Eleven Oaks Realty is proud to present their August 2023 Austin Condo Price Report measuring activity in the Austin condo market. Our August 2023 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market is Back in a Balanced Market
Though last month we dipped slightly into the buyer’s market territory, the Austin condo market is back in a balanced market in August 2023. There was 6.36 months of inventory on the Austin condo market, down 6.88% in month over month comparisons. The average list price to sold price was 97.7% in August 2023, showing an 0.27% decrease in month over month comparisons. The median days on market was 41 days, up 24.24% in month over month comparisons. The median sold price of a condo in Austin in August 2023 was $397,000, down 3.17% in month over month comparisons.
What does this mean for sellers? The market is a little stronger than it was last month with numbers coming back to a balanced market versus a buyer’s market. Sellers are having trouble dealing with the increase in time to sell, but sellers who adapt to that market shift will have a much more successful condo sale. Price is still hovering around the same as it was last year, so even though it’s taking longer, sellers are getting just about what they got then. Give yourself some extra time to sell and you will be happy with the results.
What does this mean for buyers? Buyers are getting more choices and time to make a decision. Overall, we are seeing buyers much happier with their purchases than they were in years past. They have time to analyze the purchasing decision and know this condo is right for them. Though prices haven’t come down drastically, they haven’t gone up up the 10-15% we have seen in the past years. Take advantage of shifting market forces and make home ownership a reality.
1.25% Decrease in Condo Median Sold Price
The median sold price of a condo in Austin in August 2023 was $397,000 compared to $402,000 in August 2022, showing a 1.25% decrease in year over year numbers. Last month, the median condo price in Austin was $410,000, showing a 3.2% decrease in month over month numbers. Though prices are down, they are only down by a percent despite shifting to a balanced market, showing the Austin condo market is still strong.
14% Decrease in Number of Austin Condos Sold
In August 2023, there were 189 condos that closed escrow in Austin compared to 220 in August 2022, showing a 14% decrease in year over year numbers. Last month, there were 200 Austin condos that sold, showing a 5.5% decrease in month over month comparisons.
1% Decrease in Average List Price to Sales Price
In August 2023, the average list price to sales price for a condo in Austin was 97.7% compared to 98.76% in August 2022, showing a 1% decrease in year over year comparisons. Last month, the average list price to sales price of an Austin condo was 97.96%, showing an 0.3% decrease in month over month comparisons.
105% Increase in Time to Sell an Austin Condo
In August 2023, the median time to sell a condo in Austin was 41 days, up 105% from the 20 days in took in August 2022. Last month, the median time to sell a condo in Austin was 33 days, showing a 24.2% increase in month over month numbers. We are seeing a sharp increase in time to sell across all segments of the Austin real estate market. Buyers are taking more time to analyze every aspect of their purchase.
6.5% Decrease in Median $/SqFt of an Austin Condo
In August 2023, the median price per square foot of a condo in Austin was $362 compared to $387 in August 2022, showing a 6.5% decrease in year over year comparisons. Last month, the median price per square foot of an Austin condo was $372, showing a 2.7% decrease in month over month numbers.
15% Decrease in Total Sales Volume
In August 2023, the total sales volume for the Austin condo market was $95,147,253 compared to $112.24MM in August 2022, showing a 15% decrease in total sales volume. Las month, the total sales volume was $104.83MM, showing a 9.2% decrease in month over month numbers. We are seeing fewer condo sales, but with less inventory as well, we are still staying in a balanced market.
142.7% Increase in Months Supply of Inventory
In August 2023, there was 6.36 months of inventory on the Austin condo market compared to 2.62 months of inventory in August 2022, showing a 142.7% increase in year over year numbers. Last month, there was 6.83 months of condo inventory showing a 6.9% decrease in month over month comparisons.
6% Decrease in New Pending Austin Condo Listings
In August 2023, 206 Austin condos accepted a contract compared to 219 in August 2022, showing a 6% decrease in year over year numbers. Last month, there were 208 Austin condos that accepted a contract, showing a 1% decrease in month over month numbers.
1.77% Decrease in Median Condo Price of Active Listings
In August 2023, the median price of an active condo listing in Austin was $500,000 compared to $509,000 in August 2022, showing a 1.77% decrease in year over year numbers. Last month, the median condo price of active listings in Austin was $485,000, showing a 3.1% increase in month over month comparisons.
11.1% Increase in New Condo Listings
In August 2023, there were 349 condos introduced to the Austin market compared to 314 in August 2022, showing an 11.1% increase in year over year numbers. It seems more sellers are confident in their ability to sell their condo and find something new than they were last year, despite higher interest rates. Last month, there were 358 condos introduced to the market, showing a 2.5% decrease in month over month numbers.
41% Increase in Austin Condo Supply
In August 2023, there were 929 condos on the market compared to 661 in August 2022, showing a 41% increase in year over year numbers. Last month, there were 1,000 condos on the market, showing a 7.6% decrease in month over month numbers.
August 2023 Austin Condo Numbers
In August 2023, there were 190 condos and townhomes that sold in Austin. Condos ranged in size from 373-3,557 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $3,000,000 and the least expensive condo sold for $165,000. It took, on average, 48 days to sell a condo in Austin and sellers received, on average, 94.61% of their original list prices. The average price per square foot of a condo sold in Austin in August 2023 was $405.27.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||August 2023|
|Property Type||Condos & Townhomes||Number Sold||190|
|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.
Looking strictly at the numbers, it’s time to buy. Though we came back to a balanced market, we are leaning towards a buyers market. We are seeing sellers negotiate, prices come down slightly and more time for buyers to make a decision. This market does present some challenges for buyers, especially when it comes to interest rates. However, interest rates are still on the lower side when you compare where they have been historically. And, when rates come back down, you can refinance and lower your payment. Plus, with more choices and less competition, you’ll be more likely to find a condo you’ll be happy with long term versus one you won in a bidding war. Take advantage of the market shift and stop throwing money away on rent.
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 August 2023 Austin Condo Price Report?
Do you have questions about our August 2023 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.