Eleven Oaks Realty is proud to present their December 2019 Austin Condo Price Report measuring activity in the Austin condo market. Our December 2019 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 6%
In December 2019, 228 condos sold in Austin compared to 215 in December 2018, marking a 6% (13 condo) increase in year over year numbers. As in the single family home market, we are seeing a slight uptick in the condo market for closed sales this year.
14% Increase in the Number of Condos Under Contract
In December 2019, there were 186 condos that went under contract (pending) in Austin compared to 163 in December 2018, showing a 14% (23 condo) increase in year over year numbers. Though we saw a drop off from fall numbers, we are still seeing stronger demand this year than we did at this time last year.
Time to Sell an Austin Condo Saw a 7% Decrease
In December 2019, it took 59 days to sell a condo in Austin compared to 64 days in December 2018 marking a 5 day decrease in year over year numbers.
Austin Condo Inventory Down 30%
In December 2019, we had 2.9 months of inventory on the Austin condo market compared to 4.1 months in December 2018, showing a 30% decrease in year over year inventory numbers.
Number of Austin Condos Listed for Sale Down 11%
In December 2019, there were 150 condos and townhomes listed for sale in Austin compared to 168 in December 2018 marking an 11% (18 condo) decrease in year over year numbers. Though we saw an increase in demand, it seems sellers are hesitant to put their condos on the market this winter. It will be interesting to see if they are waiting for spring or if there are just more buyers than sellers in the market.
Number of Condos on the Austin Market Down 11%
In December 2019, there were 827 condos and townhomes for sale in Austin compared to 930 in December 2018, marking an 11% decrease in year over year numbers. Again this month we saw a reduction of supply. As demand increases, we should see extreme seller’s market levels by spring if supply does not increase.
Median Sold Price of Austin Condos Up 13%
In December 2019, the median sold price of a condo in Austin was $345,000 compared to $305,550 in December 2018, marking a 13% ($39,450) increase in year over year numbers. December buyers were much more aggressive with their offers this year compared to last year. With time to sell down and inventory inching down, buyers who wanted to be done before the spring rush were paying sellers what they wanted, which is more than they were paying last year.
Median For Sale Price Up 8% vs Median Sold Price Up 13%
In December 2019, the median price of a for sale condo in Austin was $399,000 compared to $369,000 in December 2018, marking an 8% increase. The median sold price of a condo in Austin went from $305,550 in December 2018 to $345,000 in December 2019, marking a 13% increase.
Number of Austin Condos Taken off the Market Up 4%
The number of expired condos in Austin (number of condos that were taken off the market) was up 4% or 4 condos in year over year figures. In December 2019, there were 108 condos taken off the market compared to 104 in December 2018. We typically do see a big jump at the end of the year as many listing contracts will end. Sometimes we see them relisted in January and other times not until spring.
Austin Condo Supply Down 11% and Condo Demand Up 6%
This month we saw an 11% decrease in the supply (number of condos for sale) and a 6% increase in demand for Austin condos. As we head into spring, we’ll see extreme seller’s market figures if supply continues to go down as demand increases.
Source: Clarus Market Metrics, ACTRIS Sold Data
December 2019 Austin Condo Numbers
In December 2019, there were 234 condos and townhomes that sold in Austin. Condos ranged in size from 330-4,326 sq ft with 0-5 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $4,100,000 and the least expensive condo sold for $100,000. It took, on average, 52 days to sell a condo in Austin and sellers received, on average, 96.25% of their original list prices. The average price per square foot of a condo sold in Austin in December 2019 was $308.17.
|Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||234|
|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 30% and prices up 13%, sellers don’t need to wait until spring to get their condos on the market if they’re looking for motivated buyers. Plus, with limited choices, buyers are going to start feeling the pinch of fewer choices earlier than in previous years. With just less than 3 months inventory, we are in a seller’s market.
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, get started early. If you wait until spring, you’ll be faced with increased demand and, if supply doesn’t pick up, that means higher prices. Right now interest rates are at historic lows. They are predicted to go up at some point, but who knows when and how much. But, if interest rates and prices increase, you’ll be paying a lot more per month than if you would have started now. Sellers who list during winter are generally more motivated than those that list in spring. 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.
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.