Eleven Oaks Realty is proud to present their April 2020 Austin Condo Price Report measuring activity in the Austin condo market. Our April 2020 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 44%
In April 2020, 154 condos sold in Austin compared to 277 in April 2019, marking a 44% (123 condo) decrease in year over year numbers.
51% Decrease in the Number of Condos Under Contract
In April 2020, there were 168 condos that went under contract (pending) in Austin compared to 340 in April 2019, showing a 51% (172 condo) decrease in year over year numbers. The Austin condo market has taken a much more severe hit due to the coronavirus pandemic than the single family home market. It will be interesting to see if next month sees any type of recovery.
Time to Sell an Austin Condo Saw a 22% Decrease
In April 2020, it took 35 days to sell a condo in Austin compared to 45 days in April 2019 marking a 22% (10 day) decrease in year over year numbers. Interestingly, we are seeing buyers make decisions much faster this year than last. So, although there are fewer buyers, they are still serious and able to move forward quickly.
Austin Condo Inventory Up 94%
In April 2020, we had 4.2 months of inventory on the Austin condo market compared to 2.1 months in April 2019, showing a 94% (2 month) increase in year over year inventory numbers. With just over 4 months of inventory, we are starting to get into a balanced market.
Number of Austin Condos Listed for Sale Down 30%
In April 2020, there were 277 condos and townhomes listed for sale in Austin compared to 393 in April 2020 marking an 30% (116 condo) decrease in year over year numbers. It seems many sellers are hesitant on putting their condos on the market.
Number of Condos on the Austin Market Down 16%
In April 2020, there were 940 condos and townhomes for sale in Austin compared to 1,117 in April 2019, marking a 16% (177 condo) decrease in year over year numbers.
Median Sold Price of Austin Condos Up 17%
In April 2020, the median sold price of a condo in Austin was $345,250 compared to $295,000 in April 2019, marking a 17% ($50,250) increase in year over year numbers. Despite fewer sales, we are seeing a significant increase in median price, which speaks to the strength of the condo market during these uncertain economic times.
Median For Sale Price Up 5% vs Median Sold Price Up 17%
In April 2020, the median price of a for sale condo in Austin was $399,000 compared to $379,000 in April 2019, marking a 5% increase. The median sold price of a condo in Austin went from $295,000 in April 2019 to $345,250 in April 2020, marking a 17% increase.
Number of Austin Condos Taken off the Market Up 48%
The number of expired condos in Austin (number of condos that were taken off the market) was up 48% or 24 condos in year over year figures. In April 2020, there were 74 condos taken off the market compared to 50 in April 2019. Again this month, we are seeing a significant increase in number of condos taken off the market, which is further reducing inventory and offsetting decreases in demand.
Austin Condo Supply Down 16% and Condo Demand Down 44%
This month we saw a 16% decrease in the supply (number of condos for sale) and a 44% decrease in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
April 2020 Austin Condo Numbers
In April 2020, there were 155 condos and townhomes that sold in Austin. Condos ranged in size from 420-3,155 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,525,000 and the least expensive condo sold for $62,000. It took, on average, 30 days to sell a condo in Austin and sellers received, on average, 99.36% of their original list prices. The average price per square foot of a condo sold in Austin in April 2020 was $292.24.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||155|
|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. With supply down 16% and demand down a whopping 44%, there are more sellers in the market than buyers. Inventory is just over 4 months, which is by no means a buyer’s market, but still the most favorable we’ve seen the Austin condo market in months. Keep in mind, you’re not going to be able to buy for pennies on the dollar. Median price is up 18%, so condos are still more expensive this year than they were last year. But, we’re not seeing as much competition. So, buyers are able to negotiate more favorable deals than they would have without the coronavirus pandemic slowing the market down.
If you need to sell, start early as you never know what this next wave of restrictions might bring. We could see even less demand, which might cause prices to go down. Condos are taking, on average, about 33 days to sell, but time to sell is down 26% from last year, which means the buyers that are 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, make aggressive offers and see if you can find a seller who is eager to sell. 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.