Eleven Oaks Realty is proud to present their May 2017 Austin Condo Price Report measuring activity in the Austin condo market. The May 2017 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 3%
In May 2017, 298 condos sold in Austin compared to 288 in May 2016, marking a 3% (10 condo) increase in year over year numbers.
13% Increase in the Number of Condos Under Contract
In May 2017, there were 338 condos that went under contract (pending) in Austin compared to 298 in May 2016, marking a 13% (40 condo) increase in year over year numbers. This Spring saw a steady increase of condos under contract. It will be interesting to see if this trend continues, or if we’ll see a slow down as we get deeper into Summer.
Time to Sell an Austin Condo Up 48%
In May 2017, it took 46 days to sell a condo in Austin compared to 31 days in May 2016 marking a 48% (15 day) increase in year over year numbers. Again this month we’re seeing buyers take a little more time than they have in years past. As prices rise, buyers want to be sure what they are buying is worth it to them.
Austin Condo Inventory Up 11%
In May 2017, we had 2.3 months of inventory on the Austin condo market compared to 2.0 months in May 2016, showing an 11% increase in year over year inventory numbers.
Number of Austin Condos Listed for Sale Up 29%
In May 2017, there were 446 condos and townhomes listed for sale in Austin compared to 345 in May 2016 marking a 29% increase in year over year numbers. This year buyers have many more choices than they did at the same time last year. If you were frustrated by your options last year, this year might be the time to get started on your condo search again.
Number of Condos on the Austin Market Up 26%
In May 2017, there were 1,192 condos and townhomes for sale in Austin compared to 948 in May 2016, marking a 26% increase in year over year numbers. This year buyers have many more options than they have in years past. If you’re looking to buy a condo in Austin, now might be the window of opportunity you’ll need to be successful.
Median Sold Price of Austin Condos Down 3%
In May 2017, the median sold price of a condo in Austin was $271,500 compared to $279,950 in May 2016, marking a 3% decrease in year over year numbers. With supply outpacing demand as strongly as it is, it is not surprising to see a softening of prices.
Median For Sale Price Up 5% vs Median Sold Price Down 3%
In May 2017, the median price of a for sale condo in Austin was $359,950 compared to $342,950 in May 2016, marking a 5% increase. The median sold price of a condo in Austin went from $279,750 in May 2016 to $271,500 in May 2017, marking a 3% decrease.
Number of Austin Condos Taken off the Market Up 118%
The number of expired condos in Austin (number of condos that were taken off the market) was up 118% or 47 condos in year over year figures. In May 2017, there were 87 condos taken off the market compared to 40 in May 2016. We continue to see this trend in Austin as unrealistic sellers choose to take their units off the market vs. lowering the price.
Austin Condo Supply Up 26% and Condo Demand Up 3%
This month we saw a 26% increase in the supply (number of condos for sale) and a 3% increase in demand for Austin condos. As supply outpaces demand, buyers have a better chance to negotiate great deals on Austin condos. Start your search now and take advantage of the shift in market forces before it is too late.
Source: Clarus Market Metrics, ACTRIS Sold Data
May 2017 Austin Condo Numbers
In May 2017, there were 299 condos and townhomes that sold in Austin. Condos ranged in size from 400-3,452 sq ft with 0-11 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $3,950,000 and the least expensive condo sold for $60,000. It took, on average, 42 days to sell a condo in Austin and sellers received, on average, 97.61% of their original list prices. The average price per square foot of a condo sold in Austin in May 2017 was $274.80.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||299|
|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 supply up 26% and demand up 3%, buyers have many more choices with less competition than they have in previous years. The busy Spring market hasn’t come as quickly this year as it has in years past. Buyers are getting more choices and paying less than they were last year. If you’re looking for a deal, look for a motivated seller who is willing to work with you on price and terms. Remember, sellers have more competition, so if they want to get their units sold, they have to make some concessions. The most successful buyers are proactive with their search and clear on they types of units they are looking for. 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, don’t be discouraged. The Austin condo market is still a very healthy market with just under 2.5 months of inventory available and median price still hovering near the same place it was last year. We would expect demand to come up as we head deeper into Summer. If you make your condo stand out as a value compared to the competition, you will be successful at getting an offer quickly. 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.
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.