Eleven Oaks Realty is proud to present their May 2023 Austin Condo Price Report measuring activity in the Austin condo market. Our May 2023 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market Has Crossed Over to a Balanced Market
Last month we were nearly at a balanced market, but not quite there yet. This months numbers are showing the Austin condo market is officially in a balanced market with 5.27 months of inventory. This should be welcome news for buyers who have been waiting for a shift to get into the market.
What does this mean for sellers? The Austin condo market is softening a bit, but that doesn’t mean you won’t find a buyer. A balanced market means it is not beneficial for seller or buyer. There are still both buyers and sellers in the market and you can get your condo sold to one of them. That being said, you can expect it take longer, for buyers to negotiate, and for some to even change their minds. Patience and persistence is key for sellers in this market.
What does this mean for buyers? Buyers should be very excited to be out of the sellers market we have been in for years. Though a balanced market does not turn market forces heavily towards them, it does give buyers an opportunity to be a little pickier and negotiate more favorable deals with sellers who are eager to move on. If you’ve been waiting for the market to shift, now is your moment. Take advantage now before interest rates go back down and we see another increase in prices.
Median Austin Condo Price Down 19%
In May 2023, the median sold price of a condo in Austin was $424,500 compared to $522,500 in May 2022, marking a 19% decrease in year over year numbers. Last month, we had a median sold price of $447,500, showing a 5.1% decrease in month over month numbers.
42% Decrease in Number of Austin Condo Sales
In May 2023, we saw 194 condos in Austin close escrow compared to 276 condos in May 2022, marking a 42% decrease in year over year numbers. Last month, in April 2023, we saw 158 Austin condos close escrow, marking a 22.8% increase in month over month comparisons. With a significant decrease in condo sales, it’s apparent why we are dipping into a balanced market.
9% Decrease in List Price to Sales Price Percentage
In May 2023, condo sellers received 97.76% of their list prices compared to 106.7% in May 2022, showing a 9% decrease in year over year numbers. In April 2023, sellers received 98.09% of their list prices, marking an 0.3% decrease in month over month comparisons. Despite being in a slower market, sellers are still getting very close to list price. Not over list price like we were seeing regularly last year, but not 70% of list price either, which should be welcome news to sellers looking to sell their Austin condos.
314% Increase in Time to Sell Austin Condo
In May 2023, the median time to sell a condo in Austin was 29 days compared to 7 days in May 2022, showing a 314% increase in year over year numbers. Last month, in April 2023, the median time to sell was 46 days, showing a 37% decrease in month over month comparisons. Though we are no longer at 7 days, less than 30 days is still a fairly quick turn around when you consider everything going on in the market.
22% Decrease in Median Price Per Square Foot
In May 2023, the median sold price per square foot in Austin was $372, compared to $452 in May 2022, showing a 22% decrease in year over year numbers. Last month, in April 2022, the median price per square foot for an Austin condo was $387, showing a 3.9% decrease in month over month comparisons. There’s no question Austin condo prices are down.
Total Sales Volume for Austin Condos Down 38%
In May 2023, the total sales volume for Austin condos was $105,567,320 compared to $169.88MM in May 2022, showing a 38% decrease in year over year numbers. Last month, in April 2023, total sales volume was $91.96MM, showing a 14.8% increase in month over month comparisons.
290% Increase in Months Supply of Inventory
In May 2023, the Austin condo market saw 5.27 months of inventory compared to 1.35 in May 2022, showing a 290% increase in year over year numbers. Last month, the Austin condo market had 5.03 months of inventory, showing a 4.8% increase in year over year numbers.
15% Decrease in New Pending Condo Listings
In May 2023, 227 Austin condos accepted a contract compared to 261 in May 2022, marking a 15% decrease in year over year numbers. Last month, in April 2023, 170 condos accepted a contract, showing a 33.5% increase in month over month numbers.
2% Decrease in Median List Price of Austin Condos
In May 2023, the median list price of an Austin condo listed for sale was $549,000 compared to $557,500 in May 2022, showing a 2% decrease in year over year numbers. Last month, in April 2022, the median list price of a condo in Austin was $549,900, showing an 0.2% decrease in month over month comparisons.
2% Decrease in Austin Condos Listed for Sale
In May 2023, we had 379 Austin condos listed for sale compared to 388 in May 2022, showing a 2% decrease in year over year numbers. In April 2023, we had 329 condos listed for sale in Austin, showing a 15.2% increase in month over month comparisons.
117% Increase in Austin Condos for Sale
In May 2023, we had 773 Austin condos on the market compared to 357 in May 2022, marking a 117% increase in year over year numbers. Last month, in April 2023, we had 751 condos listed for sale, showing a 2.9% increase in month over month comparisons.
May 2023 Austin Condo Numbers
In May 2023, there were 216 condos and townhomes that sold in Austin. Condos ranged in size from 360-3,917 sq ft with 0-4 bedrooms and 1-6 bathrooms. The most expensive condo that sold in Austin sold for $3,000,000 and the least expensive condo sold for $165,000. It took, on average, 48 days to sell a condo in Austin and sellers received, on average, 95.17% of their original list prices. The average price per square foot of a condo sold in Austin in May 2023 was $419.42.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 360 | $175,000 | $200.20 | $165,000 | $202.45 | 75% | 67% | 0 |
| Max | 4 | 6 | 3,917 | $3,095,000 | $1,422.84 | $3,000,000 | $1,164.29 | 123% | 123% | 349 |
| Avg | 2 | 2 | 1,282 | $543,513 | $430.82 | $527,783 | $419.42 | 97.94% | 95.17% | 48 |
| Med | 2 | 2 | 1,239 | $413,236 | $369.21 | $414,000 | $359.69 | 99% | 97% | 28 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | May 2023 |
| Property Type | Condos & Townhomes | Number Sold | 216 |
| 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 – it is time to buy. We are in a balanced market and as we head further into the peak spring/summer months, sellers will be more motivated to sell their condos. They’ve already been negotiating off list price and making accommodations to buyers they wouldn’t have done last year at this time. Though not a “buyer’s market”, it’s still closer than we have seen to one in several years, making it a favorable time to buy.
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 May 2023 Austin Condo Price Report?
Do you have questions about our May 2023 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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