Eleven Oaks Realty is proud to present their August 2014 Austin Condo Price Report measuring activity in the Austin condo market. The August 2014 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Time to Sell an Austin Condo Down 11%
In August 2014, it took 34 days to sell a condo in Austin compared to 38 days in August 2013 marking an 11% decrease in year over year numbers. Again this month, condos are taking approximately the same time to sell as single family homes (34 days versus 32 days for single family homes), which is a new phenomena in the Austin condo market. Not too long ago, it took several weeks longer to sell a condo than a single family home, but that paradigm has shifted. Though it could be due to the price increase we’ve seen in the single family home market, I also believe it has to with the types of condos currently being constructed. If you want to live in a semi urban area, condos are the most convenient and most affordable option. As more and more people are busy with their careers, families and leisure time, they don’t want to have the burden of taking care of a home. Condos offer them the ability to be homeowners without the hassle and that seems to be a big part of the attraction.
Austin Condo Inventory Down 9%
In August 2013, we had 2.2 months of inventory on the Austin condo market compared to 2 months in August 2014. This marks a 9% decrease in year over year inventory numbers. Like last month, Austin condo inventory numbers fell below Austin single family home inventory. As new condo projects continue to emerge in highly desirable locations, I would anticipate this trend to continue.
Number of Austin Condos Sold Down 22%
In August 2014, 239 condos sold in Austin compared to 306 in August 2013, marking a 22% decrease in year over year numbers. As with single family home buyers, it seems condo buyers were a bit spooked by the busy Spring season and decided to put off their search.
Number of Condos Under Contract Down 5%
In August 2014, there were 224 condos that went under contract (pending) in Austin compared to 235 in August 2013, marking a 5% decrease in year over year numbers.
No Change in the Number of Austin Condos Listed for Sale
In August 2014, there were 283 condos and townhomes listed for sale in Austin compared to 282 in August 2013 marking a no change in year over year numbers.
Number of Condos on the Austin Market Down 8%
In August 2014, there were 754 condos and townhomes for sale in Austin compared to 816 in August 2013, marking an 8% decrease in year over year numbers.
Median Sold Price of Austin Condos Up 15%
In August 2014, the median sold price of a condo in Austin was $229,000 compared to $199,700 in August 2013, marking a 15% increase in year over year numbers. Buyers are willing to spend more money on a condo this year than they were last year, which makes sense since there is a shortage of inventory. This should be great news for condo owners looking to sell soon.
Median For Sale Price Up 12% vs Median Sold Price Up 15%
In August 2014, the median price of a for sale condo in Austin was $290,797 compared to $259,000 in August 2013, marking a 12% increase. The median sold price of a condo in Austin went from $199,700 in August 2013 to $229,000 in August 2014, marking a 15% increase. Sellers think their condos are worth more this year than last year and condo buyers are willing to pay even more than they were last year.
Number of Austin Condos Taken off the Market Up 23%
The number of expired condos in Austin (number of condos that were taken off the market) was up 23% or 15 condos in year over year figures. In August 2014, there were 80 condos taken off the market compared to 65 in August 2013. Even though buyers are ready to buy and are making serious offers on condos they perceive as a value, they are passing up condos that are overpriced.
Austin Condo Supply Down 8% and Condo Demand Down 22%
This month we saw an 8% decrease in the supply (number of condos for sale) and a 22% decrease in demand for Austin condos. Though supply is down, demand has decreased even more, marking a rare opportunity for condo buyers looking to become owners in Fall 2014.
Source: Clarus Market Metrics, ACTRIS Sold Data
August 2014 Austin Condo Numbers
In August 2014, there were 261 condos and townhomes that sold in Austin. Condos ranged in size from 304-3,562 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $3,600,000 and the least expensive condo sold for $45,500. It took, on average, 27 days to sell a condo in Austin and sellers received, on average, 97.80% of their original list prices. The average price per square foot of a condo in Austin in August 2014 was $239.29.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||August 2014|
|Property Type||Condos and Townhomes||Number Sold||261|
|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 it is time to buy. Though supply is down from last year, demand is down more. It is taking a bit longer to sell condos and more condos are being taken off the market, indicating buyers are a bit more reluctant to pull the trigger and are more price conscious than they were in Spring. With less competition, buyers who are proactive and decisive will beat other buyers to the best condos and become condo owners in 2014.
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 did last year. With some preparation and market appropriate pricing, you’ll have no trouble finding a buyer.
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.