Eleven Oaks Realty is proud to present their March 2011 Austin Condo Price Report measuring activity in the Austin condominium market.
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Number of Sold Condos Down 36%
The most dramatic dip we saw in March 2011’s Austin Condo Price Report was in the number of sold condos. In March of 2010 we saw 188 condos sold in the city of Austin, while March of 2011 saw only 121 units sold, a 36% decrease in the number of sales. Last month, we saw a 24% decrease in the number of condos sold and it seems March has continued downward trend.
Median Sold Price Up 10%
Of the buyers that are buying, it seems they are buying higher priced units. In March 2010, 188 condos sold in Austin at a median price of nearly $163,000 while in March 2011, 121 condos sold at a median price of nearly $180,000. $182,000 was the peak median price over the last year.
Gap Between Buyer and Seller’s Interpretation of Market is Closing
The median for sale price of a condo in Austin is down 3% while the median sold price of a condo in Austin is up 10%, indicating buyers and sellers are starting to come to an understanding of where the Austin condo market is. Sellers seem to be more realistic about setting condo prices and buyers are willing to pay for the units they feel offer value.
Number of Condos Under Contract Down 5%
Another indication fewer buyers are in the market, the number of condos under contract was down 5% in year over year comparisons. In March of 2010 we saw 204 condos under contract, while March of 2011 saw 194 condos under contract. In itself, not a huge difference, but it will be interesting to watch this number and see what April brings.
10% Fewer Condos Listed for Sale in March
Condo owners are holding on to their units longer, with 10% fewer condos listed for sale in March than in March of last year. But, we did see an increase of about 150 units from February’s numbers, which is a good sign.
Number of Condos for Sale Down 20%
The number of condos currently on the market is down 20% in year over year numbers. In March 2010, we had 1,703 condos for sale while March 2011 saw only 1,359 condos for sale. This is yet another indicator sellers are holding onto their units longer.
Number of Expired Condos Down 12%
With inventory also down, its not surprising to see the number of expired condos as well. In March 2010, we saw 154 condos expire, while in March 2011, we saw 136 condos expire.
Supply of Condos is Down 20%, Demand is Down 36%
The supply and demand chart below plots the number of condos for sale versus the number of condos sold to give you an idea where buyers and sellers are in the market. In March 2011, both supply and demand are down indicating both buyers and sellers are waiting to see how the market is going to react before making their move.
Time it Takes to Sell a Condo Up 11%
In March 2010, it took around 78 days to sell a condo in Austin, while in March 2011, it took about 86 days. But, with median sold prices up 10%, its not surprising to see the average days on market also increase. In general, it takes longer to sell a more expensive condo than a less expensive one since there are fewer buyers in the upper segment of the market.
Source: Clarus Market Metrics, ACTRIS Sold Data
Time to Buy? Sell?
As we always say, the time to buy or sell a condo in Austin is when its right for you. Trying to time your real estate purchase for the market will get you in a lot of trouble. Not only is it impossible to predict what the market will bring next month, the most important factor 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.
But, if you are looking strictly at the numbers, it appears as though now may be a good time to buy rather than sell. With a decreased number of buyers in the market, you have less competition and can negotiate a better bargain with a motivated seller.
Questions About the Austin Condo Price Report?
Do you have questions about this Austin Condo Price Report? Call us at (512) 827-8323 or email us at info@AustinRealEstateHomesBlog.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 Buyer and Seller Resources for more tips.