Eleven Oaks Realty is proud to present their April 2024 Austin Condo Price Report measuring activity in the Austin condo market. Our April 2024 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market is a Buyer’s Market
The Austin condo market has finally crossed over into a buyer’s market. For many months we were hanging on to a seller’s market and last month we ventured over into a balanced market and now we are in the beginning range of a buyer’s market. In April 2024, there was 6.96 months of inventory on the Austin condo market, showing a 10.83% increase in month over month comparisons. The average list price to sales price was 97.6% showing an 0.25% increase in month over month comparisons. The median time to sell a condo in Austin in April 2024 was 39 days, down from 7.14% in month over month comparisons. The median sold price for a condo in April 2024 was $459,000, up 20.31% in month over month comparisons.
What does this mean for sellers? Though sellers are going to have a little bit harder tell selling their condos, this is not all doom and gloom news. Median price is up over 20% from last month, which is a significant increase. Though it is taking a bit long to sell, the increase in price is a welcome stat for sellers looking to maximize profits. You will see more competition on the market with new condos being introduced to the market, so it’s especially important for sellers to set their homes apart from the competition. That doesn’t necessarily mean pricing lower. It does mean making sure you’ve spruced up your unit so it is spotlessly clean and any deficiencies that can be addressed are. Buyers are looking for move in ready, so make every effort to present that.
What does this mean for buyers? Buyers who have been waiting on an opportunity to buy in a more favorable market might be getting their opportunity. Though this is typically the time of year where we see stronger seller’s markets, the increase in listings that wasn’t matched by an increase in buyer demand is causing more inventory to remain on the market. Sellers are having to do more to get their homes sold, which includes taking less than list price, doing more repairs and improvements to their units to sell them and offering concessions. Buyers who are diligent with their search will likely be able to find a unit that they not only like, but they’ll be able to negotiate a good deal on it as well.
5.5% Increase in Median Sold Price
In April 2024, the median sold price of a condo in Austin was $459,000 compared to $435,000 in April 2023, showing a 5.5% increase in year over year numbers. Last month, the median price of an Austin condo that sold was $381,500, showing a 20.3% increase in month over month comparisons. The increase from last month to this month has more to do with the time of year, but the increase from last year is still a significant increase and should not be ignored. Though we are in a buyer’s market, we aren’t seeing prices fall, which is still a testament to the strength of the Austin condo market.
1% Increase in Number of Sold Condos
In April 2024, there were 183 condos that sold in Austin compared to 181 in April 2023, showing a 1% increase in year over year numbers. Last month, there were 178 condos that sold, showing a 2.8% increase in month over month comparisons.
0.42% Decrease in Average List Price to Sales Price
In April 2024, condo sellers received, on average, 97.62% of their list prices compared to 98.03 in April 2023 showing an 0.42% decrease in year over year comparisons. Last month, the average list price to sales price was 97.38%, showing an 0.2% increase in month over month comparisons.
7% Decrease in Median Time to Sell
In April 2024, the median time to sell a condo in Austin was 39 days compared to 42 days in April 2023, showing a 7% decrease in year over year numbers. Last month the median time to sell a condo in Austin was also 42 days, showing another 7% decrease in month over month numbers.
4% Decrease in Median Price Per Square Foot
In April 2024, the median price per square foot for a condo in Austin was $363 compared to $379 in April 2023, showing a 4% decrease in year over year comparisons. Last month, the median price per square foot was $332, showing a 9.3% increase in month over month comparisons.
3% Decrease in Total Sales Volume
The total sales volume for Austin condos in April 2024 was $102,404,541 compared to $105.48MM in April 2023, showing a 3% decrease in year over year numbers. Last month, the total sales volume was $86.97MM showing a 17.7% increase in month over month comparisons.
27% Increase in Months Supply of Inventory
In April 2024, there were 6.96 months of inventory on the Austin condo market compared to 5.48 months in April 2023 showing a 27% increase in year over year numbers. Last month, there was 6.28 months of inventory showing a 10.8% increase in month over month comparisons. With more sellers listing their condos for sale and not the same increase in buyers, we are seeing inventory numbers rise.
7.1% Increase in New Pending Listings
In April 2024, there were 212 condos that went pending compared to 198 in April 2023, showing a 7.1% increase in year over year comparisons. Last month, there were 198 condos that went pending as well, showing the same 7.1% increase in month over month comparisons.
0.2% Decrease in Median Active List Price
In April 2024, the median list price of a condo actively for sale was $499,000 compared to $499,900 in April 2023, showing an 0.2% decrease in year over year comparisons. Last month, the median active list price for an Austin condo was also $499,000 showing no change in month over month comparisons.
33% Increase in Number of New Listings
In April 2024, there were 494 condos introduced to the market compared to 372 in April 2023, showing a 33% increase in year over year numbers. Last month, there were 496 condos introduced to the market, showing an 0.4% decrease in month over month comparisons.
38% Increase in Number of Active Listings
In April 2024, there were 1,223 condos on the market compared to 889 in April 2023 showing a 38% increase in year over year numbers. Last month there were 1,100 condos on the market showing an 11.5% increase in month over month comparisons.
April 2024 Austin Condo Numbers
In April 2024, there were 187 condos and townhomes that sold in Austin. Condos ranged in size from 389-3,260 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $2,500,000 and the least expensive condo sold for $150,000. It took, on average, 63 days to sell a condo in Austin and sellers received, on average, 93.9% of their original list prices. The average price per square foot of a condo sold in Austin in April 2024 was $413.38.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 389 | $150,000 | $170.08 | $150,000 | $165.04 | 83% | 60% | 0 |
| Max | 4 | 4 | 3,260 | $2,495,000 | $1,152.65 | $2,500,000 | $1,136.36 | 105% | 105% | 396 |
| Avg | 2 | 2 | 1,362 | $570,686 | $424.48 | $554,406 | $413.38 | 97.54% | 93.9% | 63 |
| Med | 2 | 2 | 1,264 | $460,000 | $373.94 | $450,000 | $363.56 | 98% | 95% | 34 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | April 2024 |
| Property Type | Condos & Townhomes | Number Sold | 187 |
| 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. Though median price is up 5.5%, inventory has gone up 27% so buyers are getting more choices. If we don’t see buyer activity increase, we will see inventory increase again, which will give buyers some opportunities to negotiate with sellers who are motivated. Time to sell is down 7%, so buyers don’t want to get complacent. If you can get out there quickly and find a motivated seller, you might be able to get an even better deal. There was a 1% increase in the number of condo sales and a 7.1% increase in the number of new pending listings, so we are seeing buyers come out, just not in the same numbers as sellers which is caused inventory to increase. 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 April 2024 Austin Condo Price Report?
Do you have questions about our April 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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