Eleven Oaks Realty is proud to present their June 2016 Austin Condo Price Report measuring activity in the Austin condo market. The June 2016 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 6%
In June 2016, 284 condos sold in Austin compared to 267 in June 2015, marking a 6% (17 condo) increase in year over year numbers.
No Change in the Number of Condos Under Contract
In June 2016, there were 264 condos that went under contract (pending) in Austin compared to 264 in June 2015, marking no change in year over year numbers.
Time to Sell an Austin Condo Up 22%
In June 2016, it took 37 days to sell a condo in Austin compared to 30 days in June 2015 marking a 22% (7 day) increase in year over year numbers.
Austin Condo Inventory Down 1%
In June 2016, we had 2.2 months of inventory on the Austin condo market compared to 2.2 months in June 2015. The Austin condo market is still a strong seller’s market.
Number of Austin Condos Listed for Sale Down 10%
In June 2016, there were 306 condos and townhomes listed for sale in Austin compared to 339 in June 2015 marking a 10% decrease in year over year numbers. It seems fewer sellers attempted to get their units sold.
Number of Condos on the Austin Market Saw No Change
In June 2016, there were 898 condos and townhomes for sale in Austin compared to 896 in June 2015, marking no change in year over year numbers.
Median Sold Price of Austin Condos Up 4%
In June 2016, the median sold price of a condo in Austin was $260,875 compared to $249,900 in June 2015, marking a 4% increase in year over year numbers. Austin condo buyers continue to make competitive offers, thus driving the price of an Austin condo up.
Median For Sale Price Up 15% vs Median Sold Price Up 4%
In June 2016, the median price of a for sale condo in Austin was $359,925 compared to $312,491 in June 2015, marking an 11% increase. The median sold price of a condo in Austin went from $249,900 in June 2015 to $260,875 in June 2016, marking a 4% increase.
Number of Austin Condos Taken off the Market Up 13%
The number of expired condos in Austin (number of condos that were taken off the market) was up 13% or 7 condos in year over year figures. In June 2016, there were 63 condos taken off the market compared to 56 in June 2015. As we’ve seen in the single family home market in Austin for the past few months, more sellers are taking their properties off the market this year compared to last year.
Austin Condo Supply Saw No Change and Condo Demand Up 8%
This month we saw a 9% increase in the supply (number of condos for sale) and an 8% increase in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
June 2016 Austin Condo Numbers
In June 2016, there were 288 condos and townhomes that sold in Austin. Condos ranged in size from 376-3,193 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,997,000 and the least expensive condo sold for $66,300. It took, on average, 35 days to sell a condo in Austin and sellers received, on average, 97.56% of their original list prices. The average price per square foot of a condo in Austin in June 2016 was $258.98.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||June 2016|
|Property Type||Condos & Townhomes||Number Sold||288|
|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. Demand is up while supply has remained constant and inventory is down slightly. Not as low as we’ve seen in previous months, but at just over 2 months, we are still in a strong seller’s market. And, buyers in the market are still making competitive offers with the median price of a sold condo up 4%. Even though time to sell has increased by 7 days, buyers are still paying more than they were last year, so that makes the wait a little easier to take. Make your condo stand out as a value compared to the competition and you will be successful at getting an offer quickly. 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, it isn’t necessarily the worst time to do that either. During Summer, we generally see more inventory than we do during Fall and Winter. Because it is taking a little longer to sell a condo, you might get lucky and come across a seller who is motivated and ready to accept a more competitive offer. Though inventory is at just over 2 months, an indicator of a strong seller’s market, it still isn’t as low as we’ve seen it in previous months. Remember, 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.
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.