Eleven Oaks Realty is proud to present their February 2020 Austin Condo Price Report measuring activity in the Austin condo market. Our February 2020 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 5%
In February 2020, 212 condos sold in Austin compared to 201 in February 2019, marking a 5% (11 condo) increase in year over year numbers.
16% Increase in the Number of Condos Under Contract
In February 2020, there were 255 condos that went under contract (pending) in Austin compared to 220 in February 2019, showing a 16% (35 condo) increase in year over year numbers. Again this month we are outpacing last year’s numbers. It will be interesting to see what next month’s numbers look like in the face of the social distance rules.
Time to Sell an Austin Condo Saw a 16% Decrease
In February 2020, it took 46 days to sell a condo in Austin compared to 55 days in February 2019 marking a 16% (9 day) decrease in year over year numbers.
Austin Condo Inventory Down 25%
In February 2020, we had 2.3 months of inventory on the Austin condo market compared to 3.0 months in February 2019, showing a 25% (0.8 month) decrease in year over year inventory numbers.
Number of Austin Condos Listed for Sale Up 8%
In February 2020, there were 304 condos and townhomes listed for sale in Austin compared to 282 in February 2019 marking an 8% (22 condo) increase in year over year numbers. Unlike the single family home market, sellers of condos are getting their units on the market earlier this year than last.
Number of Condos on the Austin Market Down 9%
In February 2020, there were 873 condos and townhomes for sale in Austin compared to 957 in February 2019, marking a 9% (84 condo) decrease in year over year numbers.
Median Sold Price of Austin Condos Up 16%
In February 2020, the median sold price of a condo in Austin was $321,000 compared to $276,500 in February 2019, marking a 16% ($44,500) increase in year over year numbers.
Median For Sale Price Up 7% vs Median Sold Price Up 16%
In February 2020, the median price of a for sale condo in Austin was $405,000 compared to $378,898 in February 2019, marking a 7% increase. The median sold price of a condo in Austin went from $276,500 in February 2019 to $321,000 in February 2020, marking a 16% increase.
Number of Austin Condos Taken off the Market Down 45%
The number of expired condos in Austin (number of condos that were taken off the market) was down 45% or 31 condos in year over year figures. In February 2020, there were 38 condos taken off the market compared to 69 in February 2019. With fewer new listings, buyers are snatching up the inventory that is in the market, so fewer sellers have to take their homes off the market.
Austin Condo Supply Down 9% and Condo Demand Up 5%
This month we saw a 9% decrease in the supply (number of condos for sale) and a 5% increase in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2020 Austin Condo Numbers
In February 2020, there were 210 condos and townhomes that sold in Austin. Condos ranged in size from 400-3,499 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $3,180,000 and the least expensive condo sold for $90,000. It took, on average, 41 days to sell a condo in Austin and sellers received, on average, 98.04% of their original list prices. The average price per square foot of a condo sold in Austin in February 2020 was $311.68.
|Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||210|
|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 inventory down 9% and prices up 16%, sellers don’t need to wait until spring to get their condos on the market if they’re looking for motivated buyers. Plus, with limited choices, buyers are going to start feeling the pinch of fewer choices earlier than in previous years. With just over 2 months inventory, we are in a strong seller’s market.
If you need to sell, have some patience. Condos are taking, on average, about 46 days to sell, but time to sell is down 16% from last year. 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, get started early. If you wait until deeper into spring, you’ll be faced with increased demand and, if supply doesn’t pick up, that means higher prices. Right now interest rates are at historic lows. They are predicted to go up at some point, but who knows when and how much. But, if interest rates and prices increase, you’ll be paying a lot more per month than if you would have started now. Sellers who list during winter are generally more motivated than those that list in spring. 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.
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.