Eleven Oaks Realty is proud to present their September 2021 Austin Condo Price Report measuring activity in the Austin condo market. Our September 2021 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 11%
In September 2021, 293 condos sold in Austin compared to 328 in September 2020, marking an 11% (35 condo) decrease in year over year numbers. With a busier than normal August, it’s not surprising we saw a decrease in September.
5% Increase in the Number of Condos Under Contract
In September 2021, there were 305 condos that went under contract (pending) in Austin compared to 290 in September 2020, showing a 5% (15 condo) increase in year over year numbers.
Time to Sell an Austin Condo Saw a 56% Decrease
In September 2021, it took 20 days to sell a condo in Austin compared to 46 days in September 2020 marking a 56% (26 day) decrease in year over year numbers. Buyers aren’t taking as much time as they needed last year to make a decision. Successful buyers know what they’re looking for, so when they find it, they can make a decision quickly.
Austin Condo Inventory Down 60%
In September 2021, we had 1.1 months of inventory on the Austin condo market compared to 2.7 months in September 2020, showing a 60% (1.6 month) decrease in year over year inventory numbers. The Austin condo market took off at the beginning of this year and hasn’t looked back. Though last year’s market was strong, this year’s condo market is one of the strongest I’ve seen in years, maybe ever. If you’re looking to sell an Austin condo, now might be the time to do it.
Number of Austin Condos Listed for Sale Down 6%
In September 2021, there were 362 condos and townhomes listed for sale in Austin compared to 386 in September 2020, marking a 6% (24 condo) decrease in year over year numbers. With a decrease in new listings and no real slow down in demand, inventory should take a hit.
Number of Condos on the Austin Market Down 41%
In September 2021, there were 684 condos and townhomes for sale in Austin compared to 1,169 in September 2020, marking a 41% (485 condo) decrease in year over year numbers. With fewer new listings and demand remaining strong, it’s no wonder we are seeing decreases in inventory and price increases.
Median Sold Price of Austin Condos Up 20%
In September 2021, the median sold price of a condo in Austin was $394,000 compared to $328,500 in September 2020, marking a 20% ($65,500) increase in year over year numbers. With inventory going down and demand remaining strong, prices only have one way to go, up.
Median For Sale Price Up 8% vs Median Sold Price Up 20%
In September 2021, the median price of a for sale condo in Austin was $450,000 compared to $415,000 in September 2020, marking an 8% increase. The median sold price of a condo in Austin went from $328,500 in September 2020 to $394,000 in September 2021, marking a 20% increase.
Number of Austin Condos Taken off the Market Down 47%
The number of expired condos in Austin (number of condos that were taken off the market) was down 47% or 49 condos in year over year figures. In September 2021, there were 55 condos taken off the market compared to 104 in September 2020. With the market as strong as it is, fewer sellers are having to take their condos off the market before finding a buyer.
Austin Condo Supply Down 41% and Condo Demand Down 11%
This month we saw a 41% decrease in the supply (number of condos for sale) and an 11% decrease in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
September 2021 Austin Condo Numbers
In September 2021, there were 293 condos and townhomes that sold in Austin. Condos ranged in size from 322-3,475 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $3,750,000 and the least expensive condo sold for $163,000. It took, on average, 17 days to sell a condo in Austin and sellers received, on average, 100.58% of their original list prices. The average price per square foot of a condo sold in Austin in September 2021 was $374.16.
|||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||293|
|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 41% reduction in supply and an 11% decrease in demand, there are many more buyers than sellers in the market. Inventory has dropped to just over 1 month, which is strong seller’s market levels. And, with median price up 20%, buyers are paying more. Interest rates are at historic lows, and buyers are taking advantage. The single family home market is still hot, so buyers looking to expand their options are looking to condos.
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 20 days to sell, the median time to sell is 7 days, which is more realistic of what a 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.