Eleven Oaks Realty is proud to present their November 2014 Austin Condo Price Report measuring activity in the Austin condo market. The November 2014 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 29%
In November 2014, 122 condos sold in Austin compared to 173 in November 2013, marking a 29% decrease in year over year numbers. As with the Austin single family home market, the Austin condo market saw a significant drop in home sales in November. This year, the dip was a little more significant than it was last year, which confirms he slow down in the market is not just seasonal.
Number of Condos Under Contract Up 1%
In November 2014, there were 176 condos that went under contract (pending) in Austin compared to 175 in November 2013, marking a 1% (1 home) increase in year over year numbers.
Time to Sell an Austin Condo Up 10%
In November 2014, it took 45 days to sell a condo in Austin compared to 41 days in November 2013 marking a 10% increase in year over year numbers. As expected, we are seeing a steady increase in time to sell dating back to June 2014. If this year is like past years, we should start to see a decrease in time to sell in January.
Austin Condo Inventory Down 5%
In November 2013, we had 2.5 months of inventory on the Austin condo market compared to 2.3 months in November 2014. This marks a 5% decrease in year over year inventory numbers. We continue to see the same number of months of inventory in both the single family and condo market in Austin. Though we saw a significant drop off in number of sales, we still have inventory levels that indicate a strong seller’s market, which should be good news for prospective sellers.
Number of Austin Condos Listed for Sale Up 6%
In November 2014, there were 189 condos and townhomes listed for sale in Austin compared to 179 in November 2013 marking a 6% increase in year over year numbers. It seems more sellers are trying to capitalize on the increase in prices this year than last year.
Number of Condos on the Austin Market Down 1%
In November 2014, there were 652 condos and townhomes for sale in Austin compared to 660 in November 2013, marking a 1% decrease in year over year numbers.
Median Sold Price of Austin Condos Up 7%
In November 2014, the median sold price of a condo in Austin was $223,950 compared to $209,000 in November 2013, marking a 7% increase in year over year numbers. Even though demand is down, the buyers that are in the market are still willing to pay more for Austin condos this year than they were last year.
Median For Sale Price Up 15% vs Median Sold Price Up 7%
In November 2014, the median price of a for sale condo in Austin was $315,000 compared to $274,900 in November 2013, marking a 15% increase. The median sold price of a condo in Austin went from $209,000 in November 2013 to $223,950 in November 2014, marking a 7% decrease. Again this month, buyers seem to be able to negotiate better deals with sellers. Though sellers are setting higher list prices, they are also willing to come down on their price to get the deal done, which should be good news for buyers.
Number of Austin Condos Taken off the Market Up 22%
The number of expired condos in Austin (number of condos that were taken off the market) was up 22% or 12 condos in year over year figures. In November 2014, there were 66 condos taken off the market compared to 54 in November 2013. For the past few months, we have seen an increase in the number of condos taken off the market compared to last year, showing the condo market is still a price sensitive market.
Austin Condo Supply Down 1% and Condo Demand Down 29%
This month we saw a 1% decrease in the supply (number of condos for sale) and a 29% 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
November 2014 Austin Condo Numbers
In November 2014, there were 125 condos and townhomes that sold in Austin. Condos ranged in size from 369-2,935 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,293,838 and the least expensive condo sold for $58,200. It took, on average, 40 days to sell a condo in Austin and sellers received, on average, 96.85% of their original list prices. The average price per square foot of a condo in Austin in November 2014 was $220.44.
|Beds||Baths||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||Nov 2014|
|Property Type||Condos & Townhomes||Number Sold||125|
|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 slightly, demand is down significantly. This month we did see an increase in median price from last year, but we are also seeing buyer’s have the opportunity to negotiate with sellers. Though we are still in a strong seller’s market, the market has slowed considerably since Spring. If this year is like previous years, we have two months left of this Winter down turn and then it is expected to take off again. If you’re looking to buy next year, start your search now and you’ll probably end up saving thousands. 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.