Eleven Oaks Realty is proud to present their January 2024 Austin Condo Price Report measuring activity in the Austin condo market. Our January 2024 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market is Still a Seller’s Market
Despite being in one of the slower times of the year, the Austin condo market remained a sellers market in January 2024. With interest rates dipping down a bit, it has given buyers a resurgence of interest in the market. Combine lower interest rates and lower prices and payments are actually starting to go down. In January 2024, there was 4.54 months of inventory on the Austin condo market, an 8.47% decrease in month over month comparisons. Condo owners received, on average, 96.5% of their list prices which was an 0.1% increase in month over month numbers. The median time to sell a condo in Austin in January 2024 was 72 days, a 12.5% increase in month over month comparisons. The median sold price was $393,500, which was an 0.25% decrease in month over month comparisons.
What does this mean for sellers? Sellers should be positive about the direction of the Austin condo market. Though prices are down, inventory is also down so sellers who want to get their units sold can if they price it right and present it well. If you’re looking to sell, you should give yourself a little more time than in years past with a median time to sell of 72 days. We are definitely in a new market, but a more balanced market as well. We are still in sellers market territory so sellers aren’t having to give as many concessions as they would if we were in a buyers market. However, buyers are still going to ask for price reductions, closing cost credits and likely repairs so be prepared with what you’re willing and not willing to do to get your unit sold.
What does this mean for buyers? Buyers should not be afraid of this sellers market as it is one of the more relaxed and buyer friendly sellers markets we have seen in years. Sellers who want their units sold are willing to negotiate on price, make repairs and even offer closing cost credits if that’s what it takes to get their units sold. Interest rates have come down some, so monthly payments are not as expensive as they were a few months ago. I would expect the market to pick up as we head into spring, so if you’re looking to buy you don’t want to wait until you have more competition. Buyers who buy early in the year tend to get a better deal than those who buy in spring and early summer.
7.4% Decrease in Median Sold Price
In January 2024, the median sold price for a condo in Austin was $393,500 compared to $425,000 in January 2023 showing a 7.4% decrease in year over year comparisons. Last month the median price for an Austin condo was $394,500, showing an 0.3% decrease in month over month comparisons.
No Change in the Number of Sold Condos
In January 2024, there were 96 condos that sold compared to 96 in January 2023 showing no change in year over year numbers. Last month there were 112 condos to sell, showing a 14.3% decrease in month over month comparisons.
0.7% Decrease in Average List Price to Sales Price
In January 2024, the average list price to sales price was 96.46% compared to 97.12% in January 2023 showing an 0.7% decrease in year over year numbers. Last month the average list price to sales price sellers received for an Austin condo was 96.36% showing an 0.1% increase in month over month comparisons.
18% Increase in Median Time to Sell
In January 2024 the median time to sell a condo in Austin was 72 days compared to 61 days in January 2023 showing an 18% increase in year over year comparisons. Last month the median time to sell was 64 days showing a 12.5% increase in month over month comparisons.
14% Decrease in Median Price Per Sq Ft
The median price per square foot for an Austin condo in January 2024 was $339 compared to $392 in January 2023, showing a 14% decrease in year over year numbers. Last month the median price per square foot of an Austin condo was $336, showing a 0.9% increase in month over month numbers.
4.8% Decrease in Total Sales Volume
The total sales volume for Austin condos in January 2024 was $46,642,542 compared to $48.99MM in January 2023 showing a 4.8% decrease in year over year comparisons. Last month the total sales volume was $64.54MM showing a 27.7% decrease in month over month comparisons.
22% Increase in Months Supply of Inventory
In January 2024 there was 4.54 months supply of inventory on the Austin condo market compared to 3.71 months in January 2023 showing a 22.4% increase in year over year numbers. Last month there was 4.96 months of inventory on the market, showing an 8.5% decrease in month over month comparisons.
115% Increase in New Pending Condo Listings
In January 2024 there were 153 condos in Austin that accepted a contract compared to 71 in January 2023 showing a 115% increase in year over year numbers. Last month, in December 2023, there was 113 condos that accepting a contract showing a 35.4% decrease in month over month comparisons.
1.7% Decrease in Median List Price of Austin Condos
The median list price of an Austin condo in January 2024 was $510,000 compared to $519,000 in January 2023 showing a 1.7% decrease in year over year numbers. Last month the median list price was $500,000 showing a 2% increase in month over month comparisons.
16% Increase in New Condo Listings
In January 2024, there were 306 condos introduced to the Austin condo market compared to 264 in January 2023 showing a 16% increase in year over year numbers. Last month there were 157 condos introduced to the market showing a 95% increase in month over month comparisons.
11% Increase in Number of Active Condo Listings
In January 2024, there were 765 condos on the market compared to 689 in January 2023 showing an 11% increase in year over year numbers. Last month there were 803 condos introduced to the market showing a 4.7% decrease in month over month comparisons.
January 2024 Austin Condo Numbers
In January 2024, there were 97 condos and townhomes that sold in Austin. Condos ranged in size from 391-2,955 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $31,745,000 and the least expensive condo sold for $170,000. It took, on average, 79 days to sell a condo in Austin and sellers received, on average, 91.05% of their original list prices. The average price per square foot of a condo sold in Austin in January 2024 was $373.62.
|Condos & Townhomes
|ABoR Sales Data
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’re looking at the numbers, it’s time to buy. Median price is down 7.4% from last year, which is more than we’ve seen in previous years as we typically see an increase of this or more. Interest rates are coming down and payments are as well, which means you can afford more. Combine the lower prices and monthly payments and you’re able to get a much better unit than you were this time last year. You’re also getting more choices. This month saw a 22% increase in months of inventory on the market, so buyers are able to pick the units that best suit their lifestyle, not settle for the only condo left for sale. There was a 155% increase in pending condos, the second month of a significant increase, so buyers are getting the memo that forces are favoring them. I expect to see this demand unleash as we head into spring. Start your search now and have it wrapped up before the busy season starts so you don’t have to worry as much about competition, which will inevitably lead to price increases.
If you need to sell, know you’re still able to do that if you have patience and persistence. Be prepared for buyers to change their mind and get through all the contingencies before you determine your unit is sold. That being said, buyers are still out there and they’re making strong offers for units they feel stand out. 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 January 2024 Austin Condo Price Report?
Do you have questions about our January 2024 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.