Eleven Oaks Realty is proud to present their January 2017 Austin Condo Price Report measuring activity in the Austin condo market. The January 2017 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 4%
In January 2017, 147 condos sold in Austin compared to 153 in January 2016, marking a 4% (6 condo) decrease in year over year numbers.
37% Increase in the Number of Condos Under Contract
In January 2017, there were 226 condos that went under contract (pending) in Austin compared to 165 in January 2016, marking a 37% (60 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 Down 4%
In January 2017, it took 45 days to sell a condo in Austin compared to 47 days in January 2016 marking a 4% (2 day) decrease in year over year numbers. Though we only saw a 4% decrease from last year’s figures, we saw about a 10 day reduction from December 2016. The condo market is off to a fast start in 2017.
Austin Condo Inventory Up 4%
In January 2017, we had 2.9 months of inventory on the Austin condo market compared to 2.8 months in January 2016, showing a 4% increase in year over year inventory numbers.
Number of Austin Condos Listed for Sale Up 19%
In January 2017, there were 307 condos and townhomes listed for sale in Austin compared to 258 in January 2016 marking a 19% 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 45%
In January 2017, there were 958 condos and townhomes for sale in Austin compared to 661 in January 2016, marking a 45% 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 Down 4%
In January 2017, the median sold price of a condo in Austin was $249,500 compared to $261,000 in January 2016, marking a 4% decrease in year over year numbers.
Median For Sale Price Up 3% vs Median Sold Price Down 4%
In January 2017, the median price of a for sale condo in Austin was $359,900 compared to $349,000 in January 2016, marking a 3% increase. The median sold price of a condo in Austin went from $261,000 in January 2016 to $249,500 in January 2017, marking a 4% decrease.
Number of Austin Condos Taken off the Market Up 110%
The number of expired condos in Austin (number of condos that were taken off the market) was up 110% or 43 condos in year over year figures. In January 2017, there were 82 condos taken off the market compared to 39 in January 2016.
Austin Condo Supply Up 45% and Condo Demand Down 4%
This month we saw a 45% increase in the supply (number of condos for sale) and a 4% decrease in demand for Austin condos. With more supply than demand, buyers have a unique opportunity that they haven’t had in a while.
Source: Clarus Market Metrics, ACTRIS Sold Data
January 2017 Austin Condo Numbers
In January 2017, there were 147 condos and townhomes that sold in Austin. Condos ranged in size from 400-2,979 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $2,550,000 and the least expensive condo sold for $75,000. It took, on average, 43 days to sell a condo in Austin and sellers received, on average, 96.91% of their original list prices. The average price per square foot of a condo in Austin in January 2017 was $254.75.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||January 2017|
|Property Type||Condos & Townhomes||Number Sold||147|
|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.
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.