Eleven Oaks Realty is proud to present their July 2019 Austin Condo Price Report measuring activity in the Austin condo market. Our July 2019 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 11%
In July 2019, 273 condos sold in Austin compared to 308 in July 2018, marking an 11% (35 condo) decrease in year over year numbers. This decrease in year over year sales is something we’re seeing in both the single family and condominium market. There are either fewer buyers in the market, or the buyers in the market are more picky about what they select. It will be interesting to see how the summer finishes out.
5% Decrease in the Number of Condos Under Contract
In July 2019, there were 259 condos that went under contract (pending) in Austin compared to 272 in July 2018, showing a 5% (13 condo) decrease in year over year numbers. This summer’s numbers have dropped off a bit faster than they did last year. It will be interesting to see if that translates to less activity or a busier fall and winter.
Time to Sell an Austin Condo Down 18%
In July 2019, it took 40 days to sell a condo in Austin compared to 49 days in July 2018 marking an 18% decrease in year over year numbers. With a decrease in overall condo sales and a slight decrease in median price, condo sellers seem to be agreeing to buyers terms faster.
Austin Condo Inventory Down 8%
In July 2019, we had 2.8 months of inventory on the Austin condo market compared to 3.1 months in July 2018, showing an 8% decrease in year over year inventory numbers. With fewer new listings and more condos taken off the market, we are seeing inventory levels inch lower. We would expect inventory to increase as we close out the year, but with this year’s decreased supply and demand, it might not be as pronounced.
Number of Austin Condos Listed for Sale Down 5%
In July 2019, there were 338 condos and townhomes listed for sale in Austin compared to 354 in July 2018 marking 5% decrease in year over year numbers. Again this month, we are seeing fewer sellers get their condos listed.
Number of Condos on the Austin Market Down 9%
In July 2019, there were 1,082 condos and townhomes for sale in Austin compared to 1,194 in July 2018, marking a 9% decrease in year over year numbers.
Median Sold Price of Austin Condos Down 2%
In July 2019, the median sold price of a condo in Austin was $275,000 compared to $279,500 in July 2018, marking a 2% ($4,500) decrease in year over year numbers.
Median For Sale Price Up 7% vs Median Sold Price Down 2%
In July 2019, the median price of a for sale condo in Austin was $385,500 compared to $359,000 in July 2018, marking a 7% increase. The median sold price of a condo in Austin went from $279,500 in July 2018 to $275,000 in July 2019, marking a 2% decrease.
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 2 condos in year over year figures. In July 2019, there were 91 condos taken off the market compared to 89 in July 2018. Though a slight increase, only a 2 condo difference is not exactly significant.
Austin Condo Supply Down 9% and Condo Demand Down 11%
This month we saw a 9% decrease in the supply (number of condos for sale) and an 11% decrease in demand for Austin condos. Again this month we saw a decrease in both supply and demand.
Source: Clarus Market Metrics, ACTRIS Sold Data
July 2019 Austin Condo Numbers
In July 2019, there were 275 condos and townhomes that sold in Austin. Condos ranged in size from 369-4,109 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $3,750,000 and the least expensive condo sold for $93,500. It took, on average, 36 days to sell a condo in Austin and sellers received, on average, 98.03% of their original list prices. The average price per square foot of a condo sold in Austin in July 2019 was $305.81.
|Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||275|
|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 condo well will attract the motivated buyers in the market. And, with time to sell also down, the buyers in the market seem to be serious and quick to make a decision. As median prices hover around where they were last year, condo owners who position their units as a value will get a buyer quickly.
If you need to sell, we are in 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.
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.
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.