Eleven Oaks Realty is proud to present their June 2014 Austin Condo Price Report measuring activity in the Austin condo market. The June 2014 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Time to Sell an Austin Condo Down 40%
In June 2014, it took 23 days to sell a condo in Austin compared to 39 days in June 2013 marking a 40% decrease in year over year numbers. It seems, condo buyers are even more motivated than single family home buyers and are making decisions quickly.
Austin Condo Inventory Down 18%
In June 2013, we had 2 months of inventory on the Austin condo market compared to just 1.6 months in June 2014. This marks an 18% decrease in year over year inventory numbers. Again this month, Austin condo inventory levels are hovering around single family home inventory levels. Condos used to be an option for those looking for single family homes to purchase a home with less competition. It seems that strategy is no longer effective. With as little inventory in the condo market as in the single family home market, buyers are having to compete in all sectors of the Austin real estate market.
Number of Austin Condos Sold Down 8%
In June 2014, 241 condos sold in Austin compared to 263 in June 2013, marking an 8% decrease in year over year numbers.
Number of Condos Under Contract Down 2%
In June 2014, there were 268 condos that went under contract (pending) in Austin compared to 274 in June 2013, marking a 2% decrease in year over year numbers.
Number of Austin Condos Listed for Sale Down 13%
In June 2014, there were 316 condos and townhomes listed for sale in Austin compared to 363 in June 2013 marking a 13% (47 unit) decrease in year over year numbers. Even though the market is strong, fewer condo owners are selling this year compared to last. Perhaps they are intimidated by the market and aren’t wanting to compete.
Number of Condos on the Austin Market Down 13%
In June 2014, there were 761 condos and townhomes for sale in Austin compared to 875 in June 2013, marking a 13% decrease in year over year numbers. This is more evidence that buyers are snatching up inventory that isn’t being replaced. As with the single family home market, the majority of the buyers do not have homes to sell and are snatching up inventory without replacing it.
Median Sold Price of Austin Condos Up 13%
In June 2014, the median sold price of a condo in Austin was $229,500 compared to $202,500 in June 2013, marking a 13% increase in year over year numbers. Buyers are willing to spend more money on a condo this year than they were last year, which makes sense since there is a shortage of inventory.
Median For Sale Price Up 14% vs Median Sold Price Up 13%
With such little difference in the median for sale price and the median sold price, it seems buyers think condos are worth nearly as much as sellers do. In June 2014, the median price of a for sale condo in Austin was $255,500 compared to $225,000 in June 2013, marking a 14% increase. The median sold price of a condo in Austin went from $202,500 in June 2013 to $229,500 in June 2014, marking a 12% increase.
Number of Austin Condos Taken off the Market Up 2%
The number of expired condos in Austin (number of condos that were taken off the market) was up 2% or 1 unit in year over year figures. In June 2014, there were 63 condos taken off the market compared to 62 in June 2013. Even though buyers are ready to buy and are making serious offers on condos they perceive as a value, they are passing up condos that are overpriced.
Austin Condo Supply Down 13% and Condo Demand Down 8%
This month we saw a 13% decrease in the supply (number of condos for sale) and an 8% decrease in demand for Austin condos. Though demand is down from last year, supply is down more, explaining the shortage of inventory.
Source: Clarus Market Metrics, ACTRIS Sold Data
June 2014 Austin Condo Numbers
In June 2014, there were 293 condos and townhomes that sold in Austin. Condos ranged in size from 389-5,458 sq ft with 0-5 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $3,200,000 and the least expensive condo sold for $38,000. It took, on average, 28 days to sell a condo in Austin and sellers received, on average, 101.39% of their original list prices. The average price per square foot of a condo in Austin in June 2014 was $199.90.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||June 2014|
|Property Type||Condos and Townhomes||Number Sold||293|
|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 it is time to sell. With inventory at historic lows and pent up demand, sellers who price their units right will have no trouble finding a buyer.
If you’re looking to purchase a condo in Austin, be proactive. The best condos are selling quickly. Set up email alerts and set aside time to look throughout the week. Though inventory is down and demand is up, you only need to find one condo, not 20. If you make condo buying a priority and work with professionals who know the market and can help you assess the market, you’ll be a condo owner in 2014!
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.