Eleven Oaks Realty is proud to present their August 2016 Austin Condo Price Report measuring activity in the Austin condo market. The August 2016 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 6%
In August 2016, 242 condos sold in Austin compared to 258 in August 2015, marking a 6% (16 condo) decrease in year over year numbers.
6% Increase in the Number of Condos Under Contract
In August 2016, there were 234 condos that went under contract (pending) in Austin compared to 221 in August 2015, marking a 6% (13 condo) increase in year over year numbers.
Time to Sell an Austin Condo Up 1%
In August 2016, it took 38 days to sell a condo in Austin compared to 38 days in August 2015 marking a 1% (1 day) increase in year over year numbers.
Austin Condo Inventory Up 19%
In August 2016, we had 3.0 months of inventory on the Austin condo market compared to 2.5 months in August 2015, showing a 19% increase in year over year inventory numbers. We saw about a half a month increase in inventory from July 2016 as well, which is a strong indicator demand for Austin condos went down.
Number of Austin Condos Listed for Sale Up 43%
In August 2016, there were 345 condos and townhomes listed for sale in Austin compared to 242 in August 2015 marking a 43% increase in year over year numbers. August was a pretty strong month for new condo listings. But, it doesn’t seem to be a strong month for condo purchases, which caused inventory to increase.
Number of Condos on the Austin Market Up 20%
In August 2016, there were 1,023 condos and townhomes for sale in Austin compared to 851 in August 2015, marking a 20% increase in year over year numbers.
Median Sold Price of Austin Condos Up 5%
In August 2016, the median sold price of a condo in Austin was $247,067 compared to $236,250 in August 2015, marking a 5% increase in year over year numbers. Even though there was more inventory on the market, buyers were still willing to pay more for condos than they were last year.
Median For Sale Price Up 6% vs Median Sold Price Up 5%
In August 2016, the median price of a for sale condo in Austin was $345,000 compared to $324,990 in August 2015, marking a 6% increase. The median sold price of a condo in Austin went from $236,250 in August 2015 to $247,067 in August 2016, marking a 5% increase.
Number of Austin Condos Taken off the Market Up 21%
The number of expired condos in Austin (number of condos that were taken off the market) was up 21% or 16 condos in year over year figures. In August 2016, there were 91 condos taken off the market compared to 75 in August 2015. This month saw a significant increase in homes taken off the market, which helped offset the number of homes listed.
Austin Condo Supply Up 20% and Condo Demand Down 6%
This month we saw a 20% increase in the supply (number of condos for sale) and a 6% decrease in demand for Austin condos. With more supply than demand, buyers might have an edge in a negotiation.
Source: Clarus Market Metrics, ACTRIS Sold Data
August 2016 Austin Condo Numbers
In August 2016, there were 243 condos and townhomes that sold in Austin. Condos ranged in size from 365-3,192 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,333,000 and the least expensive condo sold for $66,000. It took, on average, 31 days to sell a condo in Austin and sellers received, on average, 98.01% of their original list prices. The average price per square foot of a condo in Austin in August 2016 was $255.49.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||August 2016|
|Property Type||Condos & Townhomes||Number Sold||243|
|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 buy. Demand is down 6% while supply is up 20%, giving buyers a solid edge in a negotiation. With more inventory on the market, buyers are also getting a few more choices than they had earlier in the year. The condo market has slowed faster than the single family home market. Make offers and see where you can get the best deals. You may find a seller who needs to sell and is willing to make a deal. Remember, the most successful buyers are proactive with their search and clear on they types of units they are looking for. 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.
If you’re looking to sell, don’t be discouraged. We are still in a seller’s market, just not as strong as we have seen in previous months. Buyers in the market are still making competitive offers with the median price of a sold condo up 5%. Even though time to sell has increased slightly, buyers are still paying more than they were last year, so that makes the wait a little easier to take. 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.
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.