Eleven Oaks Realty is proud to present their May 2016 Austin Condo Price Report measuring activity in the Austin condo market. The May 2016 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 8%
In May 2016, 269 condos sold in Austin compared to 249 in May 2015, marking an 8% (20 condo) increase in year over year numbers.
20% Increase in the Number of Condos Under Contract
In May 2016, there were 312 condos that went under contract (pending) in Austin compared to 259 in May 2015, marking a 20% increase (53 condo) in year over year numbers.
Time to Sell an Austin Condo Down 1%
In May 2016, it took 32 days to sell a condo in Austin compared to 32 days in May 2015 marking a 1% decrease in year over year numbers.
Austin Condo Inventory Down 15%
In May 2016, we had 1.8 months of inventory on the Austin condo market compared to 2.1 months in May 2015. This marks a 15% decrease in year over year inventory numbers. With less than 2 months inventory, the Austin condo market strongly favors sellers. With a 20% increase in the number of condos that accepted a contract, Austin condo buyers are probably feeling the pinch.
Number of Austin Condos Listed for Sale Up 4%
In May 2016, there were 346 condos and townhomes listed for sale in Austin compared to 332 in May 2015 marking a 4% increase in year over year numbers. This month, we saw slightly more condo owners list their units for sale. It will be interesting to see if that trend continues next month.
Number of Condos on the Austin Market Up 9%
In May 2016, there were 931 condos and townhomes for sale in Austin compared to 852 in May 2015, marking a 9% increase in year over year numbers. If you’re a buyer looking for a condo in Austin, take advantage of the increase in your choices before demand outpaces supply.
Median Sold Price of Austin Condos Up 9%
In May 2016, the median sold price of a condo in Austin was $275,000 compared to $252,000 in May 2015, marking a 9% increase in year over year numbers. Austin condo buyers continue to make competitive offers, thus driving the price of an Austin condo up.
Median For Sale Price Up 11% vs Median Sold Price Up 9%
In May 2016, the median price of a for sale condo in Austin was $350,000 compared to $315,000 in May 2015, marking an 11% increase. The median sold price of a condo in Austin went from $252,000 in May 2015 to $275,000 in May 2016, marking a 9% increase.
Number of Austin Condos Taken off the Market Up 32%
The number of expired condos in Austin (number of condos that were taken off the market) was up 32% or 12 condos in year over year figures. In May 2016, there were 49 condos taken off the market compared to 37 in May 2015. As we’ve seen in the single family home market in Austin for the past few months, more sellers are taking their properties off the market this year compared to last year.
Austin Condo Supply Up 9% and Condo Demand Up 8%
This month we saw a 9% increase in the supply (number of condos for sale) and an 8% increase in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
May 2016 Austin Condo Numbers
In May 2016, there were 275 condos and townhomes that sold in Austin. Condos ranged in size from 316-4,528 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $2,100,000 and the least expensive condo sold for $60,000. It took, on average, 32 days to sell a condo in Austin and sellers received, on average, 98.01% of their original list prices. The average price per square foot of a condo in Austin in May 2016 was $273.10.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||May 2016|
|Property Type||Condos & Townhomes||Number Sold||275|
|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 a 9% increase in supply, buyers will have more choices than they did last year. Though inventory is at just under 2 months, an indicator of a strong seller’s market, the increase in supply might give buyers the slight edge they need to make a quick decision. Remember, the most successful buyers are proactive with their search and clear on they types of units they are looking for. Follow those two rules and you 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.
If you’re looking to sell, demand is picking up and has almost met the increase in supply. This year’s buyers are willing to pay about 9% more than they were last year, so even though it is taking about a month to sell, on average, sellers are being rewarded with more money. Make your home stand out as a value compared to the competition and you will be successful at getting an offer quickly. Remember, positioning your home 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.
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.