Eleven Oaks Realty is proud to present their February 2024 Austin Condo Price Report measuring activity in the Austin condo market. Our February 2024 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market Still Hanging On to a Seller’s Market
In February 2024, there was 4.75 months of inventory on the Austin condo market showing a 3.49% increase in month over month comparisons. Below five months of inventory is considered a sellers market. The average list price to sales price was 97% showing an 0.6% increase in month over month comparisons. The median time to sell a condo in Austin was 71 days showing no change in month over month comparisons. The median sold price of an Austin condo in February 2024 was $421,500 showing a 6.71% increase in month over month comparisons.
What does this mean for sellers? Though we are hovering at the top end of it, we are still in a seller’s market. The condo market has taken a bigger hit than the single family home market and seen prices come down 9% in year over year numbers, but they’ve gone up nearly 7% in month over month comparisons showing we might be back on the upswing. Sellers are getting a little more of their list prices compared to last month, showing a little bit more competition in the market. Sellers who price their units to meet the market are typically pretty successful pretty quickly. Those that want to price above the market and not adjust are struggling to find a buyer wiling to overpay.
What does this mean for buyers? We are still in a seller’s market, but it’s one of the most lax sellers markets we’ve seen, which should be a welcome sign for buyers. Sellers are willing to negotiate, take less than list price and even offer concessions towards closing costs and repairs. Prices are down quite significantly from last year, so it’s helping offset the interest rate hikes. I would anticipate as we head deeper into spring we will see more competition and if we don’t see sellers replacing inventory, we will likely see a stronger sellers market. Buyers who make their purchases earlier in the year will most likely spend less than those who wait for demand to increase later in the spring.
9% Decrease in Median Sold Price
In February 2024, the median sold price of an Austin condo was $421,500 compared to $463,000 in February 2023 showing a 9% decrease in year over year comparisons. Last month the median sold price was $393,500 showing a 6.7% increase in month over month comparisons.
26% Decrease in Number of Sold Condos
In February 2024 there were 140 condos sold in Austin compared to 189 in February 2023 showing a 26% decrease in year over year comparisons. Last month there were 96 condos that sold showing a 41.4% increase in month over month comparisons.
0.7% Decrease in Average List to Sales Price
In February 2024, the average list to sales price of an Austin condo was 97.01% compared to 97.72% in February 2023 showing an 0.7% decrease in year over year numbers. Last month, the average list to sales price was 96.46 showing an 0.6% increase in month over month comparisons.
45% Increase in Median Time to Sell
In February 2024 the median time to sell a condo in Austin was 71 days compared to 49 days in February 2023, showing a 45% increase in year over year numbers. Last month, the median time to sell was 72 days, showing a 1 day decrease in month over month comparisons.
12% Decrease in Median Price Per Square Foot
In February 2024, the median price per square foot of a condo in Austin was $349 compared to $398 in February 2023 showing a 12% decrease in year over year comparisons. Last month, the median price per square foot was $339, showing a 3.6% increase in month over month comparisons.
28% Decrease in Total Sales Volume
In February 2024 the total sales volume of Austin condos was $74,246,936 compared to $103.45MM in February 2023, showing a 28% decrease in year over year numbers. Last month the total sales volume was $46,642,542 showing a 55.4% increase in month over month comparisons.
4.4% Increase in Months Supply of Inventory
In February 2024, there were 4.75 months of inventory on the market compared to 4.73 months in February 2023 showing a 4.4% increase in month over month numbers. Last month, there were 4.54 months of inventory on the market showing a 3.5% increase in month over month comparisons.
12% Decrease in Number of New Pending Listings
In February 2024, there were 199 condos that accepting a contract compared to 225 in February 2023, showing a 12% decrease in year over year comparisons. Last month, there were 153 condos that accepted a contract showing a 47.4% increase in month over month comparisons.
0.5% Increase in Median Active List Price
The median active list price of a condo in Austin in February 2024 was $499,000 compared to $496,500 in February 2023, showing an 0.5% increase in year over year numbers. Last month, the active median list price was $510,000 showing a 2.15% decrease in month over month comparisons.
9.5% Increase in Number of New Condo Listings
In February 2024, there were 450 condos that accepted a contract in Austin compared to 411 in February 2023, showing a 9.5% increase in year over year numbers. Last month, there were 306 condos that accepted a contract showing a 51% increase in month over month comparisons.
7.8% Increase in Number of Active Condo Listings
In February 2024, there were 845 condos that were active on the market compared to 784 in February 2023 showing a 7.8% increase in year over year numbers. Last month, there were 765 active condos in Austin showing a 10% increase in month over month comparisons.
February 2024 Austin Condo Numbers
In February 2024, there were 145 condos and townhomes that sold in Austin. Condos ranged in size from 300-3,836 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $4,500,000 and the least expensive condo sold for $113,000. It took, on average, 79 days to sell a condo in Austin and sellers received, on average, 93.55% of their original list prices. The average price per square foot of a condo sold in Austin in February 2024 was $395.91.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 300 | $150,000 | $187.03 | $113,000 | $140.90 | 67% | 66% | 0 |
| Max | 4 | 5 | 3,836 | $4,500,000 | $1,750.97 | $4,500,000 | $1,750.97 | 106% | 132% | 424 |
| Avg | 2 | 2 | 1,405 | $564,782 | $408.27 | $546,974 | $395.91 | 96.99% | 93.55% | 79 |
| Med | 2 | 2 | 1,260 | $440,000 | $356.37 | $427,000 | $355.14 | 98% | 96% | 65 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | February 2024 |
| Property Type | Condos & Townhomes | Number Sold | 145 |
| 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’re looking strictly at the numbers – it’s time to buy. Median price is down 9% and time to sell is up 45% so not only are buyers saving money, they’re also able to take a little time to make a decision. There was a 26% decrease in the number of condo sales and a 12% decrease in the number of new pending listings. Motivated sellers are wanting to attract the buyers in the market and with fewer sales, they’re doing so with concessions and price reductions. We typically see an increase in buyer activity in spring and if we do again this year, we’re going to see an increase in activity and fewer sellers willing to make better deals. Start your search early in the year and you’re likely to spend less and get more for your money than those who wait until the end of the spring busy season.
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 February 2024 Austin Condo Price Report?
Do you have questions about our February 2024 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.
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