Eleven Oaks Realty is proud to present their May 2024 Austin Condo Price Report measuring activity in the Austin condo market. Our May 2024 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market is a Buyer’s Market
For the second month in a row, the Austin condo market is a buyer’s market. In May 2024, there was 7.96 months of inventory on the market, up 11.17% in month over month comparisons. The average list price to sales price was 97.8%, up 0.15% in month over month comparisons. The median time to sell a condo in Austin in May 2024 was 30 days, down 23.08% in month over month comparisons. The median sold price of an Austin condo was $425,000, down 5.97% in month over month comparisons.
What does this mean for sellers? Though sellers are entering a tougher time with more competition, they’re still seeing higher sold prices than they were last year. Time to sell is also pretty reasonable, with a median time on market of 30 days. Sellers who prepare their units to meet the market and price them right will be successful. Buyers are very particular though and are waiting for something that meets their needs. Given the increase in inventory, you’ll have to make your unit stand out beyond the pack to attract a buyer.
What does this mean for buyers? Buyers should welcome this increase in inventory that’s causing a buyers market to unfold. After so many years of extreme sellers markets, buyers are now able to make better choices and wait for the condo that meets their needs, not just the one they won in a bidding war. Prices still aren’t down by any considerable amount, but sellers are willing to negotiate off list price and offer concessions, making the initial hit of home buying a little easier.
3% Increase in Median Sold Price
In May 2024, the median sold price of a condo in Austin was $425,000 compared to $412,000 in May 2023, showing a 3% increase in year over year comparisons. Last month the median sold price was $452,000, showing a 6% decrease in month over month comparisons.
15% Decrease in Number of Condo Sales
In May 2024, there were 186 condos sold in Austin compared to 219 in May 2023, showing a 15% decrease in year over year numbers. Last month, there were 188 condos sold showing a 1.1% decrease in month over month comparisons.
0.1% Decrease in Average List Price to Sales Price
In May 2024, the average list prices to sales price for a condo in Austin was 97.81% compared to 91.9% in May 2023, showing an 0.1% decrease in year over year numbers. Last month, the average list price to sales price was 97.66%, showing an 0.2% increase in month over month comparisons.
3.2% Decrease in Median Time to Sell
In May 2024, the median time to sell a condo in Austin was 30 days compared to 31 days in May 2023, showing a 3.2% decrease in year over year comparisons. Last month the median time to sell a condo in Austin was 39 days showing a 23.1% decrease in month over month comparisons.
1.7% Increase in Median Price Per Square Foot
In May 2024, the median price per square foot was $366 compared to $360 in May 2023, showing a 1.7% increase in year over year numbers. Last month the median price per square foot was $358, showing a 2.2% increase in month over month comparisons.
16% Decrease in Total Sales Volume
In May 2024, the total sales volume for Austin condos was $97,101,042 compared to $115.53MM in May 2023, showing a 16% decrease in year over year comparisons. Last month, the total sales volume was $104.41MM showing a 7% decrease in month over month comparisons.
35% Increase in Months Supply of Inventory
In May 2024, there was 7.96 months of inventory on the market compared to 5.9 months in May 2023, showing a 35% increase in year over year comparisons. Last month, there was 7.16 months of inventory on the market showing an 11.2% increase in month over month comparisons.
17.6% Increase in Number of New Pending Listings
In May 2024 there were 202 condos that accepted a contract in Austin compared to 245 in May 2023, showing a 17.6% increase in year over year comparisons. Last month there were 200 condos that accepted a contract, showing a 1% increase in month over month comparisons.
2% Decrease in Median Active List Price
In May 2024, the median active list price of a condo in Austin was $489,000 compared to $499,000, showing a 2% decrease in year over year comparisons. Last month the median active list price was $485,000 showing an 0.8% increase in month over month comparisons.
20% Increase in Number of New Listings
In May 2024, there were 480 condos listed for sale compared to 400 in May 2023, showing a 20% increase in year over year comparisons. Last month, there were 495 condos listed for sale, showing a 3% decrease in month over month comparisons.
46% Increase in Number of Active Condo Listings
In May 2024, there were 1,365 condos actively listed on the market compared to 934 in May 2023, showing a 46% increase in year over year comparisons. Last month, there were 1,250 condos listed for sale, showing an 8.8% increase in month over month comparisons.
May 2024 Austin Condo Numbers
In May 2024, there were 193 condos and townhomes that sold in Austin. Condos ranged in size from 389-3,260 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $2,850,000 and the least expensive condo sold for $167,000. It took, on average, 52 days to sell a condo in Austin and sellers received, on average, 95.04% of their original list prices. The average price per square foot of a condo sold in Austin in May 2024 was $416.16.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 348 | $175,000 | $195.90 | $167,000 | $183.25 | 82% | 64% | 0 |
| Max | 4 | 5 | 3,192 | $2,900,000 | $1,761.85 | $2,850,000 | $1,731.47 | 116% | 116% | 571 |
| Avg | 2 | 2 | 1,337 | $549,197 | $427.01 | $534,674 | $416.16 | 97.82% | 95.04% | 52 |
| Med | 2 | 2 | 1,221 | $427,000 | $376.03 | $425,000 | $367.71 | 98% | 97% | 27 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | May 2024 |
| Property Type | Condos & Townhomes | Number Sold | 193 |
| 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 3%, inventory has gone up 36% so buyers are getting more choices. We also saw an 18% decrease in number of condos that accepted a contract, showing a decrease in buyer activity. Time to sell is down 3%, so although we are seeing fewer sales and more choices for buyers, they are getting a little less time than they have been. Buyers who can scout condos as soon as they’re listed will be able to buy themselves some more time to make a decision and beat buyers who aren’t as on top of their search. We would typically expect to see an increase in buyer activity as we headed into summer, but this year we saw more of an increase in seller activity. It seems sellers were anticipating more buyers would be in the market and they haven’t come out yet. It will be interesting to see what next months numbers show.
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 2024 Austin Condo Price Report?
Do you have questions about our May 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.
Leave a Reply