Eleven Oaks Realty is proud to present their February 2015 Austin Condo Price Report measuring activity in the Austin condo market. The February 2015 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 3%
In February 2015, 162 condos sold in Austin compared to 167 in February 2014, marking a 3% decrease in year over year numbers. With only a 5 condo difference, this really isn’t enough to justify a true difference in the market from February 2014 to February 2015.
Number of Condos Under Contract Up 10%
In February 2015, there were 244 condos that went under contract (pending) in Austin compared to 222 in February 2014, marking a 10% (22 condo) increase in year over year numbers. As we head deeper into Spring, we would expect this number to increase. But, it does seem buyers are coming out stronger, earlier.
Time to Sell an Austin Condo Up 8%
In February 2015, it took 42 days to sell a condo in Austin compared to 38 days in February 2014 marking an 8% increase in year over year numbers according to the market stats. Though buyers are taking longer to make decisions, they are still willing to pay more than they were last year, which should be good news for sellers.
Austin Condo Inventory Down 8%
In February 2015, we had 1.7 months of inventory on the Austin condo market compared to 1.8 months in February 2014. This marks an 8% decrease in year over year inventory numbers. Though it is only an 8% decrease, when we have inventory levels this low, buyers will notice fewer choices and be motivated to act quicker.
No Change in Number of Austin Condos Listed for Sale
In February 2015, there were 256 condos and townhomes listed for sale in Austin compared to 255 in February 2014 marking no change in year over year numbers. What was surprising is we saw a decrease from number of condos listed for sale from January 2015. We usually see a steady increase from December through May. This year seems to be a little bit different and it will be interesting to see how this trend continues next month.
Number of Condos on the Austin Market Up 5%
In February 2015, there were 688 condos and townhomes for sale in Austin compared to 653 in February 2014, marking a 5% increase in year over year numbers. It seems more sellers are confident in the direction of the market and are looking to unload their units.
Median Sold Price of Austin Condos Down 4%
In February 2015, the median sold price of a condo in Austin was $212,000 compared to $220,000 in February 2014, marking a 4% decrease in year over year numbers. It seems buyers are able to negotiate slightly better deals on Austin condos this year than they were last year.
Median For Sale Price Up 27% vs Median Sold Price Down 4%
In February 2015, the median price of a for sale condo in Austin was $324,812 compared to $255,900 in February 2014, marking a 27% increase. The median sold price of a condo in Austin went from $220,000 in February 2014 to $212,000 in February 2015, marking a 4% decrease. It seems sellers are pricing much higher than they were last year, but they are willing to negotiate more with buyers.
Number of Austin Condos Taken off the Market Up 29%
The number of expired condos in Austin (number of condos that were taken off the market) was up 29% or 8 condos in year over year figures. In February 2015, there were 36 condos taken off the market compared to 28 in February 2014. Though expired condos were up from last year, they are down about 50% from December numbers, which is what we would expect as we head into Spring.
Austin Condo Supply Up 5% and Condo Demand Down 3%
This month we saw a 5% increase in the supply (number of condos for sale) and a 3% decrease in demand for Austin condos. Though not as big a difference as we saw last month, increase supply and decreased demand is an opportunity for buyers to negotiate better deals.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2015 Austin Condo Numbers
In February 2015, there were 162 condos and townhomes that sold in Austin. Condos ranged in size from 482-3,018 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,454,000 and the least expensive condo sold for $58,200. It took, on average, 35 days to sell a condo in Austin and sellers received, on average, 97.76% of their original list prices. The average price per square foot of a condo in Austin in February 2015 was $223.03.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||Feb 2015|
|Property Type||Condos & Townhomes||Number Sold||162|
|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, but it isn’t a bad time to sell either. Demand has increased since last month (which is to be expected), but has decreased from last year. And, with supply up a little, buyers have a few more choices. But, inventory is still very lean and strong buyers are still in the market. If you’re looking to buy in 2015, start your search immediately. If you can find something before demand really picks up, you’ll probably save thousands. Historically buyers who buy early in Spring get better deals than those who buy later. 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.