Eleven Oaks Realty is proud to present their March 2022 Austin Condo Price Report measuring activity in the Austin condo market. Our March 2022 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 35%
In March 2022, 258 condos sold in Austin compared to 398 in March 2021, marking a 35% (140 condo) decrease in year over year numbers.
36% Decrease in the Number of Condos Under Contract
In March 2022, there were 276 condos that went under contract (pending) in Austin compared to 428 in March 2021, showing a 36% (152 condo) decrease in year over year numbers.
Time to Sell an Austin Condo Saw a 59% Decrease
In March 2022, it took 14 days to sell a condo in Austin compared to 34 days in March 2021 marking a 59% (20 day) decrease in year over year numbers. The best condos are selling within a matter of days, with the median time to sell sitting at 5 days.
Austin Condo Inventory Down 24%
In March 2022, we had 0.5 months of inventory on the Austin condo market compared to 0.7 months in March 2021, showing a 24% (0.2 month) decrease in year over year inventory numbers. We’ve been sitting around 1/2 month’s inventory since the beginning of the year. It will be interesting to see when we really get into spring how far inventory numbers will decrease.
Number of Austin Condos Listed for Sale Down 24%
In March 2022, there were 311 condos and townhomes listed for sale in Austin compared to 410 in March 2021, marking a 24% (99 condo) decrease in year over year numbers. As supply goes down and demand is still there, we will continue to see prices rise.
Number of Condos on the Austin Market Down 44%
In March 2022, there were 440 condos and townhomes for sale in Austin compared to 782 in March 2021, marking a 44% (342 condo) decrease in year over year numbers.
Median Sold Price of Austin Condos Up 11%
In March 2022, the median sold price of a condo in Austin was $466,495 compared to $420,000 in March 2021, marking an 11% ($46,495) increase in year over year numbers. Though we aren’t seeing the 20% year over year increases we are seeing in the single family home market, 11% is still a significant increase for median prices of condos.
Median For Sale Price Up 15% vs Median Sold Price Up 11%
In March 2022, the median price of a for sale condo in Austin was $498,853 compared to $432,000 in March 2021, marking a 15% increase. The median sold price of a condo in Austin went from $420,000 in March 2021 to $466,495 in March 2022, marking an 11% increase.
Number of Austin Condos Taken off the Market Down 70%
The number of expired condos in Austin (number of condos that were taken off the market) was down 70% or 39 condos in year over year figures. In March 2022, there were 17 condos taken off the market compared to 56 in March 2021. With the market as strong as it is, fewer sellers are having to take their condos off the market before finding a buyer.
Austin Condo Supply Down 44% and Condo Demand Down 35%
This month we saw a 44% decrease in the supply (number of condos for sale) and a 35% decrease in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 2022 Austin Condo Numbers
In March 2022, there were 222 condos and townhomes that sold in Austin. Condos ranged in size from 262-3,769 sq ft with 0-5 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $4,369,400 and the least expensive condo sold for $180,000. It took, on average, 17 days to sell a condo in Austin and sellers received, on average, 106.85% of their original list prices. The average price per square foot of a condo sold in Austin in March 2022 was $465.98
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||March 2022|
|Property Type||Condos & Townhomes||Number Sold||258|
|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. Median price is up 11% and time to sell is down 59%. And, supply is down 44% while demand is down 35%. The decrease in demand can be misleading because it seems like there are fewer buyers in the market. I believe this decrease is due to a lack of supply more than anything else. List your condo and make it stand out and you’ll see how many buyers are out there.
If you need to sell, start the process now. Buyers are making strong offers quicker than they were at this time last year. Though condos are taking, on average, about 14 days to sell, the median time to sell is 5 days, which is more realistic of what a condo seller can expect. 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, be clear on what you want so you can be quick to move an offer if you find something that fits. Don’t wait until the weekend to check out listings in person. If you can set alerts and get inside properties of interest early, you might just beat out the competition. Buyers have become complacent and are waiting to see condos thinking they have time. If you can beat them to the punch and make offers, you just might be successful. Right now interest rates are at historic lows. 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. 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 March 2022 Austin Condo Price Report?
Do you have questions about our March 2022 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.