Eleven Oaks Realty is proud to present their October 2015 Austin Condo Price Report measuring activity in the Austin condo market. The October 2015 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 16%
In October 2015, 183 condos sold in Austin compared to 217 in October 2014, marking a 16% decrease in year over year numbers. As with the single family home market, it seems to condo market also saw a bit of a slow down in closed sales in October.
Number of Condos Under Contract Up 15%
In October 2015, there were 195 condos that went under contract (pending) in Austin compared to 169 in October 2014, marking a 15% (26 condo) increase in year over year numbers. We even saw an increase in pending sales from September to October, which we usually don’t expect. It seems the school schedule had a bigger effect on the condo market this year than in previous years.
Time to Sell an Austin Condo Up 10%
In October 2015, it took 46 days to sell a condo in Austin compared to 42 days in October 2014 marking a 10% increase in year over year numbers. Buyers seem to be taking longer to make a decision. If you’re a buyer looking to buy a condo, you can beat other buyers simply by being decisive. Being decisive costs a lot less than a bidding war.
Austin Condo Inventory Down 14%
In October 2015, we had 2.5 months of inventory on the Austin condo market compared to 2.9 months in October 2014. This marks a 14% 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 7%
In October 2015, there were 242 condos and townhomes listed for sale in Austin compared to 227 in October 2014 marking a 7% increase in year over year numbers. It seems more condo sellers are confident in their ability to attract a buyer during the slowest time of year.
Number of Condos on the Austin Market Up 6%
In October 2015, there were 748 condos and townhomes for sale in Austin compared to 705 in October 2014, marking a 6% increase in year over year numbers. Looking at the numbers, we really haven’t seen too much of a drop off from the peak in July 2015. Combine the slow down in demand with an increase in the number of condos for sale and condo buyers might just be able to negotiate more aggressively this Winter.
Median Sold Price of Austin Condos Up 8%
In October 2015, the median sold price of a condo in Austin was $246,900 compared to $229,000 in October 2014, marking an 8% increase in year over year numbers. For condo sellers, this should be great news. Though it might take you a bit longer to sell this year, you’ll likely get more than you would have last year.
Median For Sale Price Up 16% vs Median Sold Price Up 8%
In October 2015, the median price of a for sale condo in Austin was $349,250 compared to $299,900 in October 2014, marking a 16% increase. The median sold price of a condo in Austin went from $229,000 in October 2014 to $246,900 in October 2015, marking an 8% increase.
Number of Austin Condos Taken off the Market Up 38%
The number of expired condos in Austin (number of condos that were taken off the market) was up 38% or 20 condos in year over year figures. In October 2015, there were 73 condos taken off the market compared to 53 in October 2014. Though we saw an increase from last year, we saw a decrease from September 2015. It will be interesting to see if we continue to see a decrease in number of condos taken off the market as we end the year or if we’ll see the expected increase.
Austin Condo Supply Up 6% and Condo Demand Down 16%
This month we saw a 6% increase in the supply (number of condos for sale) and a 16% decrease in demand for Austin condos. With more supply and less demand, buyers who are thinking of buying a condo in Austin shouldn’t wait. It might be months before we see market forces that favor buyers this strongly.
Source: Clarus Market Metrics, ACTRIS Sold Data
October 2015 Austin Condo Numbers
In October 2015, there were 185 condos and townhomes that sold in Austin. Condos ranged in size from 384-3,174 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $3,250,000 and the least expensive condo sold for $55,000. It took, on average, 43 days to sell a condo in Austin and sellers received, on average, 96.00% of their original list prices. The average price per square foot of a condo in Austin in October 2015 was $258.44.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||October 2015|
|Property Type||Condos & Townhomes||Number Sold||184|
|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 buy. With supply up 6% and demand down 14%, buyers will have more choices and less competition. Sellers who put up with the selling process during the Holidays are generally motivated to sell. If you’re proactive with your search and clear on they types of units you are looking for, you 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.
If you need to sell, it’s not the worst time to do that either. With only 2.5 months of inventory on the market, we’re still in a strong seller’s market, just not as strong a market as we saw during Spring. If you present your condo as a value, you will be successful at getting an offer quickly. Remember, 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.
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.