Eleven Oaks Realty is proud to present their March 2023 Austin Condo Price Report measuring activity in the Austin condo market. Our March 2023 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 32%
In March 2023, 182 condos sold in Austin compared to 267 in March 2022, marking a 32% (85 condo) decrease in year over year numbers.
28% Decrease in the Number of Condos Under Contract
In March 2023, there were 193 condos that went under contract (pending) in Austin compared to 267 in March 2022, showing a 28% (74 condo) decrease in year over year numbers.
Time to Sell an Austin Condo Saw a 293% Increase
In March 2023, it took 52 days to sell a condo in Austin compared to 13 days in March 2022 marking a 293% (39 day) increase in year over year numbers. The best condos are selling faster, with the median time to sell sitting at 24 days. Last month the median time to sell was 48 days.
Austin Condo Inventory Up 435%
In March 2023, we had 3.6 months of inventory on the Austin condo market compared to 0.7 months in March 2022, showing a 435% (3 month) increase in year over year inventory numbers. All segments of the market are experiencing inventory increases. Though the condo market has more inventory than the single family home market, condo prices are holding stronger than single family home prices.
Number of Austin Condos Listed for Sale Saw a 27% Increase
In March 2023, there were 399 condos and townhomes listed for sale in Austin compared to 315 in March 2022, marking a 27% (84 condo) increase in year over year numbers. Though we are hearing the market is slowing, we are still seeing more sellers list their units this year than last year. Could be that condo owners who are trying to get into the single family home market see this as their opportunity to make the switch now that single family home prices are down.
Number of Condos on the Austin Market Up 113%
In March 2023, there were 987 condos and townhomes for sale in Austin compared to 464 in March 2022, marking a 113% (523 condo) increase in year over year numbers.
Median Sold Price of Austin Condos Down 2%
In March 2023, the median sold price of a condo in Austin was $467,500 compared to $476,500 in March 2022, marking a 2% ($9,000) decrease in year over year numbers. We have seen median condo prices go up and down the last few months. It will be interesting to see what next month brings once we’ve have a month of spring data to measure.
Median For Sale Price Up 6% vs Median Sold Price Down 2%
In March 2023, the median price of a for sale condo in Austin was $515,050 compared to $487,000 in March 2022, marking a 6% increase. The median sold price of a condo in Austin went from $476,500 in March 2022 to $467,500 in March 2023, marking a 2% decrease.
Number of Austin Condos Taken off the Market Up 500%
The number of expired condos in Austin (number of condos that were taken off the market) was up 500% or 75 condos in year over year figures. In March 2023, there were 90 condos taken off the market compared to 15 in March 2022. Perhaps this reduction in inventory is helping condo prices remain stable.
Austin Condo Supply Up 113% and Condo Demand Down 32%
This month we saw a 113% increase in the supply (number of condos for sale) and a 32% decrease in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 2023 Austin Condo Numbers
In March 2023, there were 182 condos and townhomes that sold in Austin. Condos ranged in size from 341-2,882 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $3,250,000 and the least expensive condo sold for $175,000. It took, on average, 50 days to sell a condo in Austin and sellers received, on average, 94.45% of their original list prices. The average price per square foot of a condo sold in Austin in March 2023 was $422.94.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||March 2023|
|Property Type||Condos & Townhomes||Number Sold||182|
|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 buy. We are entering a balanced market and if we don’t see demand increase substantially in spring, we should see the balanced market continue. With demand down 32% and supply up 113%, buyers have more choices and less competition. We’re also seeing many price reductions and motivated sellers looking to get their condos sold this year so they can move on to the next chapter of their life.
If you need to sell, know you’re still able to do that if you have patience. Median price is only down 2%, despite market forces trying to push prices down even further, which speaks to the motivation of buyers that are in the market. 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. Though interest rates have risen, they are expected to rise even more in the coming weeks, so this might be the lowest we’ll see for a while. 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 2023 Austin Condo Price Report?
Do you have questions about our March 2023 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.
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