Eleven Oaks Realty is proud to present their April 2023 Austin Condo Price Report measuring activity in the Austin condo market. Our April 2023 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Austin Condo Market is a Seller’s Market – But Just Barely!
As we head into spring, we are seeing some changes in our market. Yesterday we told you about the single family home market and today we’re looking at the Austin condo market in April 2023. Interestingly, price is up from last month, it’s taking less time to sell than it did last month and sellers are getting slightly closer to list price. Inventory is at 4.96 months, which is almost a balanced market.
What does this mean for sellers? The Austin condo market is still strong. Though we are seeing more inventory, sellers are getting a bit more than they were last month. Sellers who are looking to sell this year can be successful, they just need patience. Price your home with the market, not over, and you’ll attract more buyers. Today’s buyers scrutinize listing photos and really determine whether it’s worth seeing in person. Prepare your unit to meet its buyer and make sure the photos are flawless. Know you have more competition now, but the competition is getting lax. Really take the time to prepare your condo and you’ll find a buyer.
What does this mean for buyers? Buyers are finally getting the relief they were needing. We are trending towards a balanced market, buyers are getting time to make a decision and prices are down from last year. If you make condo buying a priority, check out new listings as soon as they’re listed and are clear on what you’re looking for so you can make a decision faster than other buyers, you’ll likely find the exact uint you’re looking for. And be able to actually negotiate the deal, not just throw all your money at the seller. Though it’s not a buyer’s market, it’s closer to one than any market we’ve seen in years.
Austin Median Condo Price Down 7%
In April 2023, the median sold price of a condo in Austin was $480,000 compared to $516,000 in April 2022, showing a 7% decrease. Last month, the median sold price of a condo in Austin was $453,000, indicating a 6% increase in median sold prices in month over month comparisons.
49% Decrease in Austin Condo Sales
In April 2023, we saw 139 condos close escrow compared to 272 in April 2022, showing a 49% decrease in year over year numbers. In March 2023, we saw 167 condos close escrow, showing a 16.8% decrease in month over month numbers. We typically don’t see fewer sales in April than we do March, so that was an interesting trend. Next month will show if that’s a trend or if we just saw a small dip in April.
9% Decrease in List Price to Sales Price Percentage
In April 2023, condo sellers received 98.02% of their list prices compared to 107.32% in April 2022, showing a 9% decrease in year over year numbers. In March 2023, sellers received 97.38% of list price, showing an 0.7% increase in month over month numbers. Though sellers aren’t getting as much towards their list price as they were last year, we are still seeing strong numbers.
571% Increase in Time to Sell an Austin Condo
In April 2023, it took 47 days to sell an Austin condo compared to 7 days in April 2022, showing a 571% increase in year over year numbers. In March 2023, it took 52 days to sell, so April saw a 9.6% decrease in month over month numbers. Though down from the peak of 64 days in February 2023, we are still seeing buyers taking more time to make decisions, likely due to the fact we have more inventory and less competition, so they aren’t feeling as pressured to act.
11% Decrease in Median Sold Price Per Square Foot
In April 2023, the median sold price per square foot in Austin was $391/sqft compared to $439/sqft in April 2022, showing an 11% decrease in year over year numbers. In March 2023, the median sold price per square foot was $398/sqft, showing a 1.8% decrease in month over month numbers. Austin condo prices are trending down. Luckily we were on the upswing for a while, so we aren’t down to pre peak numbers yet, so if you’re looking to sell and still have positive equity, now might be the time.
51% Decrease in Total Sales Volume
In April 2023, the total sales volume for condos in Austin was $82,724,566 compared to $169,720,000 in April 2022 showing a 51% decrease in year over year sales volume numbers. In March 2023, the total sales volume for condos in Austin was $91,850,000, showing a 9.9% decrease in month over month numbers. Fewer condos are selling this month than last month, so it was not as strong a spring bump as we typically see in April.
401% Increase in Months Supply of Inventory
In April 2023, the Austin condo market saw 4.96 months of inventory, nearly at a balanced market. In April 2022, the Austin condo market had 0.99 months of inventory showing a 401% increase in year over year numbers. In March 2023, there was 4.16 months of inventory, showing a 19.2% increase in month over month numbers.
27% Decrease in Condos that Accepted a Contract
In April 2023, we saw 185 Austin condos accept a contract compared to 255 in April 2022, showing a 27% decrease in year over year numbers. In March 2023, we saw 180 Austin condos accept a contract, showing a 2.8% increase in month over month numbers.
Median Active List Price Up 20% vs Median Sold Price Down 7%
The median list price of an Austin condo was $584,900 in April 2023, compared to $489,000 in April 2022, showing a 20% increase in year over year numbers. The median list price of active condos in March 2023 was $550,000, showing a 6.3% increase in month over month numbers. Though the market is softer, sellers are still pricing higher than they were last year. The median sold price, as we saw above, went from $516k in April 2022 to $480k in April 2023, showing a 7% decrease.
9% Increase in New Austin Condo Listings
In April 2023, we saw 351 condos introduced to the market compared to 322 in April 2022, showing a 9% year over year increase. In March 2023, we saw 348 condos introduced to the market, showing an 0.9% increase in month over month numbers. Despite a slowing market, more sellers were confidence in their ability to get their condos sold this year than they were last year during the boom.
193% Increase in Austin Condos on the Market
In April 2023, we had 747 condos on the Austin market compared to 255 in April 2022 showing a 193% increase in year over year numbers. In March 2023, we had 650 condos on the market, showing a 14.9% increase in month over month numbers. Buyers should be happy to see more supply.
April 2023 Austin Condo Numbers
In April 2023, there were 173 condos and townhomes that sold in Austin. Condos ranged in size from 369-4,465 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $7,450,000 and the least expensive condo sold for $185,000. It took, on average, 49 days to sell a condo in Austin and sellers received, on average, 95.81% of their original list prices. The average price per square foot of a condo sold in Austin in April 2023 was $430.20.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||April 2023|
|Property Type||Condos & Townhomes||Number Sold||173|
|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 nearly at a balanced market and sellers are getting more motivated. They’re negotiating further off list price than they have in years and there is less competition to drive up offer prices. Though not a “buyer’s market”, it’s still closer than we have seen to one in several years, making it a favorable time to buy.
If you need to sell, know you’re still able to do that if you have patience. Median price is up 6% from last month, indicating there are more aggressive buyers out there. And, you only need one buyer to buy your condo. 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 April 2023 Austin Condo Price Report?
Do you have questions about our April 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.