Eleven Oaks Realty is proud to present their September 2019 Austin Condo Price Report measuring activity in the Austin condo market. Our September 2019 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 4%
In September 2019, 215 condos sold in Austin compared to 207 in September 2018, marking a 4% (8 condo) increase in year over year numbers. Just like in the single family home market, we are seeing a later than usual busy spring buying season. It seems this year buyers got a later start and are still in the market. It will be interesting to see what next month brings.
13% Increase in the Number of Condos Under Contract
In September 2019, there were 223 condos that went under contract (pending) in Austin compared to 198 in September 2018, showing a 13% (25 condo) increase in year over year numbers. We did see a drop off from April-June numbers, but still a strong finish to the busy summer season.
Time to Sell an Austin Condo Down 16%
In September 2019, it took 50 days to sell a condo in Austin compared to 60 days in September 2018 marking a 16% (10 day) decrease in year over year numbers.
Austin Condo Inventory Down 25%
In September 2019, we had 3.3 months of inventory on the Austin condo market compared to 4.4 months in September 2018, showing a 25% decrease in year over year inventory numbers. We saw a small uptick in inventory levels from last month, but still remain in a healthy seller’s market.
Number of Austin Condos Listed for Sale Down 4%
In September 2019, there were 302 condos and townhomes listed for sale in Austin compared to 316 in September 2018 marking 4% decrease in year over year numbers. With fewer condos listed for sale, it will be interesting to see what effect this has on inventory next month.
Number of Condos on the Austin Market Down 7%
In September 2019, there were 1,054 condos and townhomes for sale in Austin compared to 1,129 in September 2018, marking a 7% decrease in year over year numbers.
Median Sold Price of Austin Condos Up 17%
In September 2019, the median sold price of a condo in Austin was $350,000 compared to $298,400 in September 2018, marking a 17% ($51,600) increase in year over year numbers. This month we saw a significant increase in median price, higher than anything in the past year plus. It will be interesting to see if this is a trend we can expect to continue, or if this was a factor of the right combination of sales distributions to bump up median price.
Median For Sale Price Up 4% vs Median Sold Price Up 17%
In September 2019, the median price of a for sale condo in Austin was $385,500 compared to $369,000 in September 2018, marking a 4% increase. The median sold price of a condo in Austin went from $298,400 in September 2018 to $350,000 in September 2019, marking a 17% increase.
Number of Austin Condos Taken off the Market Up 45%
The number of expired condos in Austin (number of condos that were taken off the market) was up 45% or 31 condos in year over year figures. In September 2019, there were 100 condos taken off the market compared to 69 in September 2018. With the increase in median price and demand coupled with the decrease in inventory, it makes me wonder if some of these sellers are jumping the gun and giving up too early.
Austin Condo Supply Down 7% and Condo Demand Up 4%
This month we saw a 7% decrease in the supply (number of condos for sale) and a 4% increase in demand for Austin condos. It will be interesting to see if this trend continues next month or if we are seeing the last surge at the tail end of summer.
Source: Clarus Market Metrics, ACTRIS Sold Data
September 2019 Austin Condo Numbers
In September 2019, there were 216 condos and townhomes that sold in Austin. Condos ranged in size from 371-4,032 sq ft with 1-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $2,450,000 and the least expensive condo sold for $124,999. It took, on average, 44 days to sell a condo in Austin and sellers received, on average, 97.62% of their original list prices. The average price per square foot of a condo sold in Austin in September 2019 was $312.67.
|Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||216|
|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 a significant increase in median price, sellers who are patient will get more for their condos than they would have last year. And, this month demand is up, while supply is down, giving buyers fewer choices. Motivated buyers who are continuing their search are paying more than they were last year. 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. Position your condo as a value and motivated buyers will surface pretty quickly.
If you need to sell, we are still 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, know interest rates are at historic lows. Will they go up? Who knows? But, if the condo market continues to pick up steam as it has been, prices AND interest rates could go up and you’ll be spending significantly more per month by waiting. This fall is kicking off strong. Sellers are motivated and are faced with the reality the holidays will slow the market down. Make offers and see what happens. 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.
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.