May 2014 Austin Condo Price Report

Eleven Oaks Realty is proud to present their May 2014 Austin Condo Price Report measuring activity in the Austin condo market. The May 2014 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.

Time to Sell an Austin Condo Down 21%

In May 2014, it took 27 days to sell a condo in Austin compared to 34 days in May 2013 marking a 21% decrease in year over year numbers.

Austin Condo Inventory Down 16%

In May 2013, we had 1.8 months of inventory on the Austin condo market compared to just 1.5 months in May 2014. This marks a 16% decrease in year over year inventory numbers. Again this month, Austin condo inventory levels are hovering around single family home inventory levels. Condos used to be an option for those looking for single family homes to purchase a home with less competition. It seems that strategy is no longer effective. With as little inventory in the condo market as in the single family home market, buyers are having to compete in all sectors of the Austin real estate market.

Number of Austin Condos Sold Up 3%

In May 2014, 301 condos sold in Austin compared to 292 in May 2013, showing a 3% increase in year over year numbers. With inventory levels at just over 1 month, it is not surprising we saw more sales this year than we saw last year at this time, though not by as much as I would have expected.

Number of Condos Under Contract Down 3%

In May 2014, there were 279 condos that went under contract (pending) in Austin compared to 288 in May 2013, marking a 3% decrease in year over year numbers.

Number of Austin Condos Listed for Sale Up 7%

In May 2014, there were 361 condos and townhomes listed for sale in Austin compared to 336 in May 2013 marking a 7% (25 unit) increase in year over year numbers. It seems more condo owners are seeing the strength of the market and using it as an opportunity to move.

Number of Condos on the Austin Market Down 12%

In May 2014, there were 752 condos and townhomes for sale in Austin compared to 856 in May 2013, marking a 12% decrease in year over year numbers. This is more evidence that buyers are snatching up inventory that isn’t being replaced. As with the single family home market, the majority of the buyers do not have homes to sell and are snatching up inventory without replacing it.

Median Sold Price of Austin Condos Up 12%

In May 2014, the median sold price of a condo in Austin was $221,000 compared to $197,200 in May 2013, marking a 12% increase in year over year numbers.

Median For Sale Price Up 16% vs Median Sold Price Up 12%

It appears as though sellers are pricing their condos higher than they did last year and buyers feel these condos are worth more than last year, but not quite as much as sellers think. In May 2014, the median price of a for sale condo in Austin was $265,000 compared to $229,375 in May 2013, marking a 16% increase. The median sold price of a condo in Austin went from $197,200 in May 2013 to $221,000 in May 2014, marking a 12% increase.

Number of Austin Condos Taken off the Market Down 2%

The number of expired condos in Austin (number of condos that were taken off the market) was down 2% or 1 unit in year over year figures. In May 2014, there were 5 condos taken off the market compared to 56 in May 2013. Even though buyers are ready to buy and are making serious offers on condos they perceive as a value, they are passing up condos that are overpriced.

Austin Condo Supply Down 12% and Condo Demand Up 3%

This month we saw a 12% decrease in the supply (number of condos for sale) and a 3% increase in demand for Austin condos, which explains the historically low inventory. There are more buyers than willing sellers in the market. Another testament to the fact that most buyers are relocating from other areas or first time home buyers with no inventory to replace what they take.

Source: Clarus Market Metrics, ACTRIS Sold Data

May 2014 Austin Condo Numbers

In May 2014, there were 306 condos and townhomes that sold in Austin. Condos ranged in size from 365-3,575 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $2,500,000 and the least expensive condo sold for $62,000. It took, on average, 31 days to sell a condo in Austin and sellers received, on average, 98.60% of their original list prices. The average price per square foot of a condo in Austin in May 2014 was $230.60.

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 it is time to sell. With inventory at historic lows and pent up demand, sellers who price their units right will have no trouble finding a buyer. We’ll start to see a slowing in activity in August, so get your condo on the market now and take advantage of the strength of the market.

If you’re looking to purchase a condo in Austin, be proactive. The best condos are selling quickly. Set up email alerts and set aside time to look throughout the week. Though inventory is down and demand is up, you only need to find one condo, not 20. If you make condo buying a priority and work with professionals who know the market and can help you assess the market, you’ll be a condo owner in 2014!

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.