Eleven Oaks Realty is proud to present their July 2021 Austin Condo Price Report measuring activity in the Austin condo market. Our July 2021 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 1%
In July 2021, 338 condos sold in Austin compared to 342 in July 2020, marking a 1% (4 condo) decrease in year over year numbers. We typically see a seasonal slow down in July and August. It will be interesting to see in the next few months whether this is the seasonal slowdown we are starting to see or if it is the start of an overall market slowdown.
2% Decrease in the Number of Condos Under Contract
In July 2021, there were 314 condos that went under contract (pending) in Austin compared to 320 in July 2020, showing a 2% (6 condo) decrease in year over year numbers.
Time to Sell an Austin Condo Saw a 53% Decrease
In July 2021, it took 16 days to sell a condo in Austin compared to 35 days in July 2020 marking a 53% (18 day) decrease in year over year numbers. Buyers know they don’t have too much time to make a decision and are making offers more quickly this year than they were last year.
Austin Condo Inventory Down 66%
In July 2021, we had 0.9 months of inventory on the Austin condo market compared to 2.7 months in July 2020, showing a 66% (1.8 month) decrease in year over year inventory numbers.
Number of Austin Condos Listed for Sale Down 18%
In July 2021, there were 386 condos and townhomes listed for sale in Austin compared to 471 in July 2020, marking an 18% (85 condo) decrease in year over year numbers. Condo sellers are not quite sure where they’re going to buy if they sell, so it’s causing many of them to sit tight.
Number of Condos on the Austin Market Down 50%
In July 2021, there were 653 condos and townhomes for sale in Austin compared to 1,305 in July 2020, marking a 50% (652 condo) decrease in year over year numbers.
Median Sold Price of Austin Condos Up 38%
In July 2021, the median sold price of a condo in Austin was $430,825 compared to $312,250 in July 2020, marking a 38% ($118,575) increase in year over year numbers. It took a little bit longer than the single family home market, but condo prices are seeing a significant jump.
Median For Sale Price Up 7% vs Median Sold Price Up 38%
In July 2021, the median price of a for sale condo in Austin was $429,000 compared to $399,900 in July 2020, marking a 7% increase. The median sold price of a condo in Austin went from $312,250 in July 2020 to $430,825 in July 2021, marking a 38% increase.
Number of Austin Condos Taken off the Market Down 60%
The number of expired condos in Austin (number of condos that were taken off the market) was down 60% or 73 condos in year over year figures. In July 2021, there were 48 condos taken off the market compared to 121 in July 2020.
Austin Condo Supply Down 50% and Condo Demand Down 1%
This month we saw a 50% decrease in the supply (number of condos for sale) and a 1% decrease in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
July 2021 Austin Condo Numbers
In July 2021, there were 337 condos and townhomes that sold in Austin. Condos ranged in size from 394-4,608 sq ft with 0-5 bedrooms and 1-6 bathrooms. The most expensive condo that sold in Austin sold for $4,800,000 and the least expensive condo sold for $148,500. It took, on average, 19 days to sell a condo in Austin and sellers received, on average, 104.74% of their original list prices. The average price per square foot of a condo sold in Austin in July 2021 was $401.20.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||July 2021|
|Property Type||Condos & Townhomes||Number Sold||337|
|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 a 50% reduction in supply and only a 1% dencrease in demand, there are many more buyers than sellers in the market. Inventory has dropped to just under 1 month, which is extreme seller’s market levels. And, with median price up 38%, buyers are paying more. Interest rates are at historic lows, and buyers are taking advantage. Plus, the single family home market has really gone up in price, so buyers are having to re-evaluate the type of real estate they’re purchasing. If you’re looking to sell, get your units ready to meet the market now.
If you need to sell, start the process now. Buyers are making strong offers quicker than they were at this time last year. Though condos are taking, on average, about 19 days to sell, the median time to sell is 6 days, which is more realistic of what a new condo seller can expect. 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, be clear on what you want so you can be quick to move an offer if you find something that fits. Don’t wait until the weekend to check out listings in person. 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. 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. 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.