Eleven Oaks Realty is proud to present their November 2017 Austin Condo Price Report measuring activity in the Austin condo market. The November 2017 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 5%
In November 2017, 202 condos sold in Austin compared to 192 in November 2016, marking a 5% (10 condo) increase in year over year numbers.
16% Increase in the Number of Condos Under Contract
In November 2017, there were 240 condos that went under contract (pending) in Austin compared to 207 in November 2016, marking a 16% (33 condo) increase in year over year numbers. This summer saw a steady increase of condos under contract and the fall numbers show no signs of this trend slowing.
Time to Sell an Austin Condo Up 24%
In November 2017, it took 65 days to sell a condo in Austin compared to 53 days in November 2016 marking a 24% (13 day) increase in year over year numbers. As prices rise, buyers want to be sure what they are buying is worth it to them.
Austin Condo Inventory Down 16%
In November 2017, we had 2.8 months of inventory on the Austin condo market compared to 3.4 months in November 2016, showing a 16% decrease in year over year inventory numbers.
Number of Austin Condos Listed for Sale Up 7%
In November 2017, there were 249 condos and townhomes listed for sale in Austin compared to 233 in November 2016 marking a 7% increase in year over year numbers.
Number of Condos on the Austin Market Up 4%
In November 2017, there were 1,020 condos and townhomes for sale in Austin compared to 983 in November 2016, marking a 4% increase in year over year numbers. This year buyers have many more options than they have in years past. If you’re looking to buy a condo in Austin, now might be the window of opportunity you’ll need to be successful.
Median Sold Price of Austin Condos Down 6%
In November 2017, the median sold price of a condo in Austin was $269,500 compared to $285,370 in November 2016, marking a 6% decrease in year over year numbers. We are starting to see the market slow down for winter.
Median For Sale Price Flat vs Median Sold Price Up Down 6%
In November 2017, the median price of a for sale condo in Austin was $349,945 compared to $349,449 in November 2016, virtually no change. The median sold price of a condo in Austin went from $285,370 in November 2016 to $269,500 in November 2017, marking a 6% decrease.
Number of Austin Condos Taken off the Market Up 26%
The number of expired condos in Austin (number of condos that were taken off the market) was up 26% or 21 condos in year over year figures. In November 2017, there were 101 condos taken off the market compared to 80 in November 2016. The trend continues in Austin as unrealistic sellers choose to take their units off the market vs. lowering the price.
Austin Condo Supply Up 4% and Condo Demand Up 5%
This month we saw a 4% increase in the supply (number of condos for sale) and a 5% increase in demand for Austin condos. These strong demand numbers are a bright spot for winter sellers this year.
Source: Clarus Market Metrics, ACTRIS Sold Data
November 2017 Austin Condo Numbers
In November 2017, there were 203 condos and townhomes that sold in Austin. Condos ranged in size from 378-3,038 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,650,000 and the least expensive condo sold for $89,900. It took, on average, 52 days to sell a condo in Austin and sellers received, on average, 96.69% of their original list prices. The average price per square foot of a condo sold in Austin in November 2017 was $261.21.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||203|
|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. The Austin condo market is still a very healthy market with just under 3 months of inventory available, but we are seeing a dip in sold prices this winter. Still, 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.
If you’re looking to buy, now might be the time. Buyers have many more choices on the market. If you’re looking for a deal, look for a motivated seller who is willing to work with you on price and terms. Remember, sellers have more competition, so if they want to get their units sold, they have to make some concessions. 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.