Eleven Oaks Realty is proud to present their February 2017 Austin Condo Price Report measuring activity in the Austin condo market. The February 2017 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 22%
In February 2017, 175 condos sold in Austin compared to 144 in February 2016, marking a 22% (31 condo) increase in year over year numbers.
28% Increase in the Number of Condos Under Contract
In February 2017, there were 262 condos that went under contract (pending) in Austin compared to 204 in February 2016, marking a 28% (58 condo) increase in year over year numbers. This Winter has not seen the slow down we saw last Winter.
Time to Sell an Austin Condo Up 9%
In February 2017, it took 45 days to sell a condo in Austin compared to 41 days in February 2016 marking a 9% (4 day) increase in year over year numbers. So while condos are moving this February, they are doing so a bit slower than last year.
Austin Condo Inventory Down 2%
In February 2016, we had 2.3 months of inventory on the Austin condo market compared to 2.2 months in February 2017, showing a 2% decrease in year over year inventory numbers.
Number of Austin Condos Listed for Sale Up 9%
In February 2017, there were 315 condos and townhomes listed for sale in Austin compared to 289 in February 2016 marking a 9% increase in year over year numbers. Condo owners are eager to get their units on the market this year.
Number of Condos on the Austin Market Up 28%
In February 2017, there were 913 condos and townhomes for sale in Austin compared to 716 in February 2016, marking a 28% 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 Up 8%
In February 2017, the median sold price of a condo in Austin was $270,900 compared to $252,000 in February 2016, marking a 8% increase in year over year numbers.
Median For Sale Price Up 9% and Median Sold Price Up 8%
In February 2017, the median price of a for sale condo in Austin was $379,900 compared to $349,000 in February 2016, marking a 9% increase. The median sold price of a condo in Austin went from $252,000 in February 2016 to $270,900 in February 2017, marking an 8% increase.
Number of Austin Condos Taken off the Market Up 44%
The number of expired condos in Austin (number of condos that were taken off the market) was up 44% or 20 condos in year over year figures. In February 2017, there were 65 condos taken off the market compared to 45 in February 2016. 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 28% and Condo Demand Up 22%
This month we saw a 28% increase in the supply (number of condos for sale) and a 22% increase in demand for Austin condos. With both supply than demand up, the market could be heating up in anticipation of summer.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2017 Austin Condo Numbers
In February 2017, there were 185 condos and townhomes that sold in Austin. Condos ranged in size from 378-2,854 sq ft with 1-5 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,978,000 and the least expensive condo sold for $85,000. It took, on average, 46 days to sell a condo in Austin and sellers received, on average, 97.01% of their original list prices. The average price per square foot of a condo in Austin in February 2017 was $257.63.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||185|
|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 45% and demand down 4%, buyers have many more choices with less competition than they have in previous years. For the first time in a while, median price of an Austin condo is also down slightly, which tells me buyers are more successful in getting condo sellers to budget. 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 under 3 months of inventory available. Though median price is down, it’s only down by 4% from last year’s figures. As we head deeper into Spring, we would expect demand to go up considerably. 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.
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.