Eleven Oaks Realty is proud to present their June 2015 Austin Condo Price Report measuring activity in the Austin condo market. The June 2015 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Up 7%
In June 2015, 260 condos sold in Austin compared to 244 in June 2014, marking a 7% increase in year over year numbers.
Number of Condos Under Contract Up 10%
In June 2015, there were 285 condos that went under contract (pending) in Austin compared to 259 in June 2014, marking a 10% (26 condo) increase in year over year numbers. Though we saw a slight dip last month, we appear to be recovering.
Time to Sell an Austin Condo Up 35%
In June 2015, it took 32 days to sell a condo in Austin compared to 24 days in June 2014 marking a 35% increase in year over year numbers. As we’re seeing across all segments of the Austin real estate market, buyers aren’t making decisions as quickly as they were last year.
Austin Condo Inventory Down 1%
In June 2015, we had 1.8 months of inventory on the Austin condo market compared to 1.9 months in June 2014. This marks a 1% increase in year over year inventory numbers. As with most segments of the Austin real estate market, the Austin condo market is an extreme seller’s market.
Number of Austin Condos Listed for Sale Up 7%
In June 2015, there were 343 condos and townhomes listed for sale in Austin compared to 321 in June 2014 marking a 7% increase in year over year numbers.
Number of Condos on the Austin Market Up 10%
In June 2015, there were 873 condos and townhomes for sale in Austin compared to 795 in June 2014, marking a 10% increase in year over year numbers.
Median Sold Price of Austin Condos Up 7%
In June 2015, the median sold price of a condo in Austin was $248,250 compared to $232,250 in June 2014, marking a 7% increase in year over year numbers. Even though it is taking a few days longer to sell than last year, sellers are receiving significantly more money for their units.
Median For Sale Price Up 24% vs Median Sold Price Up 7%
In June 2015, the median price of a for sale condo in Austin was $317,000 compared to $255,000 in June 2014, marking a 24% increase. The median sold price of a condo in Austin went from $232,250 in June 2014 to $248,500 in June 2015, marking a 7% increase.
Number of Austin Condos Taken off the Market Up 17%
The number of expired condos in Austin (number of condos that were taken off the market) was up 17% or 9 condos in year over year figures. In June 2015, there were 63 condos taken off the market compared to 54 in June 2014. We also saw a significant increase in condos taken off the market from May’s numbers. It seems more sellers are giving up on selling, rather than reducing their prices.
Austin Condo Supply Up 10% and Condo Demand Up 7%
This month we saw a 10% increase in the supply (number of condos for sale) and a 7% increase in demand for Austin condos. With more supply than demand, buyers should have a slight edge compared to previous months.
Source: Clarus Market Metrics, ACTRIS Sold Data
June 2015 Austin Condo Numbers
In June 2015, there were 262 condos and townhomes that sold in Austin. Condos ranged in size from 371-4,037 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $2,400,000 and the least expensive condo sold for $68,000. It took, on average, 34 days to sell a condo in Austin and sellers received, on average, 97.94% of their original list prices. The average price per square foot of a condo in Austin in June 2015 was $251.84.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 371 | $69,900 | $84.33 | $68,000 | $84.33 | 80.00% | 62.15% | 0 |
| Max | 4 | 5 | 4,037 | $2,650,000 | $860.27 | $2,400,000 | $853.75 | 115.04% | 115.04% | 454 |
| Avg | 2 | 2 | 1,326 | $326,587 | $255.83 | $320,519 | $251.84 | 98.75% | 97.94% | 34 |
| Median | 2 | 2 | 1,279 | $250,000 | $229.48 | $249,200 | $227.21 | 99.01% | 98.73% | 14 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | June 2015 |
| Property Type | Condos & Townhomes | Number Sold | 262 |
| 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 sell. Even though inventory is up from last year, it is still at 1.8 months (showing an extreme seller’s market). Sellers who present their condos as a value will be successful at getting an offer quickly, even though there is less demand than supply. And, 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, take advantage of increased supply and time to sell. Buyers who are proactive and clear on what types of units they are looking for can beat other buyers to the best condos. 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.
How Much is My Condo Worth?
If you’re considering selling and want to know how much your condo is worth, our Market Snapshot Tool is perfect for you. Simply put in your address below and we’ll email you a detailed report with sold prices, time to sell and market activity in your complex.
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.
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