month we saw a 19% decrease in the supply (number of condos for sale) and a 29% increase in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
January 2021 Austin Condo Numbers
In January 2021, there were 233 condos and townhomes that sold in Austin. Condos ranged in size from 516-4,326 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $4,325,000 and the least expensive condo sold for $115,000. It took, on average, 45 days to sell a condo in Austin and sellers received, on average, 98.51% of their original list prices. The average price per square foot of a condo sold in Austin in January 2021 was $346.36.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||233|
|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 sell. With a 29% increase in demand and a 19% reduction in supply, there are more buyers than sellers in the market. Inventory has dropped to just 1 month, which is extreme seller’s market levels. Earlier this year, we were creeping into a balanced market, leaning towards a buyer’s market. Now the tables have turned. And, with median price up 14%, buyers are paying more. Interest rates are at historic lows, and buyers are taking advantage. Plus, the single family home market is absolute insanity, so buyers are having to re-evaluate the type of real estate they’re purchasing. If you’re looking to sell, get your units ready to meet the market now.
If you need to sell, start the process now. Buyers are making strong offers quicker than they were at this time last year. Though condos are taking, on average, about 56 days to sell, up 8% from last year, sellers are getting more. Make your condo stand out as a value compared to the competition and you will be successful at getting an offer. 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.
If you’re looking to buy, be clear on what you want so you can be quick to move an offer if you find something that fits. Don’t wait until the weekend to check out listings in person. If you can set alerts and get inside properties of interest early, you might just beat out the competition. Buyers have become complacent and are waiting to see condos thinking they have time. If you can beat them to the punch and make offers, you just might be successful. Right now interest rates are at historic lows. Sellers who have listed their condos now are generally more motivated to get it sold. Make offers and see what happens. Deals are out there if you pay attention. Scout new listings as soon as they are listed. Buyers today are getting complacent and waiting days to see condos when it is convenient for them. The problem is the best units are gone by then. Make house hunting a priority and you’ll have some extra time to make a decision. Also, don’t be afraid to make offers. If a unit is worth what the owner is asking, find out if they’re willing to take your number. You never know how motivated a seller might be until you put an offer in front of them they’ll have to turn down. 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.
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.