April 2014 Austin Condo Price Report

Eleven Oaks Realty is proud to present their April 2014 Austin Condo Price Report measuring activity in the Austin condo market. The April 2014 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.

Time to Sell an Austin Condo Down 22%

In April 2014, it took 29 days to sell a condo in Austin compared to 37 days in April 2013 marking a 22% decrease in year over year numbers.

Austin Condo Inventory Down 44%

In April 2013, we had 1.8 months of inventory on the Austin condo market compared to just 1.0 month in April 2014. This marks a 44% decrease in year over year inventory numbers. Last month we had condo inventory numbers just over the single family home inventory level, but this month we are slightly below. The switch in inventory levels is pretty unusual for the condo market from what we’ve seen over the past several years. As prices for single family homes climb, condos remain one of the few opportunities to buy a more affordable home. They are also ideal for someone looking for luxury urban living, which is not generally available in a single family home market.

Number of Austin Condos Sold Up 15%

In April 2014, 233 condos sold in Austin compared to 203 in April 2013, showing a 15% increase in year over year numbers. With inventory levels at 1 month, it is not surprising we saw more sales this year than we saw last year at this time.

Number of Condos Under Contract Up 17%

In April 2014, there were 328 condos that went under contract (pending) in Austin compared to 281 in April 2013, marking a 17% increase in year over year numbers. With increased pending sales and only a slight increase in new condos listed, inventory numbers should continue to inch downward as we head into Summer.

Number of Austin Condos Listed for Sale Up 2%

In April 2014, there were 324 condos and townhomes listed for sale in Austin compared to 317 in April 2013 marking a 2% (7 unit) increase in year over year numbers.

Number of Condos on the Austin Market Down 14%

In April 2014, there were 702 condos and townhomes for sale in Austin compared to 812 in April 2013, marking a 14% decrease in year over year numbers. This is more evidence that buyers are snatching up inventory that isn’t being replaced. As with the single family home market, the majority of the buyers do not have homes to sell and are snatching up inventory without replacing it.

Median Sold Price of Austin Condos Up 1%

In April 2014, the median sold price of a condo in Austin was $216,000 compared to $214,000 in April 2013, marking a 1% increase in year over year numbers.

Median For Sale Price Up 20% vs Median Sold Price Up 1%

It appears as though sellers are pricing their condos higher than they did last year and buyers feel these condos are worth about the same as they were last year. In April 2014, the median price of a for sale condo in Austin was $265,000 compared to $219,925 in April 2013, marking a 20% increase. The median sold price of a condo in Austin went from $214,000 in April 2013 to $216,000 in April 2014, marking a 1% increase.

Number of Austin Condos Taken off the Market Up 29%

The number of expired condos in Austin (number of condos that were taken off the market) was up 29% or 11 units in year over year figures. In April 2014, there were 49 condos taken off the market compared to 38 in April 2013. Even though buyers are ready to buy and are making serious offers on condos they perceive as a value, they are passing up condos that are overpriced. The single family home and bank owned home market also saw an increase in the number of homes that were taken off the market. It appears home owners trying to get top dollar for their homes gave up at the end of April and took their homes off the market.

Austin Condo Supply Down 14% and Condo Demand Up 15%

This month we saw a 14% decrease in the supply (number of condos for sale) and a 15% increase in demand for Austin condos, which explains the historically low inventory. There are more buyers than willing sellers in the market. Another testament to the fact that most buyers are relocating from other areas or first time home buyers with no inventory to replace.

Source: Clarus Market Metrics, ACTRIS Sold Data

April 2014 Austin Condo Numbers

In April 2014, there were 260 condos and townhomes that sold in Austin. Condos ranged in size from 369-3,447 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,375,000 and the least expensive condo sold for $39,225. It took, on average, 33 days to sell a condo in Austin and sellers received, on average, 97.93% of their original list prices. The average price per square foot of a condo in Austin in April 2014 was $221.68.

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 it is time to sell. With inventory at historic lows and pent up demand, sellers who price their units right will have no trouble finding a buyer. We’ll start to see a slowing in activity in July and August, so get your condo on the market now and take advantage of the strength of the market.

If you’re looking to purchase a condo in Austin, be proactive. The best condos are selling quickly. Set up email alerts and set aside time to look throughout the week. Though inventory is down and demand is up, you only need to find one condo, not 20. If you make condo buying a priority and work with professionals who know the market and can help you assess the market, you’ll be a condo owner in 2014!

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.