Eleven Oaks Realty is proud to present their February 2021 Austin Condo Price Report measuring activity in the Austin condo market. Our February 2021 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 14%
In February 2021, 269 condos sold in Austin compared to 237 in February 2020, marking a 14% (32 condo) increase in year over year numbers. The condo market is picking up speed. Likely due to the strength of the single family home market, some buyers are opting for condos.
18% Increase in the Number of Condos Under Contract
In February 2021, there were 281 condos that went under contract (pending) in Austin compared to 238 in February 2020, showing an 18% (43 condo) increase in year over year numbers. We are seeing more sales earlier in the year than we have in years past. Pent up demand is strong, so I would expect us to continue seeing an increase in activity for months to come.
Time to Sell an Austin Condo Saw a 5% Decrease
In February 2021, it took 44 days to sell a condo in Austin compared to 46 days in February 2020 marking a 5% (2 day) decrease in year over year numbers. Again this month we see a higher than expected days on market for condos. I would expect this number to continue to go down as more buyers enter the market. They’ll have to make decisions faster. The median is 17 days, which is more representative of current market conditions.
Austin Condo Inventory Down 58%
In February 2021, we had 1.3 months of inventory on the Austin condo market compared to 3.0 months in February 2020, showing a 58% (1.7 month) decrease in year over year inventory numbers. Again this month, we are seeing inventory at below spring levels. If this keeps up, spring inventory will be non-existent.
Number of Austin Condos Listed for Sale Down 13%
In February 2021, there were 269 condos and townhomes listed for sale in Austin compared to 309 in February 2020, marking a 13% (40 condo) decrease in year over year numbers. As new listings trend downwards and current inventory get snatched up by buyers, it won’t be long until the condo market is in extreme seller’s market territory.
Number of Condos on the Austin Market Down 33%
In February 2021, there were 685 condos and townhomes for sale in Austin compared to 1,017 in February 2020, marking a 33% (332 condo) decrease in year over year numbers.
Median Sold Price of Austin Condos Up 24%
In February 2021, the median sold price of a condo in Austin was $385,000 compared to $310,000 in February 2020, marking a 24% ($75,000) increase in year over year numbers.
Median For Sale Price Up 10% vs Median Sold Price Up 24%
In February 2021, the median price of a for sale condo in Austin was $439,900 compared to $399,900 in February 2020, marking a 10% increase. The median sold price of a condo in Austin went from $310,000 in February 2020 to $385,000 in February 2021, marking a 24% increase.
Number of Austin Condos Taken off the Market Down 29%
The number of expired condos in Austin (number of condos that were taken off the market) was down 29% or 20 condos in year over year figures. In February 2021, there were 50 condos taken off the market compared to 70 in February 2020.
Austin Condo Supply Down 33% and Condo Demand Up 14%
This month we saw a 33% decrease in the supply (number of condos for sale) and a 14% increase in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2021 Austin Condo Numbers
In February 2021, there were 269 condos and townhomes that sold in Austin. Condos ranged in size from 380-3,316 sq ft with 1-5 bedrooms and 1-7 bathrooms. The most expensive condo that sold in Austin sold for $3,004,500 and the least expensive condo sold for $112,000. It took, on average, 45 days to sell a condo in Austin and sellers received, on average, 100.09% of their original list prices. The average price per square foot of a condo sold in Austin in February 2021 was $367.15.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Condos & Townhomes||Number Sold||269|
|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 14% increase in demand and a 33% reduction in supply, there are more buyers than sellers in the market. Inventory has dropped to just over 1 month, which is extreme seller’s market levels. Earlier this year, we were creeping into a balanced market, leaning towards a buyer’s market. Now the tables have turned. And, with median price up 24%, buyers are paying more. Interest rates are at historic lows, and buyers are taking advantage. Plus, the single family home market is absolute insanity, so buyers are having to re-evaluate the type of real estate they’re purchasing. If you’re looking to sell, get your units ready to meet the market now.
If you need to sell, start the process now. Buyers are making strong offers quicker than they were at this time last year. Though condos are taking, on average, about 44 days to sell, that is down 5% from last year and sellers are getting more. 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. Right now interest rates are at historic lows. Sellers who have listed their condos now are generally more motivated to get it sold. Make offers and see what happens. Deals are out there if you pay attention. 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. Also, don’t be afraid to make offers. If a unit is worth what the owner is asking, find out if they’re willing to take your number. You never know how motivated a seller might be until you put an offer in front of them they’ll have to turn down. 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.