Eleven Oaks Realty is proud to present their December 2022 Austin Condo Price Report measuring activity in the Austin condo market. Our December 2022 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 64%
In December 2022, 109 condos sold in Austin compared to 301 in December 2021, marking a 64% (192 condo) decrease in year over year numbers.
54% Decrease in the Number of Condos Under Contract
In December 2022, there were 106 condos that went under contract (pending) in Austin compared to 232 in December 2021, showing a 54% (126 condo) decrease in year over year numbers.
Time to Sell an Austin Condo Saw a 108% Increase
In December 2022, it took 56 days to sell a condo in Austin compared to 27 days in December 2021 marking a 108% (29 day) increase in year over year numbers. The best condos are selling faster, with the median time to sell sitting at 36 days. Last month the median time to sell was 31 days.
Austin Condo Inventory Up 448%
In December 2022, we had 4.5 months of inventory on the Austin condo market compared to 0.8 months in December 2021, showing a 448% (3.7 month) increase in year over year inventory numbers. All segments of the market are experiencing inventory increases. The condo market has surpassed the single family home market with inventory by 1.5 months.
Number of Austin Condos Listed for Sale Saw a 35% Decrease
In December 2022, there were 129 condos and townhomes listed for sale in Austin compared to 197 in December 2021, marking a 35% decrease in year over year numbers. With interest rates rising and buyer demand going down, we are seeing sellers more hesitant to list their condos. Some could be because they don’t know if they’ll find a buyer and others might not want to trade a low interest rate loan for a higher interest rate loan unless they need more space.
Number of Condos on the Austin Market Up 56%
In December 2022, there were 702 condos and townhomes for sale in Austin compared to 451 in December 2021, marking a 56% (251 condo) increase in year over year numbers.
Median Sold Price of Austin Condos Down 3%
In December 2022, the median sold price of a condo in Austin was $439,000 compared to $453,500 in December 2021, marking a 3% ($14,500) decrease in year over year numbers. Is this the start of price decreases? With only 3% difference from last year, it’s hard to call that a trend, but the next few months will be interesting.
Median For Sale Price Up 16% vs Median Sold Price Down 3%
In December 2022, the median price of a for sale condo in Austin was $544,500 compared to $470,000 in December 2021, marking a 16% increase. The median sold price of a condo in Austin went from $453,500 in December 2021 to $439,000 in December 2022, marking a 3% decrease.
Number of Austin Condos Taken off the Market Up 321%
The number of expired condos in Austin (number of condos that were taken off the market) was up 321% or 90 condos in year over year figures. In December 2022, there were 118 condos taken off the market compared to 28 in December 2021.
Austin Condo Supply Up 56% and Condo Demand Down 64%
This month we saw a 56% increase in the supply (number of condos for sale) and a 64% decrease in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
December 2022 Austin Condo Numbers
In December 2022, there were 109 condos and townhomes that sold in Austin. Condos ranged in size from 400-2,849 sq ft with 0-5 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $3,300,000 and the least expensive condo sold for $190,000. It took, on average, 44 days to sell a condo in Austin and sellers received, on average, 92.66% of their original list prices. The average price per square foot of a condo sold in Austin in December 2022 was $441.61.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||December 2022|
|Property Type||Condos & Townhomes||Number Sold||109|
|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. We are entering a balanced market and if things continue, we should be in a buyer’s market by the end of winter, two types of markets we haven’t seen in years. With demand down 64% and supply up 56%, buyers have more choices and less competition. We’re also seeing many price reductions and motivated sellers looking to get their condos sold this year so they can move on to the next chapter of their life.
If you need to sell, start the process now. This uptick in interest rates might have a slow down effect for the market, which will ultimately result in lower prices. But, it hasn’t yet as median price is only down 3% in year over year numbers. Buyers who are still motivated now and can afford it will make offers and accept higher interest rates as their cost of getting into the market. 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, be clear on what you want so you can be quick to move an offer if you find something that fits. Don’t wait until the weekend to check out listings in person. If you can, set alerts and get inside properties of interest early, you might just beat out the competition. Buyers have become complacent and are waiting to see condos thinking they have time. If you can beat them to the punch and make offers, you just might be successful. Though interest rates have risen, they are expected to rise even more in the coming weeks, so this might be the lowest we’ll see for a while. 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. 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 December 2022 Austin Condo Price Report?
Do you have questions about our December 2022 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.