Eleven Oaks Realty is proud to present their October 2019 Austin Condo Price Report measuring activity in the Austin condo market. Our October 2019 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 14%
In October 2019, 196 condos sold in Austin compared to 228 in October 2018, marking a 14% (32 condo) decrease in year over year numbers. A completely different story than we had last month, which was busier than normal. This month is significantly slower than normal. It will be interesting to see if activity picks back up towards the end of the year, or if this is the start of our slow season.
11% Increase in the Number of Condos Under Contract
In October 2019, there were 239 condos that went under contract (pending) in Austin compared to 216 in October 2018, showing an 11% (23 condo) increase in year over year numbers. Interestingly closed sales were down but pending sales were up this month. This year has not followed the same seasonal trends we typically see.
Time to Sell an Austin Condo Down 12%
In October 2019, it took 45 days to sell a condo in Austin compared to 51 days in October 2018 marking a 12% (6 day) decrease in year over year numbers. This year buyers seem to be making decisions faster than they were last year.
Austin Condo Inventory Down 22%
In October 2019, we had 3.0 months of inventory on the Austin condo market compared to 3.8 months in October 2018, showing a 22% decrease in year over year inventory numbers. Though demand was down, the decrease in supply caused inventory levels to drop significantly. We are at seller’s market inventory levels.
Number of Austin Condos Listed for Sale Up 9%
In October 2019, there were 303 condos and townhomes listed for sale in Austin compared to 279 in October 2018 marking 9% increase in year over year numbers. Another interesting trend is the increase in new condo listings. This year sellers are less afraid of the holidays than they were last year. But, with the increase in pending sales, buyers might be ready to make moves during the historically slower months.
Number of Condos on the Austin Market Down 8%
In October 2019, there were 1,046 condos and townhomes for sale in Austin compared to 1,141 in October 2018, marking an 8% decrease in year over year numbers. With fewer choices, buyers are more limited on options.
Median Sold Price of Austin Condos Up 3%
In October 2019, the median sold price of a condo in Austin was $305,000 compared to $296,250 in October 2018, marking a 3% ($8,750) increase in year over year numbers. Despite demand being down, buyers in the market are still willing to pay a bit more than they were last year.
Median For Sale Price Up 4% vs Median Sold Price Up 3%
In October 2019, the median price of a for sale condo in Austin was $398,800 compared to $374,000 in October 2018, marking a 4% increase. The median sold price of a condo in Austin went from $296,250 in October 2018 to $305,000 in October 2019, marking a 3% increase.
Number of Austin Condos Taken off the Market Down 2%
The number of expired condos in Austin (number of condos that were taken off the market) was down 2% or 2 condos in year over year figures. In October 2019, there were 93 condos taken off the market compared to 95 in October 2018.
Austin Condo Supply Down 8% and Condo Demand Down 14%
This month we saw an 8% decrease in the supply (number of condos for sale) and a 14% decrease in demand for Austin condos. With both supply and demand down, we are seeing a slower market this year than we did last year. With prices going up, buyers seem to be pickier than they have been in year’s past and sellers are staying put longer.
Source: Clarus Market Metrics, ACTRIS Sold Data
October 2019 Austin Condo Numbers
In October 2019, there were 209 condos and townhomes that sold in Austin. Condos ranged in size from 372-3,135 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,478,911 and the least expensive condo sold for $106,750. It took, on average, 42 days to sell a condo in Austin and sellers received, on average, 97.81% of their original list prices. The average price per square foot of a condo sold in Austin in October 2019 was $301.22.
|Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||209|
|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. Though we have only 3 months of inventory, demand is down 14%, which means sellers who are motivated to sell might be scared by the reduction in showings and interest and take less than they would have in a busier market. Though prices are up, they are minimal increases compared to last year’s numbers. This month we also saw an increase in new listings, so buyers who are ready to scout new listings might just find a seller who wants to get their condo sold before the end of the year.
If you need to sell, have some patience. 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, 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. 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, even for the products you can use for the property. 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.