Eleven Oaks Realty is proud to present their December 2016 Austin Condo Price Report measuring activity in the Austin condo market. The December 2016 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 5%
In December 2016, 215 condos sold in Austin compared to 205 in December 2015, marking a 5% (10 condo) increase in year over year numbers. December saw an unusual bump in condo sales. It will be interesting to see if the Spring market has started early, or if those were just left over buyers who needed to move before the end of the year.
37% Increase in the Number of Condos Under Contract
In December 2016, there were 186 condos that went under contract (pending) in Austin compared to 136 in December 2015, marking a 37% (50 condo) increase in year over year numbers. This Winter has been strong and steady for Austin real estate. The condo market is no different.
Time to Sell an Austin Condo Down 18%
In December 2016, it took 54 days to sell a condo in Austin compared to 66 days in December 2015 marking an 18% (12 day) decrease in year over year numbers. Condo buyers seem to be pulling the trigger faster this year, even during the slower Winter months. This is a bit surprising considering inventory is up substantially. But, this definitely speaks to the motivation of condo buyers in Austin.
Austin Condo Inventory Up 12%
In December 2016, we had 3.3 months of inventory on the Austin condo market compared to 3.0 months in December 2015, showing a 12% increase in year over year inventory numbers.
Number of Austin Condos Listed for Sale Up 102%
In December 2016, there were 226 condos and townhomes listed for sale in Austin compared to 112 in December 2015 marking a 102% increase in year over year numbers. This December, condo owners were not as hesitant to put their units on the market as they were last year.
Number of Condos on the Austin Market Up 49%
In December 2016, there were 910 condos and townhomes for sale in Austin compared to 610 in December 2015, marking a 49% increase in year over year numbers. With more choices, buyers should be in a better position than they were last year.
Median Sold Price of Austin Condos Down 3%
In December 2016, the median sold price of a condo in Austin was $285,000 compared to $295,000 in December 2015, marking a 3% decrease in year over year numbers.
Median For Sale Price Up 1% vs Median Sold Price Down 3%
In December 2016, the median price of a for sale condo in Austin was $359,900 compared to $355,000 in December 2015, marking a 1% increase. The median sold price of a condo in Austin went from $295,000 in December 2015 to $285,000 in December 2016, marking an 8% 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 December 2016, there were 108 condos taken off the market compared to 71 in December 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 49% and Condo Demand Up 5%
This month we saw a 49% increase in the supply (number of condos for sale) and a 5% increase in demand for Austin condos. This year is a much more active year than last.
Source: Clarus Market Metrics, ACTRIS Sold Data
December 2016 Austin Condo Numbers
In December 2016, there were 220 condos and townhomes that sold in Austin. Condos ranged in size from 387-3,498 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $3,200,000 and the least expensive condo sold for $68,250. It took, on average, 57 days to sell a condo in Austin and sellers received, on average, 96.18% of their original list prices. The average price per square foot of a condo in Austin in December 2016 was $269.33.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||December 2016|
|Property Type||Condos & Townhomes||Number Sold||220|
|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 supply up 49%, buyers have many more choices than they have in previous years. Though demand is up 5%, supply is still outpacing the increase in buyer activity. Winter is typically the best time for buyers to get the best deal on a condo in Austin. And, with more sellers competing for your offer, you might find one who is willing to negotiate a great deal. 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.
If you’re looking to sell, don’t be discouraged. The Austin condo market is still a very healthy market with just about 3 months of inventory available. Though median price is down, it’s only down by 3% from last year’s figures. And, with the Holidays behind us, buyers are getting back into their search. 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.
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.