Eleven Oaks Realty is proud to present their March 2014 Austin Condo Price Report measuring activity in the Austin condo market. The March 2014 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Time to Sell an Austin Condo Down 18%
In March 2014, it took 35 days to sell a condo in Austin compared to 43 days in March 2013 marking an 18% decrease in year over year numbers.
Austin Condo Inventory Down 29%
In March 2013, we had 1.9 months of inventory on the Austin condo market compared to just 1.3 months in March 2014. This marks a 29% decrease in year over year inventory numbers. With all the competition in the single family home market in Austin, it could be that some of the frustrated buyers have chosen to buy a condo instead, which has eaten up more of the inventory than normal.
Number of Austin Condos Sold Unchanged
In March 2014, 232 condos sold in Austin compared to 231 in March 2013, showing no change in year over year numbers. Austin saw a similar number of condos sell in January 2014. We would anticipate more sales as we head deeper into Spring with the seasonal uptick.
Number of Condos Under Contract Up 1%
In March 2014, there were 280 condos that went under contract (pending) in Austin compared to 276 in March 2013.
Number of Austin Condos Listed for Sale Down 4%
In March 2014, there were 316 condos and townhomes listed for sale in Austin compared to 328 in March 2013.
Number of Condos on the Austin Market Down 18%
In March 2014, there were 701 condos and townhomes for sale in Austin compared to 857 in March 2013, marking an 18% decrease in year over year numbers. It appears more condo owners are staying put and buyers are eating up inventory faster. This decrease in condos for sale is more evidence to confirm the increased buyer demand we’ve seen in Austin is due to those relocating from out of the area or renters. Both groups eat up demand and don’t replace inventory.
Median Sold Price of Austin Condos Up 18%
In March 2014, the median sold price of a condo in Austin was $234,500 compared to $198,500 in March 2013, marking a 10% increase in year over year numbers.
Median For Sale Price Up 15% vs Median Sold Price Up 18%
It appears as though sellers are pricing their condos higher than they did last year and buyers feel their condos are worth more than what sellers are asking. In March 2014, the median price of a for sale condo in Austin was $259,900 compared to $225,889 in March 2013 marking an 15% increase. The median sold price of a condo in Austin went from $198,500 in March 2013 to $234,500 in March 2014, marking an 18% increase. Decreased inventory has encouraged sellers to increase their asking prices and buyers are offering more to be the winning bidder.
Number of Austin Condos Taken off the Market Down 20%
The number of expired condos in Austin (number of condos that were taken off the market) was down 20% or 12 units in year over year comparisons. In March 2014, there were 47 condos taken off the market compared to 59 in March 2013. Even though buyers are ready to buy and are making serious offers on condos they see as a value, they are passing up condos that are overpriced.
Austin Condo Supply Down 18% and Condo Demand Constant
This month we saw an 18% decrease in the supply (number of condos for sale) and no change in demand for Austin condos, which explains the historically low inventory. There are more buyers in the market than sellers. This has been the story for the past 18 months or so and it doesn’t seem to be letting up.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 2014 Austin Condo Numbers
In March 2014, there were 269 condos and townhomes that sold in Austin. Condos ranged in size from 399-3,295 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $1,875,000 and the least expensive condo sold for $58,000. It took, on average, 48 days to sell a condo in Austin and sellers received, on average, 97.12% of their original list prices. The average price per square foot of a condo in Austin in March 2014 was $288.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||March 2014|
|Property Type||Condos, Townhomes||Number Sold||269|
|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 it is time to sell. With inventory at historic lows and pent up demand, sellers who price their units right will have no trouble finding a buyer. As we head into Summer and more and more buyers in the single family home market get tired of multiple offers, they’ll look for other solutions like condos.
If you’re looking to purchase a condo in Austin, be proactive. The best condos are selling quickly. Set up email alerts and set aside time to look throughout the week. Though inventory is down and demand is up, you only need to find one condo, not 20. If you make condo buying a priority and work with professionals who know the market and can help you assess the market, you’ll be a condo owner in 2014!
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.