Eleven Oaks Realty is proud to present their February 2019 Austin Condo Price Report measuring activity in the Austin condo market. The February 2019 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 9%
In February 2019, 189 condos sold in Austin compared to 207 in February 2018, marking a 9% (18 condo) decrease in year over year numbers. The Austin condo market saw quite a significant decrease in condo sales again this month. We did see a slow down in the single family home market as well, but not to this degree.
7% Decrease in the Number of Condos Under Contract
In February 2019, there were 229 condos that went under contract (pending) in Austin compared to 245 in February 2018, showing a 7% decrease (16 condos) in year over year numbers.
Time to Sell an Austin Condo Up 23%
In February 2019, it took 56 days to sell a condo in Austin compared to 45 days in February 2018 marking a 23% increase in year over year numbers.
Austin Condo Inventory Down 6%
In February 2019, we had 2.7 months of inventory on the Austin condo market compared to 2.9 months in February 2018, showing a 6% decrease in year over year inventory numbers.
Number of Austin Condos Listed for Sale Down 18%
In February 2019, there were 282 condos and townhomes listed for sale in Austin compared to 345 in February 2018 marking an 18% decrease in year over year numbers.
Number of Condos on the Austin Market Down 7%
In February 2019, there were 923 condos and townhomes for sale in Austin compared to 994 in February 2018, marking a 7% decrease in year over year numbers.
Median Sold Price of Austin Condos Down 3%
In February 2019, the median sold price of a condo in Austin was $276,500 compared to $285,500 in February 2018, marking a 3% ($9,000) decrease in year over year numbers.
Median For Sale Price Up 9% vs Median Sold Price Down 3%
In February 2019, the median price of a for sale condo in Austin was $384,000 compared to $351,500 in February 2018, marking a 9% increase. The median sold price of a condo in Austin went from $285,500 in February 2018 to $276,500 in February 2019, marking a 3% decrease.
Number of Austin Condos Taken off the Market Up 68%
The number of expired condos in Austin (number of condos that were taken off the market) was up 68% or 32 condos in year over year figures. In February 2019, there were 79 condos taken off the market compared to 47 in February 2018. We continue to see unrealistic sellers take their condos off the market vs. lowering the price in both the single family home and condo market.
Austin Condo Supply Down 7% and Condo Demand Down 9%
This month we saw a 7% decrease in the supply (number of condos for sale) and a 9% decrease in demand for Austin condos. The condo market saw a decrease in activity for both buyers and sellers. But, we still saw inventory decrease. It will be interesting to see if activity picks up in spring.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2019 Austin Condo Numbers
In February 2019, there were 190 condos and townhomes that sold in Austin. Condos ranged in size from 373-3,876 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $3,880,000 and the least expensive condo sold for $95,500. It took, on average, 58 days to sell a condo in Austin and sellers received, on average, 96.84% of their original list prices. The average price per square foot of a condo sold in Austin in February 2019 was $266.20.
|Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||190|
|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. Though supply is down, demand is down more. With the decrease in showings and activity, sellers might be scared into negotiating better deals than they would be in the busier, spring market. If this spring is like the previous springs, we anticipate demand will increase. Catch a seller now who has been waiting for a buyer through winter and you just might get a good deal.
If you’re looking to buy, give yourself plenty of time to do so. Getting hung up in bidding wars for units you don’t really like doesn’t make too much sense. Sometimes buyers get caught up in winning or needing a place to live in so many days. Start your search early and you’ll have time to wait for the right opportunity. And remember, 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.
If you need to sell, get your condo ready now. Though demand is down, we anticipate that will increase over the next few months. And, you want to be ready when the buyers are. If you make your condo stand out as a value compared to the competition, 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.
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