Eleven Oaks Realty is proud to present their May 2015 Austin Condo Price Report measuring activity in the Austin condo market. The May 2015 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 22%
In May 2015, 237 condos sold in Austin compared to 303 in May 2014, marking a 22% decrease in year over year numbers.
Number of Condos Under Contract Up 2%
In May 2015, there were 271 condos that went under contract (pending) in Austin compared to 266 in May 2014, marking a 2% (5 condo) increase in year over year numbers. Though down a bit from last month’s numbers, the condo market does seem to be a bit stronger this year than last.
Time to Sell an Austin Condo Up 16%
In May 2015, it took 31 days to sell a condo in Austin compared to 27 days in May 2014 marking a 16% increase in year over year numbers. Again this month, it is taking buyers looking to make a decision on an Austin condo compared to last year.
Austin Condo Inventory Up 7%
In May 2015, we had 1.9 months of inventory on the Austin condo market compared to 1.8 months in May 2014. This marks a 7% increase in year over year inventory numbers. Though inventory is up, the Austin condo market is still in a very strong seller’s market.
Number of Austin Condos Listed for Sale Down 8%
In May 2015, there were 332 condos and townhomes listed for sale in Austin compared to 361 in May 2014 marking an 8% decrease in year over year numbers.
Number of Condos on the Austin Market Up 8%
In May 2015, there were 831 condos and townhomes for sale in Austin compared to 772 in May 2014, marking an 8% increase in year over year numbers.
Median Sold Price of Austin Condos Up 13%
In May 2015, the median sold price of a condo in Austin was $248,500 compared to $220,000 in May 2014, marking a 13% increase in year over year numbers. Even though it is taking a few days longer to sell than last year, sellers are receiving significantly more money for their units.
Median For Sale Price Up 22% vs Median Sold Price Up 13%
In May 2015, the median price of a for sale condo in Austin was $317,000 compared to $260,300 in May 2014, marking a 22% increase. The median sold price of a condo in Austin went from $220,000 in May 2014 to $248,500 in May 2015, marking a 13% increase.
Number of Austin Condos Taken off the Market Up 28%
The number of expired condos in Austin (number of condos that were taken off the market) was up 28% or 9 condos in year over year figures. In May 2015, there were 41 condos taken off the market compared to 32 in May 2014. This increase in the number of units taken off the market is something we’ve seen across all segments of the market. It seems more sellers are listing their units at the top of the market and when they aren’t successful, they are taking their homes off the market.
Austin Condo Supply Up 8% and Condo Demand Down 22%
This month we saw an 8% increase in the supply (number of condos for sale) and a 22% decrease in demand for Austin condos. With more supply and less demand, buyers have a unique opportunity in the Austin condo market.
Source: Clarus Market Metrics, ACTRIS Sold Data
May 2015 Austin Condo Numbers
In May 2015, there were 242 condos and townhomes that sold in Austin. Condos ranged in size from 365-3,243 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $1,550,000 and the least expensive condo sold for $61,000. It took, on average, 33 days to sell a condo in Austin and sellers received, on average, 98.28% of their original list prices. The average price per square foot of a condo in Austin in May 2015 was $253.99.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 365 | $67,500 | $93.48 | $61,000 | $93.16 | 88.47% | 87.33% | 0 |
| Max | 4 | 5 | 3,243 | $1,695,000 | $882.81 | $1,550,000 | $807.33 | 115.89% | 110.10% | 382 |
| Avg | 2 | 2 | 1,207 | $306,575 | $257.68 | $301,526 | $253.99 | 98.84% | 98.28% | 33 |
| Median | 2 | 2 | 1,101 | $249,900 | $227.21 | $245,250 | $224.55 | 99.23% | 99.80% | 12 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | May 2015 |
| Property Type | Condos & Townhomes | Number Sold | 242 |
| 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. Even though inventory is up from last year, it is still at 1.9 months (showing an extreme seller’s market). Sellers who present their condos as a value will be successful at getting an offer quickly, even though there is less demand. 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, take advantage of increased supply and significantly decreased demand. Though there is still little inventory on the market, the decrease in demand and increase in time to sell will give buyers the allusion of more choices and time. Buyers who are proactive and clear on what types of units they are looking for can beat other buyers to the best condos. 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.
How Much is My Condo Worth?
If you’re considering selling and want to know how much your condo is worth, our Market Snapshot Tool is perfect for you. Simply put in your address below and we’ll email you a detailed report with sold prices, time to sell and market activity in your complex.
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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