Eleven Oaks Realty is proud to present their July 2020 Austin Condo Price Report measuring activity in the Austin condo market. Our July 2020 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 10%
In July 2020, 321 condos sold in Austin compared to 291 in July 2019, marking a 10% (30 condo) decrease in year over year numbers. It seems buyers are back in the condo market as well.
28% Increase in the Number of Condos Under Contract
In July 2020, there were 322 condos that went under contract (pending) in Austin compared to 252 in July 2019, showing a 28% (70 condo) increase in year over year numbers. Condo buyers are getting back in the market. Much like the single family home market, the condo market is seeing its spring uptick at the end of summer due to the coronavirus pandemic.
Time to Sell an Austin Condo Saw a 17% Decrease
In July 2020, it took 35 days to sell a condo in Austin compared to 42 days in July 2019 marking a 17% (7 day) increase in year over year numbers. With more buyers in the market, they are having to make decisions quicker to beat out other buyers.
Austin Condo Inventory Down 38%
In July 2020, we had 2.3 months of inventory on the Austin condo market compared to 3.7 months in July 2019, showing a 38% (1.4 month) decrease in year over year inventory numbers. With condos taken off the market up and number of properties for sale down, we are seeing it eat into our inventory numbers.
Number of Austin Condos Listed for Sale Up 44%
In July 2020, there were 478 condos and townhomes listed for sale in Austin compared to 333 in July 2020 marking a 44% (145 condo) increase in year over year numbers.
Number of Condos on the Austin Market Down 7%
In July 2020, there were 1,178 condos and townhomes for sale in Austin compared to 1,263 in July 2019, marking a 7% (85 condo) increase in year over year numbers. With demand up and under contract condos up significantly, we are seeing inventory levels decrease. If we don’t have an increase in supply, we are going to start to see more price increases.
Median Sold Price of Austin Condos Up 12%
In July 2020, the median sold price of a condo in Austin was $315,000 compared to $281,500 in July 2019, marking a 12% ($33,500) increase in year over year numbers. As inventory decreases, buyers are willing to pay more for condos they see as a value.
Median For Sale Price Up 3% vs Median Sold Price Up 12%
In July 2020, the median price of a for sale condo in Austin was $399,925 compared to $387,000 in July 2019, marking a 3% increase. The median sold price of a condo in Austin went from $281,500 in July 2019 to $315,000 in July 2020, marking a 12% increase.
Number of Austin Condos Taken off the Market Up 61%
The number of expired condos in Austin (number of condos that were taken off the market) was up 61% or 42 condos in year over year figures. In July 2020, there were 111 condos taken off the market compared to 69 in July 2019.
Austin Condo Supply Down 7% and Condo Demand Up 10%
This month we saw a 7% decrease in the supply (number of condos for sale) and a 10% increase in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
July 2020 Austin Condo Numbers
In July 2020, there were 322 condos and townhomes that sold in Austin. Condos ranged in size from 378-3,492 sq ft with 0-5 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $1,840,000 and the least expensive condo sold for $124,500. It took, on average, 38 days to sell a condo in Austin and sellers received, on average, 98% of their original list prices. The average price per square foot of a condo sold in Austin in July 2020 was $307.82.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||322|
|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. With supply down 7% and demand up 10%, there are more buyers in the market than sellers. Inventory has dropped to just over 2 months, which is approaching extreme seller’s market levels. Earlier this year, we were creeping into a balanced market, leaning towards a balanced market. Last month we saw trends that were more favorable to buyers, but this month we are seeing that advantage flip back to sellers. Median price is up 12% and buyers are making competitive offers to win the unit. Interest rates are at historic lows, and buyers are taking advantage. If you’re looking to sell, get your units ready to meet the market now. We don’t know what will happen as we get closer to the election.
If you need to sell, start the process early and give yourself some extra time to find the right buyer. Buyers are starting to come out of the woodwork and they are making serious offers. Buyers are making strong offers quicker than they were at this time last year. Condos are taking, on average, about 35 days to sell, down 17% from last year, which means the buyers that are in the market now are serious. Make your condo stand out as a value compared to the competition and you will be successful at getting an offer. 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, make aggressive offers and see if you can find a seller who is eager to sell. If you can set alerts and get inside properties of interest early, you might just beat out the competition. Buyers have become complacent and are waiting to see condos thinking they have time. If you can beat them to the punch and make offers, you just might be successful. Right now interest rates are at historic lows. Sellers who have listed their condos now are generally more motivated to get it sold. Make offers and see what happens. 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.