Eleven Oaks Realty is proud to present their November 2019 Austin Condo Price Report measuring activity in the Austin condo market. Our November 2019 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 2%
In November 2019, 202 condos sold in Austin compared to 198 in November 2018, marking a 2% (4 condo) increase in year over year numbers. This month’s numbers are pretty much on par with last month’s numbers. Normally, we’d expect to see a slow down in November, but it seems to have leveled out instead.
35% Increase in the Number of Condos Under Contract
In November 2019, there were 238 condos that went under contract (pending) in Austin compared to 176 in November 2018, showing a 35% (62 condo) increase in year over year numbers. A significantly busier month than last November and a busier month than October. 2019 has definitely been an interesting year in trends. We would typically see a slow down in November and December, but this year it seems we had a bit of an uptick.
Time to Sell an Austin Condo Saw No Change
In November 2019, it took 60 days to sell a condo in Austin compared to 61 days in November 2018 marking a 1 day decrease in year over year numbers. Though we saw more condos go under contract, we didn’t see a reduction in time to sell.
Austin Condo Inventory Down 37%
In November 2019, we had 2.7 months of inventory on the Austin condo market compared to 4.3 months in November 2018, showing a 37% decrease in year over year inventory numbers. With an increase in demand and a decrease in supply, it is not surprising we saw such a dip in inventory levels compared to last year.
Number of Austin Condos Listed for Sale Up 4%
In November 2019, there were 232 condos and townhomes listed for sale in Austin compared to 223 in November 2018 marking a 4% (9 condo) increase in year over year numbers. It seems this year’s sellers aren’t any more motivated than last year’s sellers. It will be interesting to see if we see an uptick next month or if sellers are holding off until spring.
Number of Condos on the Austin Market Down 9%
In November 2019, there were 956 condos and townhomes for sale in Austin compared to 1,053 in November 2018, marking a 9% decrease in year over year numbers. With fewer properties for sale and more buyers in the market, it’s no wonder inventory levels decreased so significantly.
Median Sold Price of Austin Condos Up 22%
In November 2019, the median sold price of a condo in Austin was $367,000 compared to $301,750 in November 2018, marking a 22% ($65,550) increase in year over year numbers. Though time to sell was up, that didn’t seem to stop buyers from making strong offers. Median price for Austin condos is up higher than it’s been in the past 12+ months. Next month’s figures should be telling as to whether or not this was the result of several, more expensive condos selling, or if we are seeing a dramatic increase in Austin condo prices.
Median For Sale Price Up 7% vs Median Sold Price Up 22%
In November 2019, the median price of a for sale condo in Austin was $397,168 compared to $370,500 in November 2018, marking a 7% increase. The median sold price of a condo in Austin went from $301,750 in November 2018 to $367,000 in November 2019, marking a 22% increase.
Number of Austin Condos Taken off the Market Down 43%
The number of expired condos in Austin (number of condos that were taken off the market) was down 43% or 50 condos in year over year figures. In November 2019, there were 65 condos taken off the market compared to 115 in November 2018. This speaks to the strength of the market this year. Sellers are at least seeing enough activity to keep them engaged through the holidays.
Austin Condo Supply Down 9% and Condo Demand Up 2%
This month we saw a 9% decrease in the supply (number of condos for sale) and a 2% increase in demand for Austin condos. With supply down and demand up, we are seeing reductions in inventory, increases in prices and fewer condos taken off the market.
Source: Clarus Market Metrics, ACTRIS Sold Data
November 2019 Austin Condo Numbers
In November 2019, there were 204 condos and townhomes that sold in Austin. Condos ranged in size from 403-7,579 sq ft with 0-4 bedrooms and 1-7 bathrooms. The most expensive condo that sold in Austin sold for $3,300,000 and the least expensive condo sold for $136,838. It took, on average, 61 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 sold in Austin in November 2019 was $318.17.
|Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||204|
|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 inventory down 37% and prices up 22%, sellers should get their condos on the market. With motivated buyers who have limited choices, sellers might be able to get more for their units than they did in previous years. With less than 3 months inventory, we are in a strong seller’s market, despite going into the holidays.
If you need to sell, have some patience. Condos are taking, on average, about 2 months to sell. So you probably will need to start the selling process earlier than anticipated. 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. 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.