Eleven Oaks Realty is proud to present their May 2022 Austin Condo Price Report measuring activity in the Austin condo market. Our May 2022 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 30%
In May 2022, 266 condos sold in Austin compared to 380 in May 2021, marking a 30% (114 condo) decrease in year over year numbers.
25% Decrease in the Number of Condos Under Contract
In May 2022, there were 284 condos that went under contract (pending) in Austin compared to 381 in May 2021, showing a 25% (97 condo) decrease in year over year numbers.
Time to Sell an Austin Condo Saw a 59% Decrease
In May 2022, it took 10 days to sell a condo in Austin compared to 25 days in May 2021 marking a 59% (15 day) decrease in year over year numbers. The best condos are selling within a matter of days, with the median time to sell sitting at 5 days.
Austin Condo Inventory Up 41%
In May 2022, we had 1.0 months of inventory on the Austin condo market compared to 0.7 months in May 2021, showing a 41% (0.3 month) increase in year over year inventory numbers. Both the single family home and condo market are seeing some changes from the interest rate hike.
Number of Austin Condos Listed for Sale Down 1%
In May 2022, there were 383 condos and townhomes listed for sale in Austin compared to 388 in May 2021, marking a 1% (5 condo) decrease in year over year numbers.
Number of Condos on the Austin Market Down 15%
In May 2022, there were 581 condos and townhomes for sale in Austin compared to 686 in May 2021, marking a 15% (105 condo) decrease in year over year numbers.
Median Sold Price of Austin Condos Up 17%
In May 2022, the median sold price of a condo in Austin was $505,000 compared to $430,000 in May 2021, marking a 17% ($75,000) increase in year over year numbers.
Median For Sale Price Up 24% vs Median Sold Price Up 17%
In May 2022, the median price of a for sale condo in Austin was $539,000 compared to $433,797 in May 2021, marking a 24% increase. The median sold price of a condo in Austin went from $430,000 in May 2021 to $505,000 in May 2022, marking a 17% increase.
Number of Austin Condos Taken off the Market Down 51%
The number of expired condos in Austin (number of condos that were taken off the market) was down 51% or 22 condos in year over year figures. In May 2022, there were 21 condos taken off the market compared to 43 in May 2021. We saw a significant uptick in condos and homes taken off the market this month, likely due to the uptick in interest rates.
Austin Condo Supply Down 15% and Condo Demand Down 30%
This month we saw a 15% decrease in the supply (number of condos for sale) and a 30% decrease in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
May 2022 Austin Condo Numbers
In May 2022, there were 267 condos and townhomes that sold in Austin. Condos ranged in size from 437-4,169 sq ft with 1-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $2,450,000 and the least expensive condo sold for $210,000. It took, on average, 9 days to sell a condo in Austin and sellers received, on average, 106.80% of their original list prices. The average price per square foot of a condo sold in Austin in May 2022 was $476.47.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||May 2022|
|Property Type||Condos & Townhomes||Number Sold||267|
|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. Median price is up 17% and time to sell is down 59%. Supply is down 15% while demand is down 30%. The decrease in demand is something we’ve been seeing for months. Though we are seeing less demand according to the stats, prices are going up. So, sellers might not get 20 offers, but they’re getting offers. And, since you can’t sell to 20 people, you’re still getting what you want in the end. The highest price.
If you need to sell, start the process now. This uptick in interest rates might have a slow down effect for the market, which will ultimately result in lower prices. Buyers who are still motivated now and can afford it will make offers and accept higher interest rates as their cost of getting into the market. 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, be clear on what you want so you can be quick to move an offer if you find something that fits. Don’t wait until the weekend to check out listings in person. 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. Though interest rates have risen, they are expected to rise even more in the coming weeks, so this might be the lowest we’ll see for a while. 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. 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.