Eleven Oaks Realty is proud to present their June 2019 Austin Condo Price Report measuring activity in the Austin condo market. Our June 2019 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 16%
In June 2019, 275 condos sold in Austin compared to 328 in June 2018, marking a 16% (53 condo) decrease in year over year numbers. Again this month, we’re seeing a slow down in the condo market. We’re also seeing a slow down in the single family home market, which could be causing buyers to opt for single family homes if they can buy those versus condos. Working in the market, it seems buyers aren’t as frantic as they have been in years past. Whether that means they’re opting for homes in the suburbs versus condos in the city of Austin or if we really just have less demand, time will tell.
3% Decrease in the Number of Condos Under Contract
In June 2019, there were 310 condos that went under contract (pending) in Austin compared to 318 in June 2018, showing a 3% (8 condo) decrease in year over year numbers. Though we saw a slight decrease from year over year numbers, we didn’t see an abnormal decrease from April to June. It could just be buyers found what they were looking for earlier in the year.
Time to Sell an Austin Condo Saw No Change
In June 2019, it took 38 days to sell a condo in Austin compared to 38 days in June 2018 marking no change in year over year numbers.
Austin Condo Inventory Down 11%
In June 2019, we had 2.3 months of inventory on the Austin condo market compared to 2.6 months in June 2018, showing an 11% decrease in year over year inventory numbers. With a significant decrease in supply, we are seeing inventory numbers inch down. Even though there are fewer buyers in the market, they will still feel the spring/summer home buying pinch.
Number of Austin Condos Listed for Sale Down 8%
In June 2019, there were 382 condos and townhomes listed for sale in Austin compared to 416 in June 2018 marking an 8% decrease in year over year numbers. Fewer sellers are making their moves to sell this year than last.
Number of Condos on the Austin Market Down 11%
In June 2019, there were 1,104 condos and townhomes for sale in Austin compared to 1,245 in June 2018, marking an 11% decrease in year over year numbers.
Median Sold Price of Austin Condos Up 13%
In June 2019, the median sold price of a condo in Austin was $304,000 compared to $270,000 in June 2018, marking a 13% ($34,000) increase in year over year numbers.
Median For Sale Price Up 7% vs Median Sold Price Up 13%
In June 2019, the median price of a for sale condo in Austin was $375,631 compared to $350,000 in June 2018, marking a 7% increase. The median sold price of a condo in Austin went from $270,000 in June 2018 to $304,000 in June 2019, marking 13% increase.
Number of Austin Condos Taken off the Market Down 23%
The number of expired condos in Austin (number of condos that were taken off the market) was down 23% or 20 condos in year over year figures. In June 2019, there were 67 condos taken off the market compared to 87 in June 2018. With fewer condos being listed, buyers are snatching more inventory and requiring fewer sellers to take their units off the market. It will be interesting to see how this affects fall numbers.
Austin Condo Supply Down 11% and Condo Demand Down 16%
This month we saw an 11% decrease in the supply (number of condos for sale) and a 16% decrease in demand for Austin condos. Again this month we saw a decrease in both supply and demand. With demand down more, you would think it would have the opposite affect on time to sell and inventory.
Source: Clarus Market Metrics, ACTRIS Sold Data
June 2019 Austin Condo Numbers
In June 2019, there were 257 condos and townhomes that sold in Austin. Condos ranged in size from 368-4,516 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $2,795,000 and the least expensive condo sold for $95,000. It took, on average, 36 days to sell a condo in Austin and sellers received, on average, 97.86% of their original list prices. The average price per square foot of a condo sold in Austin in June 2019 was $306.83.
|Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||257|
|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. Though demand is down, inventory is also down, which means buyers aren’t seeing as many choices as they have in years past. Sellers who position their home well will attract the motivated buyers in the market. Be prepared to give it a little more time and you’ll find a qualified buyer. Remember, median price is up 13%, so buyers are willing to pay more for the condos they see as a value.
If you need to sell, we are in the middle of the best time of year to do so. Make your condo stand out as a value compared to the competition and 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.
Remember, if you’re looking to buy, now is the time of year when you’ll have the most choices. More sellers list their condos during the summer months than any other time of year. Start your search early and you’ll have time to wait for the right opportunity. 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.
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.