Eleven Oaks Realty is proud to present their July 2015 Austin Condo Price Report measuring activity in the Austin condo market. The July 2015 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 14%
In July 2015, 248 condos sold in Austin compared to 289 in July 2014, marking a 14% decrease in year over year numbers. As with the other segments of the Austin real estate market, Austin condos saw a decrease in sales in July. It seems buyers either found condos earlier in the year or decided to take a break from their search in July.
Number of Condos Under Contract Up 28%
In July 2015, there were 297 condos that went under contract (pending) in Austin compared to 232 in July 2014, marking a 28% (65 condo) increase in year over year numbers. Though we saw a dip in closed sales this month, we saw an increase in pending sales, which should make August sold numbers a little stronger than last year.
Time to Sell an Austin Condo Up 12%
In July 2015, it took 36 days to sell a condo in Austin compared to 32 days in July 2014 marking a 12% increase in year over year numbers. As we’re seeing across all segments of the Austin real estate market, buyers aren’t making decisions as quickly as they were last year.
Austin Condo Inventory Down 13%
In July 2015, we had 1.8 months of inventory on the Austin condo market compared to 2.1 months in July 2014. This marks a 13% decrease in year over year inventory numbers. With less than 2 months inventory, the Austin condo market is an extreme seller’s market.
Number of Austin Condos Listed for Sale Up 18%
In July 2015, there were 358 condos and townhomes listed for sale in Austin compared to 303 in July 2014 marking an 18% increase in year over year numbers. Even though inventory is down, we are seeing more new listings, which shows the level of demand for Austin condos.
Number of Condos on the Austin Market Up 15%
In July 2015, there were 903 condos and townhomes for sale in Austin compared to 785 in July 2014, marking a 15% increase in year over year numbers.
Median Sold Price of Austin Condos Up 7%
In July 2015, the median sold price of a condo in Austin was $230,550 compared to $215,000 in July 2014, marking a 7% increase in year over year numbers. Even though it is taking a few days longer to sell than last year, sellers are receiving significantly more money for their units in just one year.
Median For Sale Price Up 21% vs Median Sold Price Up 7%
In July 2015, the median price of a for sale condo in Austin was $315,000 compared to $259,900 in July 2014, marking a 21% increase. The median sold price of a condo in Austin went from $230,550 in July 2014 to $215,000 in July 2015, marking a 7% increase.
Number of Austin Condos Taken off the Market Down 3%
The number of expired condos in Austin (number of condos that were taken off the market) was down 3% or 2 condos in year over year figures. In July 2015, there were 58 condos taken off the market compared to 60 in July 2014. We saw the same number of condos taken off the market in both June and July 2015.
Austin Condo Supply Up 15% and Condo Demand Down 14%
This month we saw a 15% increase in the supply (number of condos for sale) and a 14% decrease in demand for Austin condos. With more supply than demand, buyers should have a slight edge compared to previous months, even with the decreased months supply of inventory.
Source: Clarus Market Metrics, ACTRIS Sold Data
July 2015 Austin Condo Numbers
In July 2015, there were 253 condos and townhomes that sold in Austin. Condos ranged in size from 374-3,022 sq ft with 0-5 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,900,000 and the least expensive condo sold for $60,200. It took, on average, 32 days to sell a condo in Austin and sellers received, on average, 98.33% of their original list prices. The average price per square foot of a condo in Austin in July 2015 was $238.97.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||July 2015|
|Property Type||Condos & Townhomes||Number Sold||253|
|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. Even though supply is up and demand is down, we still only have 1.9 months of inventory on the market (showing an extreme seller’s market). Sellers who present their condos as a value will be successful at getting an offer quickly. And, positioning your home 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, take advantage of increased supply and time to sell. Buyers who are proactive and clear on what types of units they are looking for can beat other buyers to the best condos. 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.