Eleven Oaks Realty is proud to present their October 2020 Austin Condo Price Report measuring activity in the Austin condo market. Our October 2020 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 30%
In October 2020, 270 condos sold in Austin compared to 208 in October 2019, marking a 30% (62 condo) increase in year over year numbers. The condo market has been up and down during this global pandemic. For a second month in a row, we saw an uptick in condo sales, which will hopefully continue into next year.
21% Increase in the Number of Condos Under Contract
In October 2020, there were 281 condos that went under contract (pending) in Austin compared to 232 in October 2019, showing a 21% (49 condo) increase in year over year numbers. We are heading into the end of this year in a strong position.
Time to Sell an Austin Condo Saw a 3% Decrease
In October 2020, it took 43 days to sell a condo in Austin compared to 44 days in October 2019 marking a 3% (1 day) decrease in year over year numbers.
Austin Condo Inventory Down 37%
In October 2020, we had 2.7 months of inventory on the Austin condo market compared to 4.2 months in October 2019, showing a 37% (1.5 month) decrease in year over year inventory numbers. We are seeing spring level inventory levels.
Number of Austin Condos Listed for Sale Up 29%
In October 2020, there were 395 condos and townhomes listed for sale in Austin compared to 307 in October 2020 marking a 29% (88 condo) increase in year over year numbers.
Number of Condos on the Austin Market Down 11%
In October 2020, there were 1,139 condos and townhomes for sale in Austin compared to 1,281 in October 2019, marking an 11% (142 condo) decrease in year over year numbers.
Median Sold Price of Austin Condos Up 21%
In October 2020, the median sold price of a condo in Austin was $370,000 compared to $305,000 in October 2019, marking a 21% ($65,000) increase in year over year numbers. Median price of an Austin condo is at the highest price it’s been in the past year.
Median For Sale Price Up 8% vs Median Sold Price Up 21%
In October 2020, the median price of a for sale condo in Austin was $425,000 compared to $395,000 in October 2019, marking an 8% increase. The median sold price of a condo in Austin went from $305,000 in October 2019 to $370,000 in October 2020, marking a 21% increase.
Number of Austin Condos Taken off the Market Up 52%
The number of expired condos in Austin (number of condos that were taken off the market) was up 52% or 37 condos in year over year figures. In October 2020, there were 108 condos taken off the market compared to 71 in October 2019.
Austin Condo Supply Down 11% and Condo Demand Up 30%
This month we saw an 11% increase in the supply (number of condos for sale) and a 30% increase in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
October 2020 Austin Condo Numbers
In October 2020, there were 273 condos and townhomes that sold in Austin. Condos ranged in size from 373-3,422 sq ft with 0-5 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $1,400,000 and the least expensive condo sold for $120,500. It took, on average, 38 days to sell a condo in Austin and sellers received, on average, 97.66% of their original list prices. The average price per square foot of a condo sold in Austin in October 2020 was $318.96.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||273|
|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 30% increase in demand and an 11% reduction in supply sales, there are more buyers than sellers in the market. Inventory has dropped to less than 3 months, which is approaching seller’s market levels. Earlier this year, we were creeping into a balanced market, leaning towards a buyer’s market. And, with median price up 21%, and time to sell is down 3%, buyers are making decisions faster. Interest rates are at historic lows, and buyers are taking advantage. If you’re looking to sell, get your units ready to meet the market now. We don’t know what will happen as we get closer to the election.
If you need to sell, start the process early and give yourself some extra time to find the right buyer. Buyers are making strong offers quicker than they were at this time last year. Condos are taking, on average, about 43 days to sell, down 3% from last year, which means the buyers that are in the market now are still serious. 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 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. Sellers who have listed their condos now are generally more motivated to get it sold. 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.