Eleven Oaks Realty is proud to present their August 2019 Austin Condo Price Report measuring activity in the Austin condo market. Our August 2019 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 6%
In August 2019, 297 condos sold in Austin compared to 315 in August 2018, marking a 6% (18 condo) decrease in year over year numbers. Again this month, we’re seeing a decrease in sales in both the single family and condominium market in Austin. This year is not nearly as busy as it was last year and it shows.
9% Decrease in the Number of Condos Under Contract
In August 2019, there were 240 condos that went under contract (pending) in Austin compared to 264 in August 2018, showing a 9% (24 condo) decrease in year over year numbers. Though we would expect to see a drop off as we close out summer, this year started lower than last year, so we’re seeing even more of a slow down.
Time to Sell an Austin Condo Down 3%
In August 2019, it took 47 days to sell a condo in Austin compared to 48 days in August 2018 marking a 3% (1 day) decrease in year over year numbers.
Austin Condo Inventory Up 1%
In August 2019, we had 3.1 months of inventory on the Austin condo market compared to 3.1 months in August 2018, showing a 1% increase in year over year inventory numbers. But, at around 3 months inventory, we are still in a seller’s market. Not as extreme a seller’s market as the single family home market, but a seller’s market nonetheless.
Number of Austin Condos Listed for Sale Up 4%
In August 2019, there were 347 condos and townhomes listed for sale in Austin compared to 335 in August 2018 marking 4% increase in year over year numbers. This is the first increase we’ve seen in a few months. It will be interesting to see if it is indicative to a busier fall or if we will just see an increase in Austin condo inventory.
Number of Condos on the Austin Market Down 6%
In August 2019, there were 1,094 condos and townhomes for sale in Austin compared to 1,168 in August 2018, marking a 6% decrease in year over year numbers.
Median Sold Price of Austin Condos Up 7%
In August 2019, the median sold price of a condo in Austin was $290,000 compared to $270,000 in August 2018, marking a 7% ($20,000) increase in year over year numbers. Though demand is down, supply is also down, which is causing buyers to have to compete for condos they like, which is driving prices up.
Median For Sale Price Up 10% vs Median Sold Price Up 7%
In August 2019, the median price of a for sale condo in Austin was $379,700 compared to $346,250 in August 2018, marking a 10% increase. The median sold price of a condo in Austin went from $270,000 in August 2018 to $290,000 in August 2019, marking a 7% 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 19 condos in year over year figures. In August 2019, there were 111 condos taken off the market compared to 92 in August 2018.
Austin Condo Supply Down 6% and Condo Demand Down 6%
This month we saw a 6% decrease in the supply (number of condos for sale) and a 6% decrease in demand for Austin condos. Again this month we saw a decrease in both supply and demand. So, to a buyer in the market, it’s going to feel like the same level of competition, just fewer choices.
Source: Clarus Market Metrics, ACTRIS Sold Data
August 2019 Austin Condo Numbers
In August 2019, there were 298 condos and townhomes that sold in Austin. Condos ranged in size from 373-3,129 sq ft with 0-4 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 $74,900. It took, on average, 44 days to sell a condo in Austin and sellers received, on average, 98.26% of their original list prices. The average price per square foot of a condo sold in Austin in August 2019 was $291.50.
|Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||298|
|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 just about 3 months inventory and an increase in price, sellers who are patient will get more for their condos than they would have last year. Though demand is down, supply is also down, which means buyers aren’t seeing as many choices as they have in years past, sot they are feeling the pinch. 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. Fall is typically pretty active in the Austin condo market. 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.
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.