Eleven Oaks Realty is proud to present their March 2015 Austin Condo Price Report measuring activity in the Austin condo market. The March 2015 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 6%
In March 2015, 221 condos sold in Austin compared to 236 in March 2014, marking a 6% decrease in year over year numbers.
Number of Condos Under Contract Up 3%
In March 2015, there were 269 condos that went under contract (pending) in Austin compared to 260 in March 2014, marking a 3% (9 condo) increase in year over year numbers. Though only up slightly from last year, number of condos under contract have steadily increased since December, which is to be expected as we head into Spring.
Time to Sell an Austin Condo Down 6%
In March 2015, it took 32 days to sell a condo in Austin compared to 35 days in March 2014 marking a 6% decrease in year over year numbers. It seems condo buyers are quicker to make a decision about a condo than single family home buyers this month. Usually, we see the opposite trend.
Austin Condo Inventory Down 4%
In March 2015, we had 1.5 months of inventory on the Austin condo market compared to 1.6 months in March 2014. This marks a 4% decrease in year over year inventory numbers. Though a small change, when we have inventory this lean even an 0.1% decrease will impact buyers and sellers.
No Change in Number of Austin Condos Listed for Sale
In March 2015, there were 311 condos and townhomes listed for sale in Austin compared to 312 in March 2014 marking no change in year over year numbers. Though we saw a little dip in new condos listed for sale last month, that trend seems to be reversing as we head deeper into Spring.
Number of Condos on the Austin Market Up 3%
In March 2015, there were 737 condos and townhomes for sale in Austin compared to 715 in March 2014, marking a 3% increase in year over year numbers.
Median Sold Price of Austin Condos Down 1%
In March 2015, the median sold price of a condo in Austin was $233,200 compared to $235,000 in March 2014, marking a 1% 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 25% vs Median Sold Price Down 1%
In March 2015, the median price of a for sale condo in Austin was $312,571 compared to $250,000 in March 2014, marking a 25% increase. The median sold price of a condo in Austin went from $235,000 in March 2014 to $233,200 in March 2015, marking a 1% decrease. It seems sellers are pricing much higher than they were last year, but they are willing to negotiate more with buyers to get their units sold.
Number of Austin Condos Taken off the Market Up 38%
The number of expired condos in Austin (number of condos that were taken off the market) was up 38% or 16 condos in year over year figures. In March 2015, there were 58 condos taken off the market compared to 42 in March 2014. In a similar, unusual trend, we saw the number of condos taken off the market increase from January and February. We also saw this trend in the single family home market and is a little unusual given Spring is the busiest time of year. Most sellers would want to list their homes during Spring and it is unusual to see them giving up as the busy season starts.
Austin Condo Supply Up 3% and Condo Demand Down 6%
This month we saw a 3% increase in the supply (number of condos for sale) and a 6% decrease in demand for Austin condos. With slightly less demand and more supply, it seems buyers have a unique opportunity to negotiate better deals.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 2015 Austin Condo Numbers
In March 2015, there were 224 condos and townhomes that sold in Austin. Condos ranged in size from 300-3,510 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,835,000 and the least expensive condo sold for $61,000. It took, on average, 37 days to sell a condo in Austin and sellers received, on average, 98.56% of their original list prices. The average price per square foot of a condo in Austin in March 2015 was $249.44.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||March 2015|
|Property Type||Condos & Townhomes||Number Sold||224|
|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 to 1.5 months (showing an extreme seller’s market) and little increase in supply, sellers who present their condos as a value will be successful at selling quickly. A value also 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, don’t get frustrated. Demand has increased since last month, but has decreased from last year, giving buyers an opportunity to negotiate more with sellers. And, with supply up a little, buyers have a few more choices. On the flip side, 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.
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.