Eleven Oaks Realty is proud to present their November 2016 Austin Condo Price Report measuring activity in the Austin condo market. The November 2016 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 24%
In November 2016, 174 condos sold in Austin compared to 140 in November 2015, marking a 24% (34 condo) increase in year over year numbers. It seems the Winter slow down hasn’t quite hit the Austin condo market.
40% Increase in the Number of Condos Under Contract
In November 2016, there were 220 condos that went under contract (pending) in Austin compared to 157 in November 2015, marking a 40% (63 condo) increase in year over year numbers. Buyers came out strong in November. It will be interesting to see if that trend continues next month.
Time to Sell an Austin Condo Up 19%
In November 2016, it took 53 days to sell a condo in Austin compared to 44 days in November 2015 marking a 19% (8 day) increase in year over year numbers. Even though more condos are selling, buyers are taking a bit longer to pull the trigger.
Austin Condo Inventory Down 5%
In November 2016, we had 3.0 months of inventory on the Austin condo market compared to 3.2 months in November 2015, showing a 5% decrease in year over year inventory numbers.
Number of Austin Condos Listed for Sale Up 37%
In November 2016, there were 240 condos and townhomes listed for sale in Austin compared to 175 in November 2015 marking a 37% increase in year over year numbers.
Number of Condos on the Austin Market Up 38%
In November 2016, there were 976 condos and townhomes for sale in Austin compared to 706 in November 2015, marking a 38% increase in year over year numbers. With the increase in demand, sellers are not waiting until Spring to list their condos for sale.
Median Sold Price of Austin Condos Up 8%
In November 2016, the median sold price of a condo in Austin was $277,500 compared to $256,125 in November 2015, marking an 8% increase in year over year numbers.
Median For Sale Price Up 1% vs Median Sold Price Up 8%
In November 2016, the median price of a for sale condo in Austin was $355,000 compared to $350,000 in November 2015, marking a 1% increase. The median sold price of a condo in Austin went from $256,125 in November 2015 to $277,500 in November 2016, marking an 8% increase.
Number of Austin Condos Taken off the Market Up 82%
The number of expired condos in Austin (number of condos that were taken off the market) was up 82% or 42 condos in year over year figures. In November 2016, there were 93 condos taken off the market compared to 51 in November 2015. Even though demand is up, buyers are still not willing to buy condos that they don’t feel are a value.
Austin Condo Supply Up 38% and Condo Demand Up 24%
This month we saw a 38% increase in the supply (number of condos for sale) and a 24% increase in demand for Austin condos. This year is a much more active year than last.
Source: Clarus Market Metrics, ACTRIS Sold Data
November 2016 Austin Condo Numbers
In November 2016, there were 177 condos and townhomes that sold in Austin. Condos ranged in size from 378-3,014 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $908,500 and the least expensive condo sold for $67,500. It took, on average, 42 days to sell a condo in Austin and sellers received, on average, 96.75% of their original list prices. The average price per square foot of a condo in Austin in November 2016 was $272.71.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||November 2016|
|Property Type||Condos & Townhomes||Number Sold||177|
|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 demand up 24%, buyers haven’t gotten the memo they are not supposed to be looking at condos this time of year. Buyers in the market are motivated, paying 8% more than last year for condos they feel are a value. Even though time to sell is up, the increase in price and demand should offset longer marketing times. Make your condo stand out as a value compared to the competition and 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.
If you’re looking to buy, keep in mind Winter is usually the best time to get a great deal. Though demand is up 24%, supply is up 38%, so you have more choices than you would most other years. And, the sellers in the market now are generally more willing to make a deal. Putting up with the selling process over the Holidays is a pain and most sellers won’t endure that unless they are motivated. Take advantage of those market forces and get an edge in a negotiation. Remember, the most successful buyers are proactive with their search and clear on they types of units they are looking for. 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.
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.