Eleven Oaks Realty is proud to present their May 2020 Austin Condo Price Report measuring activity in the Austin condo market. Our May 2020 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 47%
In May 2020, 171 condos sold in Austin compared to 324 in May 2019, marking a 47% (153 condo) decrease in year over year numbers. We have definitely seen a slow down in the Austin condo market since the coronavirus pandemic began.
14% Decrease in the Number of Condos Under Contract
In May 2020, there were 276 condos that went under contract (pending) in Austin compared to 322 in May 2019, showing a 14% (46 condo) decrease in year over year numbers. Though we see a slow down in pending sales, it looks as though we are starting to climb out of the deficit.
Time to Sell an Austin Condo Saw a 1% Decrease
In May 2020, it took 42 days to sell a condo in Austin compared to 42 days in May 2019 marking a 1% (0 day) decrease in year over year numbers.
Austin Condo Inventory Up 12%
In May 2020, we had 2.6 months of inventory on the Austin condo market compared to 2.3 months in May 2019, showing a 12% (0.3 month) increase in year over year inventory numbers. Though we saw inventory levels creep over 4 months last month, we are seeing them back under 3 months, which is typically where we see them this time of year.
Number of Austin Condos Listed for Sale Down 14%
In May 2020, there were 339 condos and townhomes listed for sale in Austin compared to 393 in May 2020 marking a 14% (54 condo) decrease in year over year numbers. Sellers are still hesitant to get their condos listed, which is causing inventory levels to decrease.
Number of Condos on the Austin Market Down 6%
In May 2020, there were 1,065 condos and townhomes for sale in Austin compared to 1,135 in May 2019, marking a 6% (70 condo) decrease in year over year numbers.
Median Sold Price of Austin Condos Up 26%
In May 2020, the median sold price of a condo in Austin was $360,000 compared to $284,975 in May 2019, marking a 26% ($75,025) increase in year over year numbers.
Median For Sale Price Up 2% vs Median Sold Price Up 26%
In May 2020, the median price of a for sale condo in Austin was $389,457 compared to $380,000 in May 2019, marking a 2% increase. The median sold price of a condo in Austin went from $284,975 in May 2019 to $360,000 in May 2020, marking a 26% increase.
Number of Austin Condos Taken off the Market Up 13%
The number of expired condos in Austin (number of condos that were taken off the market) was up 13% or 8 condos in year over year figures. In May 2020, there were 68 condos taken off the market compared to 60 in May 2019.
Austin Condo Supply Down 6% and Condo Demand Down 47%
This month we saw a 6% decrease in the supply (number of condos for sale) and a 47% decrease in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
May 2020 Austin Condo Numbers
In May 2020, there were 155 condos and townhomes that sold in Austin. Condos ranged in size from 464-4,411 sq ft with 1-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $2,500,000 and the least expensive condo sold for $118,900. It took, on average, 41 days to sell a condo in Austin and sellers received, on average, 97.24% of their original list prices. The average price per square foot of a condo sold in Austin in May 2020 was $318.45.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||175|
|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 down 6% and demand down a whopping 47%, there are more sellers in the market than buyers. Inventory has dropped to just around 2.5 months, which is higher than we’d expect to see this time of year. Though technically a seller’s market, this is the most favorable market to buyers than we’ve seen in years. Keep in mind, you’re not going to be able to buy for pennies on the dollar. Median price is up 26%, so condos are still more expensive this year than they were last year. But, we’re not seeing as much competition. Buyers are able to negotiate more favorable deals than they would have without the coronavirus pandemic slowing the market down.
If you need to sell, start the process early and give yourself some extra time to find the right buyer. Buyers are starting to come out of the woodwork and they are making serious offers. They aren’t throwing money at sellers, but they are making strong offers. Condos are taking, on average, about 42 days to sell, but time to sell is only down 1% from last year, which means the buyers that are in the market now are serious. 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, make aggressive offers and see if you can find a seller who is eager to sell. 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. Right now interest rates are at historic lows. Sellers who have listed their homes now are generally more motivated to get it sold. Make offers and see what happens. Deals are out there if you pay attention. 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. Also, don’t be afraid to make offers. If a unit is worth what the owner is asking, find out if they’re willing to take your number. You never know how motivated a seller might be until you put an offer in front of them they’ll have to turn down. 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 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.