Eleven Oaks Realty is proud to present their October 2022 Austin Condo Price Report measuring activity in the Austin condo market. Our October 2022 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 50%
In October 2022, 150 condos sold in Austin compared to 303 in October 2021, marking a 50% (153 condo) decrease in year over year numbers.
49% Decrease in the Number of Condos Under Contract
In October 2022, there were 137 condos that went under contract (pending) in Austin compared to 270 in October 2021, showing a 49% (133 condo) decrease in year over year numbers.
Time to Sell an Austin Condo Saw an 83% Increase
In October 2022, it took 40 days to sell a condo in Austin compared to 22 days in October 2021 marking an 83% (18 day) increase in year over year numbers. The best condos are selling faster, with the median time to sell sitting at 21 days. Last month the median time to sell was 18 days.
Austin Condo Inventory Up 253%
In October 2022, we had 4.5 months of inventory on the Austin condo market compared to 1.3 months in October 2021, showing a 253% (3.2 month) increase in year over year inventory numbers. All segments of the market are experiencing inventory increases. The condo market and the single family home market are essentially at the same level of inventory. Typically the condo market slows much quicker than the housing market. It will be interesting to see what happens as we close out the year.
Number of Austin Condos Listed for Sale Saw a 24% Decrease
In October 2022, there were 234 condos and townhomes listed for sale in Austin compared to 306 in October 2021, marking a 24% decrease in year over year numbers. Sellers are seeing how long it is taking and are not quite confident enough with the market to list.
Number of Condos on the Austin Market Up 31%
In October 2022, there were 866 condos and townhomes for sale in Austin compared to 660 in October 2021, marking a 31% (206 condo) increase in year over year numbers.
Median Sold Price of Austin Condos Down 1%
In October 2022, the median sold price of a condo in Austin was $444,875 compared to $450,000 in October 2021, marking a 1% ($5,125) decrease in year over year numbers. It will be interesting to see if this is the start of price decreases in the condo market or if we’ll see an increase next month.
Median For Sale Price Up 8% vs Median Sold Price Down 1%
In October 2022, the median price of a for sale condo in Austin was $515,000 compared to $477,450 in October 2021, marking an 8% increase. The median sold price of a condo in Austin went from $450,000 in October 2021 to $444,875 in October 2022, marking a 1% increase.
Number of Austin Condos Taken off the Market Up 143%
The number of expired condos in Austin (number of condos that were taken off the market) was up 143% or 67 condos in year over year figures. In October 2022, there were 114 condos taken off the market compared to 47 in October 2021.
Austin Condo Supply Up 31% and Condo Demand Down 50%
This month we saw a 31% increase in the supply (number of condos for sale) and a 50% decrease in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
October 2022 Austin Condo Numbers
In October 2022, there were 150 condos and townhomes that sold in Austin. Condos ranged in size from 464-2,807 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $3,200,000 and the least expensive condo sold for $174,000. It took, on average, 37 days to sell a condo in Austin and sellers received, on average, 93.61% of their original list prices. The average price per square foot of a condo sold in Austin in October 2022 was $431.70.
|||Bed||Bath||SqFt||List $||LP/SqFt||Sold $||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||October 2022|
|Property Type||Condos & Townhomes||Number Sold||150|
|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 buy. We are entering a balanced market and if things continue, we should be in a buyer’s market by the end of the year, two types of markets we haven’t seen in years. With demand down 50% and supply up 31%, buyers have more choices and less competition. We’re also seeing many price reductions and motivated sellers looking to get their homes sold this year so they can move on to the next chapter of their life.
If you need to sell, start the process now. This uptick in interest rates might have a slow down effect for the market, which will ultimately result in lower prices. But, it hasn’t really yet as median price is only down 1% in year over year numbers. Buyers who are still motivated now and can afford it will make offers and accept higher interest rates as their cost of getting into the market. 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 October 2022 Austin Condo Price Report?
Do you have questions about our October 2022 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.
Leave a Reply