Eleven Oaks Realty is proud to present their October 2014 Austin Condo Price Report measuring activity in the Austin condo market. The October 2014 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 15%
In October 2014, 210 condos sold in Austin compared to 248 in October 2013, marking a 15% decrease in year over year numbers. As with the Austin single family home market, the Austin condo market saw a little dip in home sales September with a slight increase in October.
Number of Condos Under Contract Down 8%
In October 2014, there were 174 condos that went under contract (pending) in Austin compared to 189 in October 2013, marking an 8% decrease in year over year numbers.
Time to Sell an Austin Condo Down 1%
In October 2014, it took 42 days to sell a condo in Austin compared to 42 days in October 2013 marking a 1% decrease in year over year numbers. This year it’s taking nearly the same amount of time to sell a condo in Austin as it did last year. We did see a more significant increase in time to sell an Austin condo from September – October. Some of this increase, I believe, is seasonal.
Austin Condo Inventory Down 1%
In October 2013, we had 2.5 months of inventory on the Austin condo market compared to 2.5 months in October 2014. This marks a 1% decrease in year over year inventory numbers. This month we had about the same amount of inventory on the condo market as the single family home market, showing just how strong both markets are. Though we have seen a steady increase in inventory since April 2014, we are still in a strong seller’s market.
Number of Austin Condos Listed for Sale Down 7%
In October 2014, there were 229 condos and townhomes listed for sale in Austin compared to 245 in October 2013 marking a 7% decrease in year over year numbers. It seems more condo owners are staying put this year than this time last year.
Number of Condos on the Austin Market Down 7%
In October 2014, there were 686 condos and townhomes for sale in Austin compared to 738 in October 2013, marking a 7% decrease in year over year numbers.
Median Sold Price of Austin Condos Down 3%
In October 2014, the median sold price of a condo in Austin was $227,000 compared to $234,250 in October 2013, marking a 3% increase in year over year numbers. It seems the Winter slow down has caused buyers to really push for their price. This should be good news for buyers looking to negotiate a good deal on an Austin condo.
Median For Sale Price Up 11% vs Median Sold Price Down 3%
In October 2014, the median price of a for sale condo in Austin was $305,450 compared to $274,900 in October 2013, marking a 11% increase. The median sold price of a condo in Austin went from $234,250 in October 2013 to $227,000 in October 2014, marking a 3% decrease. It seems sellers think their condos are worth more than buyers do this month.
Number of Austin Condos Taken off the Market Up 6%
The number of expired condos in Austin (number of condos that were taken off the market) was up 6% or 4 condos in year over year figures. In October 2014, there were 72 condos taken off the market compared to 68 in October 2013. The Austin condo market is more price sensitive than the single family home market. Sellers who price their condos right will get a buyer. Those that don’t adjust to this market will not.
Austin Condo Supply Down 7% and Condo Demand Down 15%
This month we saw an 7% decrease in the supply (number of condos for sale) and a 15% decrease in demand for Austin condos. For a third month in a row, both supply and demand are down. The good news for condo buyers is demand is down more than supply, opening up an opportunity buyers haven’t seen since last Fall. If you’re looking to buy a condo in Austin, do so now before the market heats up again.
Source: Clarus Market Metrics, ACTRIS Sold Data
October 2014 Austin Condo Numbers
In October 2014, there were 214 condos and townhomes that sold in Austin. Condos ranged in size from 420-3,452 sq ft with 0-5 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $3,400,000 and the least expensive condo sold for $61,050. It took, on average, 39 days to sell a condo in Austin and sellers received, on average, 97.09% of their original list prices. The average price per square foot of a condo in Austin in October 2014 was $233.08.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||Oct 2014|
|Property Type||Condos & Townhomes||Number Sold||214|
|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 the same as it was last month – it is time to buy. Though supply is down from last year, demand is down even more. This month we also saw a slight decrease in pricing, which is great news for buyers looking to negotiate a great deal. Though we are still in a strong seller’s market, the market has slowed considerably since Spring. As we head into December, we should expect to see a bit more of a slowdown, which will only create a better situation for buyers. But, if this year is like the last several years, the market will start to come back strong around the 1st of the year. Try to get your purchase made before then to get the best deal before the Spring rush. 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 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. 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.
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.