Eleven Oaks Realty is proud to present their March 2020 Austin Condo Price Report measuring activity in the Austin condo market. Our March 2020 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 9%
In March 2020, 249 condos sold in Austin compared to 229 in March 2019, marking a 9% (20 condo) increase in year over year numbers.
26% Decrease in the Number of Condos Under Contract
In March 2020, there were 209 condos that went under contract (pending) in Austin compared to 284 in March 2019, showing a 26% (75 condo) decrease in year over year numbers. It seems this month we started to see the effects of the coronavirus outbreak. Fewer buyers were in the market for condos and townhomes in Austin than at this time last year.
Time to Sell an Austin Condo Saw a 36% Decrease
In March 2020, it took 31 days to sell a condo in Austin compared to 48 days in March 2019 marking a 36% (17 day) decrease in year over year numbers. Even though we had fewer condos go under contract, we saw a significant decrease in time to sell.
Austin Condo Inventory Up 20%
In March 2020, we had 3.1 months of inventory on the Austin condo market compared to 2.5 months in March 2019, showing a 20% (0.5 month) increase in year over year inventory numbers.
Number of Austin Condos Listed for Sale Down 12%
In March 2020, there were 347 condos and townhomes listed for sale in Austin compared to 396 in March 2019 marking an 12% (49 condo) decrease in year over year numbers. Though we did see the expected increase from February to March with new condo listings, we aren’t seeing as big a jump we typically see. Likely due to the uncertainty surrounding coronavirus, but it will be interesting to see how things play out.
Number of Condos on the Austin Market Down 11%
In March 2020, there were 945 condos and townhomes for sale in Austin compared to 1,063 in March 2019, marking an 11% (118 condo) decrease in year over year numbers.
Median Sold Price of Austin Condos Up 12%
In March 2020, the median sold price of a condo in Austin was $362,500 compared to $323,350 in March 2019, marking a 12% ($39,150) increase in year over year numbers. Despite fewer sales, we are seeing an increase in median price, which speaks to the strength of the condo market during these uncertain economic times.
Median For Sale Price Up 4% vs Median Sold Price Up 12%
In March 2020, the median price of a for sale condo in Austin was $399,424 compared to $382,695 in March 2019, marking a 4% increase. The median sold price of a condo in Austin went from $323,350 in March 2019 to $362,500 in March 2020, marking a 12% increase.
Number of Austin Condos Taken off the Market Up 75%
The number of expired condos in Austin (number of condos that were taken off the market) was up 75% or 42 condos in year over year figures. In March 2020, there were 98 condos taken off the market compared to 56 in March 2019. As we suspected, the coronavirus outbreak has caused many to put the brakes on their condo sales and take their units off the market. This significant increase has caused inventory to decrease, so buyers are still feeling the pinch.
Austin Condo Supply Down 11% and Condo Demand Up 9%
This month we saw an 11% decrease in the supply (number of condos for sale) and a 9% increase in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 2020 Austin Condo Numbers
In March 2020, there were 254 condos and townhomes that sold in Austin. Condos ranged in size from 389-4,237 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $4,124,000 and the least expensive condo sold for $119,500. It took, on average, 52 days to sell a condo in Austin and sellers received, on average, 98.64% of their original list prices. The average price per square foot of a condo sold in Austin in March 2020 was $326.36.
|Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||254|
|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 supply down 11% and demand up 9%, there is an opportunity as we are in the early stages of the coronavirus outbreak to catch buyers who have already made plans to buy. Median price is up 12% and time to sell is down 36%, so sellers are definitely in a position to capitalize on the serious buyers that are making decisions quickly. As we head deeper into spring, we would typically expect to see demand increase, but this year with the virus, we’re not sure exactly what will happen. Get your homes on the market now and give yourself some extra time to get your condo sold.
If you need to sell, start early as you never know what this next wave of restrictions might bring. Condos are taking, on average, about 31 days to sell, but time to sell is down 36% from last year, which means buyers in the market now are serious. 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, I would still recommend starting now. Make aggressive offers and see if you can find a seller who is eager to sell. One thing that has changed is buyers are taking a little longer to scout properties than they would have at this time last year. If you can set alerts and get inside properties of interest early, you might just beat out the competition. If the virus precautions lift and life gets back to normal, we’ll likely be faced with more demand. And, if supply doesn’t pick up, that means even higher prices. Right now interest rates are at historic lows. Sellers who have listed their homes now are generally more motivated to get it sold. 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.
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.