Eleven Oaks Realty is proud to present their March 2016 Austin Condo Price Report measuring activity in the Austin condo market. The March 2016 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 8%
In March 2016, 210 condos sold in Austin compared to 229 in March 2015, marking an 8% (19 condo) decrease in year over year numbers.
7% Increase in the Number of Condos Under Contract
In March 2016, there were 271 condos that went under contract (pending) in Austin compared to 254 in March 2015, marking a 7% increase (17 condo) in year over year numbers. For a second month in a row, we saw a decrease in the number of closed sales and an increase in the number of pending sales.
Time to Sell an Austin Condo Down 2%
In March 2016, it took 32 days to sell a condo in Austin compared to 33 days in March 2015 marking a 2% decrease in year over year numbers.
Austin Condo Inventory Up 10%
In March 2016, we had 2 months of inventory on the Austin condo market compared to 1.8 months in March 2015. This marks a 10% increase in year over year inventory numbers. With less than 3 months inventory, the Austin condo market favors sellers. But, with more inventory online than we had last year, this year’s buyers might feel they have more choices.
Number of Austin Condos Listed for Sale Up 16%
In March 2016, there were 369 condos and townhomes listed for sale in Austin compared to 317 in March 2015 marking a 16% increase in year over year numbers. Again this month, Austin condo owners are confident in their ability to get their units sold during this year’s busy season.
Number of Condos on the Austin Market Up 14%
In March 2016, there were 857 condos and townhomes for sale in Austin compared to 752 in March 2015, marking a 14% increase in year over year numbers. If you’re a buyer looking for a condo in Austin, take advantage of the increase in your choices before demand picks up.
Median Sold Price of Austin Condos Up 3%
In March 2016, the median sold price of a condo in Austin was $241,000 compared to $234,500 in March 2015, marking a 3% increase in year over year numbers. Even though there is more inventory, buyers are still willing to make stronger offers than they were last year.
Median For Sale Price Up 16% vs Median Sold Price Up 3%
In March 2016, the median price of a for sale condo in Austin was $355,246 compared to $307,569 in March 2015, marking a 16% increase. The median sold price of a condo in Austin went from $234,500 in March 2015 to $241,000 in March 2016, marking a 3% increase.
Number of Austin Condos Taken off the Market Up 20%
The number of expired condos in Austin (number of condos that were taken off the market) was up 20% or 9 condos in year over year figures. In March 2016, there were 54 condos taken off the market compared to 45 in March 2015. As we’ve seen in the single family home market in Austin, more sellers are taking their properties off the market this year compared to last year.
Austin Condo Supply Up 14% and Condo Demand Down 8%
This month we saw a 14% increase in the supply (number of condos for sale) and an 8% decrease in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 2016 Austin Condo Numbers
In March 2016, there were 213 condos and townhomes that sold in Austin. Condos ranged in size from 372-3,682 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $3,150,000 and the least expensive condo sold for $55,000. It took, on average, 44 days to sell a condo in Austin and sellers received, on average, 97.60% of their original list prices. The average price per square foot of a condo in Austin in March 2016 was $240.56.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||March 2016|
|Property Type||Condos & Townhomes||Number Sold||213|
|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 14% increase in supply and an 8% decrease in demand, buyers face less competition with more choices. Though inventory is at about 2 months, 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 we are entering the busy season. We would expect demand to go up over the next month or two. Though buyer demand is down, we saw a 3% increase in median sold price, which means the buyers in the market are willing to pay 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.