Eleven Oaks Realty is proud to present their February 2016 Austin Condo Price Report measuring activity in the Austin condo market. The February 2016 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 18%
In February 2016, 143 condos sold in Austin compared to 174 in February 2015, marking an 18% (31 condo) decrease in year over year numbers.
No Change in the Number of Condos Under Contract
In February 2016, there were 232 condos that went under contract (pending) in Austin compared to 231 in February 2015, marking essentially no change (1 condo) in year over year numbers. With the decrease in closed condo sales and no change in pending sales, the Austin condo market seems to be getting a little slower start than last year.
Time to Sell an Austin Condo Down 8%
In February 2016, it took 40 days to sell a condo in Austin compared to 43 days in February 2015 marking an 8% decrease in year over year numbers. This month, Austin condo buyers seem to be a bit more decisive than last year’s buyers. It will be interesting to see how next month’s numbers shape up.
Austin Condo Inventory Up 7%
In February 2016, we had 2 months of inventory on the Austin condo market compared to 1.9 months in February 2015. This marks a 7% increase in year over year inventory numbers. With less than 3 months inventory, the Austin condo market favors sellers, even though activity has decreased.
Number of Austin Condos Listed for Sale Up 30%
In February 2016, there were 319 condos and townhomes listed for sale in Austin compared to 245 in February 2015 marking a 30% increase in year over year numbers. Austin condo sellers are coming out strong to start the year, showing they are confident the condo market will pick up this Spring.
Number of Condos on the Austin Market Up 10%
In February 2016, there were 762 condos and townhomes for sale in Austin compared to 693 in February 2015, marking a 10% increase in year over year numbers. It seems buyers have a short period of time to capitalize on the increased inventory. As Spring buyers flood the market, inventory will decrease.
Median Sold Price of Austin Condos Up 20%
In February 2016, the median sold price of a condo in Austin was $255,000 compared to $212,500 in February 2015, marking a 20% increase in year over year numbers. This increase should be great news for condo owners thinking of putting their units on the market this Spring. This year’s buyers are willing to pay significantly more for a unit this year than they were last year.
Median For Sale Price Up 14% vs Median Sold Price Up 20%
In February 2016, the median price of a for sale condo in Austin was $356,450 compared to $314,000 in February 2015, marking a 14% increase. The median sold price of a condo in Austin went from $212,500 in February 2015 to $255,000 in February 2016, marking a 20% increase.
Number of Austin Condos Taken off the Market Up 133%
The number of expired condos in Austin (number of condos that were taken off the market) was up 133% or 66 condos in year over year figures. In February 2016, there were 63 condos taken off the market compared to 27 in February 2015. As we’ve seen in the single family home market in Austin, more sellers are taking their homes and condos off the market this year than they were last year. Could be they are simply taking their condos off the market for a short period of time and will re-list when the market picks up during Spring.
Austin Condo Supply Up 10% and Condo Demand Down 18%
This month we saw a 10% increase in the supply (number of condos for sale) and an 18% decrease in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2016 Austin Condo Numbers
In February 2016, there were 145 condos and townhomes that sold in Austin. Condos ranged in size from 369-3,220 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $2,500,000 and the least expensive condo sold for $69,000. It took, on average, 41 days to sell a condo in Austin and sellers received, on average, 97.57% of their original list prices. The average price per square foot of a condo in Austin in February 2016 was $247.60.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||February 2016|
|Property Type||Condos & Townhomes||Number Sold||145|
|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 a 10% increase in supply and an 18% decrease in demand, buyers have less competition for more condos. Though inventory is about 2 months, which is an indicator of a strong seller’s market, the increase in supply and decrease in demand might give buyers the slight edge they need to make a quick decision. 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.
If you’re looking to sell, keep in mind Spring is right around the corner. Now is the perfect time to make any repairs that need to be made to get your condo looking in tip top shape. Though buyer demand is down, we saw a 20% increase in median sold price, which is significant. The buyers currently in the market are willing to pay significantly 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.
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.