Eleven Oaks Realty is proud to present their January 2016 Austin Condo Price Report measuring activity in the Austin condo market. The January 2016 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 20%
In January 2016, 146 condos sold in Austin compared to 122 in January 2015, marking a 20% (24 condo) increase in year over year numbers.
Number of Condos Under Contract Down 10%
In January 2016, there were 175 condos that went under contract (pending) in Austin compared to 195 in January 2015, marking a 10% (20 condo) decrease in year over year numbers. Though we did see a significant increase in sales from December to January, we didn’t quite reach last January’s sales numbers. It will be interesting to see how the condo market fares during the busier Spring months.
Time to Sell an Austin Condo Up 29%
In January 2016, it took 51 days to sell a condo in Austin compared to 39 days in January 2015 marking a 29% increase in year over year numbers. Though an increase from last year’s numbers, we saw a pretty significant decrease in number of days it took condos to sell in December. As with the single family home market, it seems motivated buyers are coming out earlier this year than they were last year.
Austin Condo Inventory Up 3%
In January 2016, we had 2.4 months of inventory on the Austin condo market compared to 2.3 months in January 2015. This marks a 3% increase in year over year inventory numbers. With less than 3 months inventory, the Austin condo market favors sellers, even in this historically slow time of year.
Number of Austin Condos Listed for Sale Down 10%
In January 2016, there were 249 condos and townhomes listed for sale in Austin compared to 278 in January 2015 marking a 10% decrease in year over year numbers. It seems fewer Austin condo owners are confident they can get their condos sold even though demand is up 20%.
Number of Condos on the Austin Market Down 7%
In January 2016, there were 635 condos and townhomes for sale in Austin compared to 681 in January 2015, marking a 7% decrease in year over year numbers. This year buyers have fewer choices if they want to buy an Austin condo, which might mean they need to be more competitive in their offers.
Median Sold Price of Austin Condos Up 14%
In January 2016, the median sold price of a condo in Austin was $253,500 compared to $222,430 in January 2015, marking a 14% increase in year over year numbers. Though we had a brief, 1 month slow down in median condo price increases, it seems we are back to outpacing last year.
Median For Sale Price Up 17% vs Median Sold Price Up 14%
In January 2016, the median price of a for sale condo in Austin was $350,000 compared to $299,900 in January 2015, marking a 17% increase. The median sold price of a condo in Austin went from $222,430 in January 2015 to $253,500 in January 2016, marking a 14% increase.
Number of Austin Condos Taken off the Market Up 15%
The number of expired condos in Austin (number of condos that were taken off the market) was up 15% or 6 condos in year over year figures. In January 2016, there were 45 condos taken off the market compared to 39 in January 2015. This year we seem to be seeing more condos taken off the market than the previous year. Could be there are some sellers just testing the market and when they can’t get their price, they take their condos off the market rather than reducing their price.
Austin Condo Supply Down 7% and Condo Demand Up 20%
This month we saw a 7% decrease in the supply (number of condos for sale) and a 20% increase in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
January 2016 Austin Condo Numbers
In January 2016, there were 151 condos and townhomes that sold in Austin. Condos ranged in size from 345-3,682 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $3,600,000 and the least expensive condo sold for $55,150. It took, on average, 59 days to sell a condo in Austin and sellers received, on average, 96.61% of their original list prices. The average price per square foot of a condo in Austin in January 2016 was $267.91.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||January 2016|
|Property Type||Condos & Townhomes||Number Sold||151|
|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 a 7% decrease in supply and a 20% increase in demand, sellers have more buyers competing for their units. Inventory is less than 2.5 months, which is an indicator of a strong seller’s market. And, with a 14% increase in median sold price, the buyers in the market are willing to pay more than they were last year. If you present your condo as a value, you will be successful at getting an offer quickly. Remember, positioning your home 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, don’t throw in the towel just yet. Spring is a great time if you are looking for the most number of choices and don’t mind a competitive buying environment. The most successful buyers are proactive with their search and clear on they types of units they are looking for. Follow those two rules and you can beat other buyers to the best condos. 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.