Eleven Oaks Realty is proud to present their August 2015 Austin Condo Price Report measuring activity in the Austin condo market. The August 2015 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
No Change in the Number of Austin Condos Sold
In August 2015, 248 condos sold in Austin compared to 247 in August 2014, marking no change in year over year numbers. It seems August was just as strong as July for condos as well.
Number of Condos Under Contract Up 7%
In August 2015, there were 231 condos that went under contract (pending) in Austin compared to 216 in August 2014, marking a 7% (15 condo) increase in year over year numbers. Though we did see a small dip in sales from July to August, we still had more activity than last year at this time.
Time to Sell an Austin Condo Up 4%
In August 2015, it took 37 days to sell a condo in Austin compared to 36 days in August 2014 marking a 4% increase in year over year numbers. With only a 1 day difference, I would call this no change.
Austin Condo Inventory Down 4%
In August 2015, we had 2.2 months of inventory on the Austin condo market compared to 2.3 months in August 2014. This marks a 4% decrease in year over year inventory numbers. With right around 2 months of inventory, the Austin condo market is an extreme seller’s market.
Number of Austin Condos Listed for Sale Down 15%
In August 2015, there were 242 condos and townhomes listed for sale in Austin compared to 284 in August 2014 marking a 15% decrease in year over year numbers. With a decrease in supply, we should see inventory plunge even more next month.
Number of Condos on the Austin Market Up 5%
In August 2015, there were 819 condos and townhomes for sale in Austin compared to 777 in August 2014, marking a 5% increase in year over year numbers.
Median Sold Price of Austin Condos Up 2%
In August 2015, the median sold price of a condo in Austin was $233,750 compared to $230,000 in August 2014, marking a 2% increase in year over year numbers. Though not as substantial an increase as last month, we still see the Austin condo prices out pace last year’s numbers.
Median For Sale Price Up 13% vs Median Sold Price Up 2%
In August 2015, the median price of a for sale condo in Austin was $325,000 compared to $286,657 in August 2014, marking a 13% increase. The median sold price of a condo in Austin went from $230,000 in August 2014 to $233,750 in August 2015, marking a 2% increase.
Number of Austin Condos Taken off the Market Up 18%
The number of expired condos in Austin (number of condos that were taken off the market) was up 18% or 13 condos in year over year figures. In August 2015, there were 86 condos taken off the market compared to 73 in August 2014. As expected from seasonal trends, we saw a significant increase in the number of condos taken off the market. With school starting, we typically see sellers give up on selling. The condo market is the only segment of the Austin market that continued the expected trend.
Austin Condo Supply Up 5% and Condo Demand Remained Constant
This month we saw a 5% increase in the supply (number of condos for sale) and no change 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
August 2015 Austin Condo Numbers
In August 2015, there were 262 condos and townhomes that sold in Austin. Condos ranged in size from 350-3,682 sq ft with 0-5 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $1,725,000 and the least expensive condo sold for $53,000. It took, on average, 30 days to sell a condo in Austin and sellers received, on average, 98.23% of their original list prices. The average price per square foot of a condo in Austin in August 2015 was $242.56.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||August 2015|
|Property Type||Condos & Townhomes||Number Sold||262|
|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 hasn’t changed, we still only have 2.2 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.