Eleven Oaks Realty is proud to present their October 2018 Austin Condo Price Report measuring activity in the Austin condo market. The October 2018 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 4%
In October 2018, 220 condos sold in Austin compared to 228 in October 2017, marking a 4% (8 condo) decrease in year over year numbers.
2% Decrease in the Number of Condos Under Contract
In October 2018, there were 222 condos that went under contract (pending) in Austin compared to 227 in October 2017, showing a 2% decrease (5 condos) in year over year numbers.
Time to Sell an Austin Condo Down 19%
In October 2018, it took 51 days to sell a condo in Austin compared to 63 days in October 2017 marking a 19% decrease in year over year numbers.
Austin Condo Inventory Down 4%
In October 2018, we had 3.5 months of inventory on the Austin condo market compared to 3.7 months in October 2017, showing a 4% decrease in year over year inventory numbers.
Number of Austin Condos Listed for Sale Down 9%
In October 2018, there were 279 condos and townhomes listed for sale in Austin compared to 305 in October 2017 marking a 9% decrease in year over year numbers.
Number of Condos on the Austin Market Down 5%
In October 2018, there were 1,107 condos and townhomes for sale in Austin compared to 1,162 in October 2017, a 5% decrease in year over year numbers. This year buyers have many more options than they have in years past, but inventory is returning to the lower numbers we have seen over the last few years.
Median Sold Price of Austin Condos Down 4%
In October 2018, the median sold price of a condo in Austin was $298,999 compared to $310,000 in October 2017, marking a 4% ($11,001) decrease in year over year numbers. We expect prices to be soft this winter as motivated sellers move to meet the market.
Median For Sale Price Up 6% vs Median Sold Price Down 4%
In October 2018, the median price of a for sale condo in Austin was $370,500 compared to $349,945 in October 2017, up 6%. The median sold price of a condo in Austin went from $310,000 in October 2017 to $298,999 in October 2018, marking a 4% decrease.
Number of Austin Condos Taken off the Market Up 4%
The number of expired condos in Austin (number of condos that were taken off the market) was up 4% or 4 condos in year over year figures. In October 2018, there were 104 condos taken off the market compared to 100 in October 2017. We continue to see unrealistic sellers take their condos off the market vs. lowering the price.
Austin Condo Supply Down 5% and Condo Demand Down 4%
This month we saw a 5% decrease in the supply (number of condos for sale) and a 4% decrease in demand for Austin condos. With supply & demand down, the condo market has cooled this month.
Source: Clarus Market Metrics, ACTRIS Sold Data
October 2018 Austin Condo Numbers
In October 2018, there were 220 condos and townhomes that sold in Austin. Condos ranged in size from 389-4,116 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $3,150,000 and the least expensive condo sold for $100,000. It took, on average, 55 days to sell a condo in Austin and sellers received, on average, 96.80% of their original list prices. The average price per square foot of a condo sold in Austin in October 2018 was $278.23.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||220|
|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. Prices & demand are down, which might be the break buyers need.
Being one of the few, motivated buyers could help you negotiate a good deal. If you’re looking to buy, give yourself plenty of time to do so. Getting hung up in bidding wars for units you don’t really like doesn’t make too much sense. Sometimes buyers get caught up in winning or needing a place to live in so many days. Start your search early and you’ll have time to wait for the right opportunity. And remember, 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.
If you need to sell, get your condo ready to sell now. You want to be on the market when buyers have fewer choices. If you make your condo stand out as a value compared to the competition, 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.
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.