Eleven Oaks Realty is proud to present their April 2021 Austin Condo Price Report measuring activity in the Austin condo market. Our April 2021 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 99%
In April 2021, 342 condos sold in Austin compared to 172 in April 2020, marking a 99% (170 condo) increase in year over year numbers. As the single family home market skyrockets, buyers are starting to consider condos to give them more options.
140% Increase in the Number of Condos Under Contract
In April 2021, there were 391 condos that went under contract (pending) in Austin compared to 163 in April 2020, showing a 140% (228 condo) increase in year over year numbers. The Austin condo market is really seeing a boost since the onset of the single family market boom. It might be an indicator as to the leveling off of the single family home market if we start to see a dip in the Austin condo market.
Time to Sell an Austin Condo Saw a 32% Decrease
In April 2021, it took 23 days to sell a condo in Austin compared to 34 days in April 2020 marking a 32% (11 day) decrease in year over year numbers. Smart buyers are making quicker decisions, which is increasing the speed of sale for Austin condos.
Austin Condo Inventory Down 87%
In April 2021, we had 0.7 months of inventory on the Austin condo market compared to 5.1 months in April 2020, showing an 87% (4.5 month) decrease in year over year inventory numbers. The increase in demand is showing up in slim pickings in terms of inventory.
Number of Austin Condos Listed for Sale Up 51%
In April 2021, there were 418 condos and townhomes listed for sale in Austin compared to 277 in April 2020, marking a 51% (141 condo) increase in year over year numbers. Condo owners have caught on to the sudden uptick in buyer demand and are hoping to capitalize before we see a leveling off.
Number of Condos on the Austin Market Down 34%
In April 2021, there were 698 condos and townhomes for sale in Austin compared to 1,065 in April 2020, marking a 34% (367 condo) decrease in year over year numbers.
Median Sold Price of Austin Condos Up 24%
In April 2021, the median sold price of a condo in Austin was $426,350 compared to $344,603 in April 2020, marking a 24% ($81,747) increase in year over year numbers.
Median For Sale Price Up 10% vs Median Sold Price Up 24%
In April 2021, the median price of a for sale condo in Austin was $429,500 compared to $389,000 in April 2020, marking a 10% increase. The median sold price of a condo in Austin went from $344,603 in April 2020 to $426,350 in April 2021, marking a 24% increase.
Number of Austin Condos Taken off the Market Down 35%
The number of expired condos in Austin (number of condos that were taken off the market) was down 35% or 23 condos in year over year figures. In April 2021, there were 42 condos taken off the market compared to 65 in April 2020.
Austin Condo Supply Down 34% and Condo Demand Up 99%
This month we saw a 34% decrease in the supply (number of condos for sale) and a 99% increase in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
April 2021 Austin Condo Numbers
In April 2021, there were 342 condos and townhomes that sold in Austin. Condos ranged in size from 389-3,921 sq ft with 0-5 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $4,500,000 and the least expensive condo sold for $133,000. It took, on average, 30 days to sell a condo in Austin and sellers received, on average, 105.11% of their original list prices. The average price per square foot of a condo sold in Austin in April 2021 was $393.17.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||342|
|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 a 99% increase in demand and a 34% reduction in supply, there are many more buyers than sellers in the market. Inventory has dropped to just over 1/2 month, which is extreme seller’s market levels. Earlier this year, we were creeping into a balanced market, leaning towards a buyer’s market. Now the tables have turned. And, with median price up 24%, buyers are paying more. Interest rates are at historic lows, and buyers are taking advantage. Plus, the single family home market is absolute insanity, so buyers are having to re-evaluate the type of real estate they’re purchasing. If you’re looking to sell, get your units ready to meet the market now.
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 23 days to sell, the median time to sell is 5 days, which is more realistic of what a new 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. Sellers who have listed their condos 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.