Eleven Oaks Realty is proud to present their April 2019 Austin Condo Price Report measuring activity in the Austin condo market. The April 2019 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 14%
In April 2019, 262 condos sold in Austin compared to 304 in April 2018, marking a 14% (42 condo) decrease in year over year numbers. Again this month, we’re seeing a slow down in the condo market. Buyers aren’t coming out in the numbers they were in previous years. Could be because the single family home market is slowing a bit and buyers are gravitating towards a home. Or, buyers aren’t finding the condo they’re looking for and are continuing to look.
11% Increase in the Number of Condos Under Contract
In April 2019, there were 342 condos that went under contract (pending) in Austin compared to 308 in April 2018, showing an 11% (34 condo) increase in year over year numbers. Though closed sales were down, pending sales were up, which means condo buyers are starting to get off the fence.
Time to Sell an Austin Condo Down 11%
In April 2019, it took 44 days to sell a condo in Austin compared to 50 days in April 2018 marking an 11% decrease in year over year numbers.
Austin Condo Inventory Down 22%
In April 2019, we had 2.0 months of inventory on the Austin condo market compared to 2.6 months in April 2018, showing a 22% decrease in year over year inventory numbers. With fewer homes coming online and a slight increase in homes under contract, we saw inventory drop from last year’s figures.
Number of Austin Condos Listed for Sale Down 4%
In April 2019, there were 400 condos and townhomes listed for sale in Austin compared to 416 in April 2018 marking a 4% decrease in year over year numbers.
Number of Condos on the Austin Market Down 6%
In April 2019, there were 1,095 condos and townhomes for sale in Austin compared to 1,165 in April 2018, marking a 6% decrease in year over year numbers.
Median Sold Price of Austin Condos Down 8%
In April 2019, the median sold price of a condo in Austin was $293,750 compared to $319,550 in April 2018, marking an 8% ($25,800) decrease in year over year numbers.
Median For Sale Price Up 10% vs Median Sold Price Down 8%
In April 2019, the median price of a for sale condo in Austin was $385,000 compared to $349,000 in April 2018, marking a 10% increase. The median sold price of a condo in Austin went from $319,550 in April 2018 to $293,750 in April 2019, marking an 8% decrease.
Number of Austin Condos Taken off the Market Up 7%
The number of expired condos in Austin (number of condos that were taken off the market) was up 7% or 4 condos in year over year figures. In April 2019, there were 59 condos taken off the market compared to 55 in April 2018. Spring started out a bit slow, which could have scared some sellers into giving up. Now that we have seen an increase in buyer activity, it will be interesting to see if these sellers relist or if they wait until next year.
Austin Condo Supply Down 6% and Condo Demand Down 14%
This month we saw a 6% decrease in the supply (number of condos for sale) and a 14% decrease in demand for Austin condos. Again this month we saw a decrease in both supply and demand. But, even with the significant decrease in demand, we still saw a decrease in inventory.
Source: Clarus Market Metrics, ACTRIS Sold Data
April 2019 Austin Condo Numbers
In April 2019, there were 285 condos and townhomes that sold in Austin. Condos ranged in size from 380-3,615 sq ft with 0-5 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $2,850,000 and the least expensive condo sold for $107,500. It took, on average, 44 days to sell a condo in Austin and sellers received, on average, 98.09% of their original list prices. The average price per square foot of a condo sold in Austin in April 2019 was $298.69.
|Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||265|
|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. Though supply is down, demand is down significantly more. With the decrease in showings and activity, sellers might be scared into negotiating better deals than they would be deeper into the busier, spring and summer market. This might be the last opportunity for buyers if this spring picks up like the previous springs. Catch a seller now who has been waiting for a buyer through winter and you just might get a good deal. But, don’t wait. We’ve already seen an increase in pending sales, so we would expect demand to continue to increase. And, if sellers don’t list their condos at the same rate, we could be seeing an even bigger inventory shortage.
Remember, when you’re buying, give yourself plenty of time to do so. Getting hung up in bidding wars for units you don’t really like doesn’t make too much sense. Sometimes buyers get caught up in winning or needing a place to live in so many days. Start your search early and you’ll have time to wait for the right opportunity. 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.
If you need to sell, we are entering the best time of year to do so. If your condo isn’t ready to show, get it ready now. Though demand is down, we anticipate that will increase over the next few weeks. And, you want to be ready when the buyers are. If you make your condo stand out as a value compared to the competition, you will be successful at getting an offer quickly. 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.
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.
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