Eleven Oaks Realty is proud to present their February 2014 Austin Condo Price Report measuring activity in the Austin condo market. This report covers all condominiums and townhomes in the City of Austin.
Time to Sell an Austin Condo Down 27%
In February 2014, it took 38 days to sell a condo in Austin compared to 53 days in February 2013 marking a 27% decrease in year over year numbers. It appears as though the Austin condo market is seeing a Spring uptick a bit earlier in the year than normal.
Austin Condo Inventory Down 30%
In February 2013, we had 2.2 months of inventory on the Austin condo market compared to just 1.6 months in February 2014. This marks a 30% decrease in year over year inventory numbers. With all the competition in the single family home market in Austin, it could be that some of the frustrated buyers have chosen to buy a condo instead, which has eaten up more of the inventory than normal.
Number of Austin Condos Sold Up 8%
In February 2014, 167 condos sold in Austin compared to 155 in February 2013, marking an 8% increase in year over year numbers. Austin saw a similar number of condos sell in January 2014. We would anticipate more sales as we head deeper into Spring with the seasonal uptick.
Number of Condos Under Contract Saw No Change
In February 2014, there were 236 condos that went under contract (pending) in Austin compared to 236 in February 2013.
Number of Austin Condos Listed for Sale Down 15%
In February 2014, there were 256 condos and townhomes listed for sale in Austin compared to 301 in February 2013.
Number of Condos on the Austin Market Down 20%
In February 2014, there were 637 condos and townhomes for sale in Austin compared to 800 in February 2013, marking a 20% decrease in year over year numbers. It appears more condo owners are staying put and buyers are eating up inventory faster. This decrease in condos for sale is more evidence to confirm the increased buyer demand we’ve seen in Austin is due to those relocating from out of the area or renters. Both groups eat up demand and don’t replace inventory.
Median Sold Price of Austin Condos Up 10%
In February 2014, the median sold price of a condo in Austin was $220,000 compared to $200,000 in February 2013, marking a 10% increase in year over year numbers.
Median For Sale Price vs Median Sold Price of Austin Condos
It appears as though the gap between buyer and seller perceived value is narrowing, but only slightly. In February 2014, the median price of a for sale condo in Austin was $259,900 compared to $219,856 in February 2013 marking an 18% increase. The median sold price of a condo in Austin went from $200,000 in February 2013 to $220,000 in February 2014, marking a 10% increase. It appears as though condo sellers perceive their units to be worth more than buyers. The decreased inventory has encouraged sellers to increase their asking prices and although buyers have increased their offer prices, there is still a disconnect in buyer and seller’s perceived value. If you’re a buyer, that generally means there is room to negotiate the price of an Austin condo.
Number of Austin Condos Taken off the Market Down 11%
The number of expired condos in Austin (number of condos that were taken off the market) was down 11% or 4 units in year over year comparisons. The fact that we still have 31 condos taken off the market shows that buyers, though ready to buy, are not willing to overpay.
Austin Condo Supply Down 20% and Condo Demand Up 8%
This month we saw a 20% decrease in the supply (number of condos for sale) and an 8% increase in demand for Austin condos, which explains the historically low inventory. There are more buyers in the market than sellers. As we head into Spring/Summer, it will be interesting to see if more sellers decide to put their units on the market and if buyer demand will remain strong.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2014 Austin Condo Numbers
In February 2014, there were 211 condos and townhomes that sold in Austin. Condos ranged in size from 389-3,291 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $2,537,500 and the least expensive condo sold for $45,000. It took, on average, 45 days to sell a condo in Austin and sellers received, on average, 96.79% of their original list prices. The average price per square foot of a condo in Austin in February 2014 was $206.14.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||February 2014|
|Property Type||Condos/Townhomes||Number Sold||211|
|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 it is time to sell. With inventory at historic lows and demand up, sellers who price their units right will have no trouble finding a buyer. As we head into Summer and more and more buyers in the single family home market get tired of multiple offers, they’ll look for other solutions like condos.
If you’re looking to purchase a condo in Austin, be proactive. The best condos are selling quickly. Set up email alerts and set aside time to look throughout the week. Though inventory is down and demand is up, you only need to find one condo, not 20. If you make condo buying a priority and work with professionals who know the market and can help you assess the market, you’ll be a condo owner in 2014!
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.