Eleven Oaks Realty is proud to present their November 2015 Austin Condo Price Report measuring activity in the Austin condo market. The November 2015 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 1%
In November 2015, 134 condos sold in Austin compared to 135 in November 2014, marking a 1% (1 home) decrease in year over year numbers.
Number of Condos Under Contract Up 1%
In November 2015, there were 166 condos that went under contract (pending) in Austin compared to 164 in November 2014, marking a 1% (2 condo) increase in year over year numbers. There seems to be about the same number of buyers in the condo market this year as there was last year at this time.
Time to Sell an Austin Condo Down 4%
In November 2015, it took 44 days to sell a condo in Austin compared to 46 days in November 2014 marking a 4% decrease in year over year numbers. This year, buyers are making decisions slightly faster than they were last year.
Austin Condo Inventory Down 4%
In November 2015, we had 2.7 months of inventory on the Austin condo market compared to 2.8 months in November 2014. This marks a 4% 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 Down 8%
In November 2015, there were 173 condos and townhomes listed for sale in Austin compared to 188 in November 2014 marking an 8% decrease in year over year numbers. Fewer condo sellers are confident they will get their homes sold over the slower Winter months than last year.
No Change in the Number of Condos on the Austin Market
In November 2015, there were 677 condos and townhomes for sale in Austin compared to 675 in November 2014, marking no change in year over year numbers.
Median Sold Price of Austin Condos Up 12%
In November 2015, the median sold price of a condo in Austin was $254,500 compared to $226,900 in November 2014, marking a 12% increase in year over year numbers. Even though we seem to have less activity in the condo market, the activity we do have is stronger than last year. This should be great news for Austin condo sellers looking to sell soon.
Median For Sale Price Up 14% vs Median Sold Price Up 12%
In November 2015, the median price of a for sale condo in Austin was $355,000 compared to $310,679 in November 2014, marking a 14% increase. The median sold price of a condo in Austin went from $226,900 in November 2014 to $254,500 in November 2015, marking a 12% increase.
Number of Austin Condos Taken off the Market Up 27%
The number of expired condos in Austin (number of condos that were taken off the market) was up 27% or 14 condos in year over year figures. In November 2015, there were 66 condos taken off the market compared to 52 in November 2014. As with all segments of the Austin real estate market, we are seeing more units taken off the market this year than last year.
No Change in Austin Condo Supply and Condo Demand Down 1%
This month we saw no change in the supply (number of condos for sale) and a 1% decrease in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
November 2015 Austin Condo Numbers
In November 2015, there were 135 condos and townhomes that sold in Austin. Condos ranged in size from 378-2,867 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,950,000 and the least expensive condo sold for $55,600. It took, on average, 39 days to sell a condo in Austin and sellers received, on average, 96.48% of their original list prices. The average price per square foot of a condo in Austin in November 2015 was $245.92.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 378 | $58,500 | $94.20 | $55,600 | $91.48 | 78.72% | 72.36% | 0 |
| Max | 4 | 4 | 2,867 | $1,995,000 | $1,021.51 | $1,950,000 | $998.46 | 111.94% | 115.07% | 626 |
| Avg | 2 | 2 | 1,334 | $333,219 | $253.14 | $323,740 | $245.92 | 97.54% | 96.48% | 39 |
| Median | 2 | 2 | 1,235 | $259,950 | $207.07 | $255,000 | $200.26 | 98.04% | 97.10% | 19 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | November 2015 |
| Property Type | Condos and Townhomes | Number Sold | 135 |
| 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 no change in supply and demand down, 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 2.7 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.
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