Eleven Oaks Realty is proud to present their September 2015 Austin Condo Price Report measuring activity in the Austin condo market. The September 2015 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 14%
In September 2015, 218 condos sold in Austin compared to 191 in September 2014, marking a 14% increase in year over year numbers. Though we had a dip in sold figures since Spring, we’ve seen a stronger September than last year. As with the single family home market, the condo market hasn’t seen as much of a slow down this year compared to last year.
Number of Condos Under Contract Up 13%
In September 2015, there were 194 condos that went under contract (pending) in Austin compared to 171 in September 2014, marking a 13% (23 condo) increase in year over year numbers. If you’re looking to sell your Austin condo, you should be pleased with the increase in number of pending sales because it means there are still strong buyers in the market.
Time to Sell an Austin Condo Up 40%
In September 2015, it took 46 days to sell a condo in Austin compared to 33 days in September 2014 marking a 40% increase in year over year numbers. September saw the biggest increase in time to sell in Austin, which is interesting because we also saw increased activity and sales. Could be that buyers chose condos that have been on the market for a while over new inventory, thus driving the average up.
Austin Condo Inventory Down 8%
In September 2015, we had 2.6 months of inventory on the Austin condo market compared to 2.8 months in September 2014. This marks an 8% decrease in year over year inventory numbers. With less than 3 months inventory, the Austin condo market favors sellers.
Number of Austin Condos Listed for Sale Up 12%
In September 2015, there were 247 condos and townhomes listed for sale in Austin compared to 220 in September 2014 marking a 12% increase in year over year numbers. The increase in number of new condo listings shows condo owners are recognizing demand is still strong and aren’t afraid to list their condos during a “slower” time of year. It also shows that the decreased inventory was not because of a decrease in supply, but rather an increase in demand.
Number of Condos on the Austin Market Up 10%
In September 2015, there were 777 condos and townhomes for sale in Austin compared to 708 in September 2014, marking a 10% increase in year over year numbers. If you’re a buyer looking for an Austin condo, you’ll have more choices this year than last.
Median Sold Price of Austin Condos Up 13%
In September 2015, the median sold price of a condo in Austin was $237,750 compared to $210,000 in September 2014, marking a 13% increase in year over year numbers. Last September we saw a dip in median price of condos in Austin, but this year seems to be much stronger. Another indicator that the Austin condo market has yet to slow down for the Fall/Winter months.
Median For Sale Price Up 11% vs Median Sold Price Up 13%
In September 2015, the median price of a for sale condo in Austin was $342,318 compared to $309,700 in September 2014, marking a 13% increase. The median sold price of a condo in Austin went from $210,000 in September 2014 to $237,750 in September 2015, marking a 13% increase.
Number of Austin Condos Taken off the Market Up 46%
The number of expired condos in Austin (number of condos that were taken off the market) was up 46% or 27 condos in year over year figures. In September 2015, there were 86 condos taken off the market compared to 59 in September 2014. Again this month, seasonal trends are partly to blame. Many sellers attempt to sell their condos for their price during the hot Spring market. If they can’t get that number by the end of Summer, they’ll simply take it off the market and try again next year. This shows that though buyers are making strong offers, they aren’t willing to pay more than market value.
Austin Condo Supply Up 10% and Condo Demand Up 14%
This month we saw a 10% increase in the supply (number of condos for sale) and a 14% increase in demand for Austin condos. This month we’re seeing an opposite trend than we have in past months. More demand than supply is why inventory is going down and prices are going up. This should be great news for Austin condo sellers.
Source: Clarus Market Metrics, ACTRIS Sold Data
September 2015 Austin Condo Numbers
In September 2015, there were 222 condos and townhomes that sold in Austin. Condos ranged in size from 383-3,682 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $2,425,000 and the least expensive condo sold for $57,000. It took, on average, 33 days to sell a condo in Austin and sellers received, on average, 97.23% of their original list prices. The average price per square foot of a condo in Austin in September 2015 was $239.14.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||September 2015|
|Property Type||Condos & Townhomes||Number Sold||222|
|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 significantly, demand is up even more. And, we still only have 2.6 months of inventory on the market (showing a strong 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 the significant increase in time to sell and moderate increase in supply. 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.