Eleven Oaks Realty is proud to present their August 2021 Austin Condo Price Report measuring activity in the Austin condo market. Our August 2021 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 10%
In August 2021, 321 condos sold in Austin compared to 293 in August 2020, marking a 10% (28 condo) increase in year over year numbers. This August was a little busier than last. Perhaps sellers didn’t perceive the seasonal slow down we typically see in August and were confident they’d get their units sold. And, it looks like they did.
3% Decrease in the Number of Condos Under Contract
In August 2021, there were 320 condos that went under contract (pending) in Austin compared to 330 in August 2020, showing a 3% (10 condo) decrease in year over year numbers.
Time to Sell an Austin Condo Saw a 54% Decrease
In August 2021, it took 17 days to sell a condo in Austin compared to 38 days in August 2020 marking a 54% (20 day) decrease in year over year numbers. With the market picking up as quickly as it has in the past year, buyers know they don’t have a lot of time to make decisions.
Austin Condo Inventory Down 58%
In August 2021, we had 1.0 months of inventory on the Austin condo market compared to 2.4 months in August 2020, showing a 58% (1.4 month) decrease in year over year inventory numbers. The Austin condo market is even seeing extreme seller’s market inventory levels this year indicated the market is still strong. The condo market is typically the first one to sense a slow down and the last one to feel a market increase. It doesn’t appear that a slow down is on the horizon for the Austin condo market, which tells me the single family home market is in it for a while longer.
Number of Austin Condos Listed for Sale Down 5%
In August 2021, there were 379 condos and townhomes listed for sale in Austin compared to 401 in August 2020, marking a 5% (22 condo) decrease in year over year numbers. With the market as strong as it is, sellers who need to find a new place to live are hesitant to list their units for fear they won’t be able to find something else.
Number of Condos on the Austin Market Down 46%
In August 2021, there were 685 condos and townhomes for sale in Austin compared to 1,266 in August 2020, marking a 46% (581 condo) decrease in year over year numbers. Condos aren’t staying on the market long, which is eating into our inventory numbers. If you’re looking for an Austin condo, you don’t have a lot of choices any more. You have to be patient, scout new listings as soon as they’re listed and be ready to jump on something when it’s listed.
Median Sold Price of Austin Condos Up 23%
In August 2021, the median sold price of a condo in Austin was $400,000 compared to $325,000 in August 2020, marking a 23% ($75,000) increase in year over year numbers. It doesn’t look like the condo market is sliding back down, price wise. Prices are up and here to stay it seems.
Median For Sale Price Up 2% vs Median Sold Price Up 23%
In August 2021, the median price of a for sale condo in Austin was $429,000 compared to $419,900 in August 2020, marking a 2% increase. The median sold price of a condo in Austin went from $325,000 in August 2020 to $400,000 in August 2021, marking a 23% increase.
Number of Austin Condos Taken off the Market Down 72%
The number of expired condos in Austin (number of condos that were taken off the market) was down 72% or 108 condos in year over year figures. In August 2021, there were 43 condos taken off the market compared to 151 in August 2020. Fewer sellers are not getting what they’re looking for, so fewer are taking their units off the market.
Austin Condo Supply Down 46% and Condo Demand Up 10%
This month we saw a 46% 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
August 2021 Austin Condo Numbers
In August 2021, there were 321 condos and townhomes that sold in Austin. Condos ranged in size from 374-3,452 sq ft with 0-5 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $3,700,000 and the least expensive condo sold for $125,000. It took, on average, 18 days to sell a condo in Austin and sellers received, on average, 102.65% of their original list prices. The average price per square foot of a condo sold in Austin in August 2021 was $389.63.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||September 2021|
|Property Type||Condos & Townhomes||Number Sold||321|
|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 46% reduction in supply and a 10% increase in demand, there are many more buyers than sellers in the market. Inventory has dropped to 1 month, which is extreme seller’s market levels. And, with median price up 23%, 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 18 days to sell, the median time to sell is 7 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.