Eleven Oaks Realty is proud to present their March 2024 Austin Condo Price Report measuring activity in the Austin condo market. Our March 2024 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market is a Balanced Market
In March 2024, there was 5.98 months of inventory on the Austin condo market, showing an 18.42% increase in month over month comparisons. Last month we had just under 5 months of inventory, which was considered a seller’s market. But, as we see more condos being introduced to the market and not the same increase in buyers, we are seeing inventory go up and thus entering into a balanced market. The average list price to sales price was 97.4% in March of 2024 showing a 0.33% increase in month over month comparisons. The median time to sell an Austin condo was 42 days showing a 37.31% decrease in month over month comparisons. The median sales price of an Austin condo was $380,000, showing a 9.09% decrease in month over month comparisons.
What does this mean for sellers? Sellers are going to need to get creative if they want to sell their units and really be ready to meet the market where it’s at. The days of listing your unit for over the comps are over. The Austin condo market is trending downwards, so pricing slightly below the comps is one strategy motivated sellers can use to get a contract quickly. Sellers are also going to have to spend a little more time preparing their condo to meet its next owner. The better the presentation, the more attractive it will be to a buyer, especially when they compare your unit to others on the market. Set your unit apart with its condition so you don’t have to take too much of a hit on price
What does this mean for buyers? Buyers who have been waiting for the market to shift should start getting ready to make a move. Prices are down 17% in year over year numbers, so we’re seeing significant discounts from sellers who want to get their units sold. We are seeing more inventory than we’ve seen in quite some time, so you also have more choices. But, don’t get complacent in your condo search. Just because it’s taking 42 days to sell a condo, doesn’t mean you should wait a few weeks to check it out. Go as soon as you can and give yourself some more time to make a decision. Plus, if you can beat your competition and find a seller who is motivated, you might just be able to get an even better deal.
17% Decrease in Median Sold Price
In March 2024, the median sold price of a condo in Austin was $380,000 compared to $458,000 in March 2023 showing a 17% decrease in year over year numbers. Last month the median sold price of an Austin condo was $418,000, showing a 9.1% decrease in month over month comparisons.
11.6% Decrease in Number of Sold Condos
In March 2024, there were 168 condos that sold in Austin compared to 190 in March 2023, showing an 11.6% decrease in year over year comparisons. Last month there were 149 condos that sold, showing a 12.8% increase in month over month comparisons.
0.25% Decrease in Average List to Sales Price
In March 2024, the average list to sales price was 97.38% compared to 97.62% in March 2023, showing an 0.25% decrease in year over year numbers. Last month the average list price to sales price of an Austin condo was 97.06%, showing an 0.3% increase in month over month comparisons.
14.3% Decrease in Median Time to Sell
In March 2024 the median time to sell a condo in Austin was 42 days compared to 49 days in March 2023, showing a 14.3% decrease in month over month comparisons. Last month the median time to sell a condo in Austin was 67 days, showing a 37.3% decrease in month over month comparisons.
14% Decrease in Median Price Per Square Foot
In March 2024, the median price per square foot of a condo in Austin was $341 compared to $398 in March 2023, showing a 14% decrease in year over year comparisons. Last month the median price per square foot of an Austin condo was $349, showing a 2.3% decrease in month over month comparisons.
21% Decrease in Total Sales Volume
In March 2024, the total sales volume for Austin condos was $82,137,110 compared to $103.69MM in March 2023, showing a 21% decrease in year over year comparisons. Last month the total sales volume for Austin condos was $78.65MM, showing a 4.4% increase in month over month comparisons.
25.6% Increase in Months Supply of Inventory
In March 2024, there was 5.98 months of inventory on the market compared to 4.76 in March 2023, showing a 25.6% increase in year over year numbers. Last month, there was 5.05 months of inventory on the market, showing an 18.4% increase in month over month comparisons.
1.3% Decrease in Number of New Pending Listings
In March 2024, there were 222 condos that accepted a contract compared to 225 in March 2023, showing a 1.3% decrease in year over year comparisons. Last month there were 186 condos that accepted a contract, showing a 19.4% increase in month over month comparisons.
$700 Increase in Median Active List Price
In March 2024, the median list price of an actively listed condo in Austin was $499,700 compared to $499,000 in March 2023, showing a $700 increase in year over year numbers. Last month the median active list price of a condo in Austin was $495,000, showing an 0.9% increase in month over month comparisons.
20% Increase in Number of New Listings
In March 2024, there were 498 condos introduced to the Austin real estate market compared to 414 in March 2023, showing a 20% increase in year over year numbers. Last month, there was 446 condos introduced to the market, showing an 11.7% increase in month over month comparisons.
34% Increase in Number of Active Condo Listings
In March 2024, there were 1,060 condos on the market compared to 793 in March 2023, showing a 34% increase in year over year numbers. Last month there were 896 condos introduced to the market showing an 18.3% increase in month over month comparisons.
March 2024 Austin Condo Numbers
In March 2024, there were 170 condos and townhomes that sold in Austin. Condos ranged in size from 394-2,814 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,925,000 and the least expensive condo sold for $160,000. It took, on average, 72 days to sell a condo in Austin and sellers received, on average, 94.28% of their original list prices. The average price per square foot of a condo sold in Austin in March 2024 was $380.84.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 394 | $179,900 | $119.34 | $160,000 | $149.49 | 80% | 66% | 0 |
| Max | 4 | 4 | 2,814 | $1,999,999 | $1,217.77 | $1,925,000 | $1,136.36 | 142% | 142% | 454 |
| Avg | 2 | 2 | 1,293 | $502,333 | $391.10 | $486,869 | $380.84 | 97.61% | 94.28% | 72 |
| Med | 2 | 2 | 1,171 | $389,950 | $354.63 | $380,000 | $337.63 | 98% | 95% | 38 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | March 2024 |
| Property Type | Condos & Townhomes | Number Sold | 170 |
| 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 17% and inventory is up 34% so not only are buyers paying less, they’re also getting more choices. Though time to sell is down 14%, we’re still at a median of 38 days to sell so buyers who can get out there quickly after the condo is listed should be able to capitalize on a deal for the best units. There was a 12% decrease in the number of condo sales and a 1.3% 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 March 2024 Austin Condo Price Report?
Do you have questions about our March 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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