Eleven Oaks Realty is proud to present their June 2024 Austin Condo Price Report measuring activity in the Austin condo market. Our June 2024 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market is a Buyer’s Market
In June 2024, there were 8.4 months of inventory on the market, showing a 4.35% increase in month over month comparisons. The average list prices to sales price was 96.8%, showing a 1.02% decrease in month over month comparisons. The median time it took to sell a condo in Austin in June 2024 was 45 days, showing a 45.16% increase in month over month numbers. The median sold price of a condo in Austin was $410,000, showing a 3.53% decrease in month over month numbers.
What does this mean for sellers? Seller are going to have to make their units stand out to attract a buyer. The two biggest things for a buyer right now are price and condition. Pricing competitively compared to your competition and keeping your condo in pristine condition will go a long way for attracting buyers. Though prices are down, they are not falling. It is taking longer to sell a condo in Austin, so give yourself some extra time when listing to attract that buyer. Don’t pull the trigger on a price reduction too soon if you’re priced competitively. Be willing to offer incentives and even pay some closing costs to help attract a buyer. It can be a tough market, but if you’re prepared and give buyers what they’re looking for, you’ll do a lot better than a seller who refuses to adjust.
What does this mean for buyers? Buyers are finally seeing the tables turn. With over 8 months of inventory on the market, we are sitting in a strong buyers market. Sellers who are looking to sell their units are having to lower prices, offer concessions and keep their units in top condition. Though buyers are taking a hit on interest rates, that’s about the only thing they’re taking a hit on in this market. They’re getting longer to make a decision, have the opportunity to negotiate and have more choices with less competition. Buyers who buy now are able to do so in a professional manner and end up with a unit they really like.
3.5% Decrease in Median Sold Price
In June 2024, the median sold price of a condo in Austin was $410,000 compared to $425,000 in June 2023, showing a 3.5% decrease in year over year comparisons. Last month, the median sold price of a condo in Austin was $425,000, showing a 3.5% decrease in month over month comparisons.
23% Decrease in Number of Sold Condo Listings
In June 2024, there were 165 condos that closed escrow compared to 213 condos in June 2023, showing a 23% decrease in year over year numbers. Last month, there were 192 condos that closed escrow in Austin showing a 14.1% decrease in month over month comparisons.
0.4% Decrease in Average List Price to Sales Price
In June 2024, the average list price to sales price of an Austin condo was 96.82% compared to 97.2% in June 2023, showing an 0.4% decrease in year over year numbers. Last month, the average list price to sales price was 97.82%, showing a 1% decrease in month over month comparisons.
10% Increase in Median Time to Sell
In June 2024, the median time to sell a condo in Austin was 45 days compared to 41 days in June 2023, showing a 10% increase in year over year comparisons. Last month the median time to sell was 31 days, showing a 45.2% increase in month over month comparisons.
13% Decrease in Median Price Per Square Foot
In June 2024, the median price per square foot of a condo in Austin was $354 compared to $405 in June 2023, showing a 13% decrease in year over year numbers. Last month, the median price per square foot of a condo in Austin was $367, showing a 3.5% decrease in month over month comparisons.
29% Decrease in Total Sales Volume
In June 2024, the total sales volume for condo sales in Austin was $86,083,268 compared to $121.25MM in June 2023, showing a 29% decrease in year over year numbers. Last month, the total sales volume was $102.77MM showing a 16.2% decrease in month over month comparisons.
30% Increase in Months Supply of Inventory
In June 2024, there were 8.4 months of inventory on the Austin condo market compared to 6.47 months in June 2023, showing a 30% increase in year over year numbers. Last month, there were 8.05 months of inventory on the market showing a 4.3% increase in month over month comparisons.
3% Decrease in Median Active List Price
The median active list price of a condo in Austin in June 2024 was $474,900 compared to $489,000 in June 2023, showing a 3% decrease in year over year numbers. Last month the median active list price was $480,000 showing a 1.1% decrease in month over month comparisons.
11% Decrease in Number of New Condo Listings
In June 2024, there were 384 condos introduced to the market compared to 431 in June 2023, showing an 11% decrease in year over year comparisons. Last month, there were 470 condos introduced to the market showing an 18.3% decrease in month over month comparisons.
39% Increase in Number of Active Listings
In June 2024, there were 1,403 condos actively listed on the market compared to 1,010 in June 2023, showing a 39% increase in year over year numbers. Last month there was 1,380 condos actively listed for sale, showing a 2% increase in month over month comparisons.
June 2024 Austin Condo Numbers
In June 2024, there were 171 condos and townhomes that sold in Austin. Condos ranged in size from 355-3,961 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $2,600,000 and the least expensive condo sold for $162,000. It took, on average, 52 days to sell a condo in Austin and sellers received, on average, 93.77% of their original list prices. The average price per square foot of a condo sold in Austin in June 2024 was $408.29.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 355 | $169,000 | $144.04 | $162,000 | $148.45 | 75% | 63% | 0 |
| Max | 4 | 4 | 3,961 | $2,899,000 | $2,187.23 | $2,600,000 | $2,012.25 | 109% | 109% | 323 |
| Avg | 2 | 2 | 1,338 | $537,723 | $423.28 | $517,823 | $408.29 | 96.76% | 93.77% | 52 |
| Med | 2 | 2 | 1,225 | $415,000 | $361.35 | $405,000 | $354.67 | 97% | 95% | 38 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | June 2024 |
| Property Type | Condos & Townhomes | Number Sold | 171 |
| 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’re looking strictly at the numbers – it’s time to buy. Median price is down 3.5% and inventory has gone up 30%, so buyers are getting more choices and paying less. We also saw an 23% decrease in the number of condos that sold, showing a decrease in buyer activity. With less buyers, sellers are going to start to get nervous, which will cause them to lower their list prices and offer more incentives. Time to sell is up 10%, so buyers are also taking more time to make a decision. Buyers who can scout condos as soon as they’re listed will be able to buy themselves some more time to make a decision and beat buyers who aren’t as on top of their search. This summer has been a slower summer than years past in terms of buyer activity. Even with a similar decrease in number of new condo listings, buyers still have the advantage as they are willing to wait out sellers who want to hold out for a higher price.
If you need to sell, know you’re still able to do that if you have patience and persistence. Be prepared for buyers to change their mind and get through all the contingencies before you determine your unit is sold. That being said, buyers are still out there and they’re making strong offers for units they feel stand out. 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. Though interest rates have risen, they are expected to rise even more in the coming weeks, so this might be the lowest we’ll see for a while. 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. 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.
Questions About the June 2024 Austin Condo Price Report?
Do you have questions about our June 2024 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.
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