Eleven Oaks Realty is proud to present their July 2014 Austin Condo Price Report measuring activity in the Austin condo market. The July Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Time to Sell an Austin Condo Up 16%
In July 2014, it took 32 days to sell a condo in Austin compared to 27 days in July 2013 marking a 16% increase in year over year numbers. A few years ago, it used to take several weeks longer to sell a condo in Austin compared to a single family home. Lately, these numbers seem to be pretty well aligned. It seems more buyers are looking for minimal maintenance and walkable locations than they have been in years past. It also helps that Downtown Austin is becoming a more metropolitan city with shopping, restaurants and activities for people of all ages, making it a go to spot for those looking for something a bit more urban.
Austin Condo Inventory Down 10%
In July 2013, we had 2 months of inventory on the Austin condo market compared to 1.8 months in July 2014. This marks a 10% decrease in year over year inventory numbers. This month condo inventory is much more limited than single family home inventory, which is unusual. It wasn’t too long ago when condos were an after thought for those who couldn’t afford a single family home in the area they were looking. Not any more. We have quite a number of people who are only interested in condos – whether it be because they have no time to maintain a single family home, or they prefer a more urban setting. The Austin condo market has become just as strong and competitive as the Austin single family home market.
Number of Austin Condos Sold Down 9%
In July 2014, 279 condos sold in Austin compared to 307 in July 2013, marking a 9% decrease in year over year numbers. This decrease is seasonal, with the slow down we typically see in late Summer while people take their vacations and get the kids ready to go back to school.
Number of Condos Under Contract Down 9%
In July 2014, there were 249 condos that went under contract (pending) in Austin compared to 273 in July 2013, marking a 9% decrease in year over year numbers.
Number of Austin Condos Listed for Sale Down 10%
In July 2014, there were 302 condos and townhomes listed for sale in Austin compared to 336 in July 2013 marking a 10% (34 unit) decrease in year over year numbers.
Number of Condos on the Austin Market Down 13%
In July 2014, there were 760 condos and townhomes for sale in Austin compared to 875 in July 2013, marking a 13% decrease in year over year numbers.
Median Sold Price of Austin Condos Up 16%
In July 2014, the median sold price of a condo in Austin was $215,000 compared to $185,000 in July 2013, marking a 16% 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. This should be great news for condo owners looking to sell soon.
Median For Sale Price Up 10% vs Median Sold Price Up 16%
We don’t typically see this break down in median for sale versus medium sold price and this stat is very indicative of how buyers and sellers characterize the Austin condo market. Sellers typically think their condos are worth more than buyers, but this month shows the reverse. Sellers are pricing their units higher than they were last year and buyers are willing to pay even more than they were last year to own them. In July 2014, the median price of a for sale condo in Austin was $260,500 compared to $235,923 in July 2013, marking a 10% increase. The median sold price of a condo in Austin went from $215,000 in July 2013 to $215,000 in July 2014, marking a 16% increase.
Number of Austin Condos Taken off the Market Up 10%
The number of expired condos in Austin (number of condos that were taken off the market) was up 10% or 7 units in year over year figures. In July 2014, there were 75 condos taken off the market compared to 68 in July 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 9%
This month we saw a 13% decrease in the supply (number of condos for sale) and a 9% 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
July 2014 Austin Condo Numbers
In July 2014, there were 280 condos and townhomes that sold in Austin. Condos ranged in size from 369-2,297 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,799,500 and the least expensive condo sold for $57,000. It took, on average, 26 days to sell a condo in Austin and sellers received, on average, 101.5% of their original list prices. The average price per square foot of a condo in Austin in July 2014 was $225.34.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||July 2014|
|Property Type||Condos and Townhomes||Number Sold||280|
|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. Though demand is down from last year, supply is down more. It is taking a few more days to sell a condo than it did last year, but condos are selling for 16% more. Sellers who put in the time to prepare their condos to meet the market will have no problem 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.