Eleven Oaks Realty is proud to present their June 2023 Austin Condo Price Report measuring activity in the Austin condo market. Our June 2023 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market Remains a Balanced Market
The Austin condo market had 5.95 months of inventory on the market in June 2023 showing an 8.58% increase in month over month numbers. This near 6 months of inventory plants us right in the middle of a balanced market. Buyers are finally getting a break from the intense seller’s market we had for 5 or so years. Though buyers and sellers theoretically have equal advantage in a balanced market, buyers who have been in the market recently will tell you it feels like more of a buyers market than balanced.
What does this mean for sellers? Though we are seeing a slow down in buyer demand, prices are still remaining near what they were last year and did see an increase from last month. The market is still healthy with sales happening everyday. It is taking longer to sell and buyers are demanding more than they were in previous years, however, they are still making solid offers and are willing to negotiate. Recognize the market shift, adjust your timeline by getting your unit listed before you need to sell it and don’t get discouraged with offers less than list price. Often times buyers try to negotiate hard on their first offer and will come up. Make counter offers and have patience. If you adjust to the market, you’ll find a buyer and sell your condo.
What does this mean for buyers? Buyers should welcome the market shift as it gives them more power in a negotiation. With more supply and less demand, motivated sellers are forced to make adjustments to price and terms to make their condos appealing. Though we aren’t seeing slashing prices, we are seeing more give than we have seen in years. If you’re looking to buy an Austin condo, take advantage of the market and give yourself a much more businesslike transaction where you might end up with a unit you like versus the one you won in a blind bidding war.
Median Price Down 4%
The median sold price for Austin condos in June 2023 was $450,000 compared to $470,000 in June 2022 showing a 4% decrease in year over year numbers. Last month, in May 2023, the median price of an Austin condo was $425,000 showing a 5.9% increase in month over month comparisons. Though we are in the middle of a balanced market, the median price has stayed relatively stable, showing the strength of the Austin condo market.
35% Decrease in Closed Austin Condo Sales
In June 2023, 163 condos closed escrow compared to 252 in June 2022, showing a 35% decrease in year over year numbers. Last month, there were 196 closed sales, showing a 16.8% decrease in month over month numbers. The decrease in demand is contributing to the balanced market. But, even with significantly decreased demand, we are still seeing prices remain around where they were a year ago.
6% Decrease in List Price to Sold Price Ratio
In June 2023 condos sellers received, on average, 97.05% of their list prices compared to 103.73% in June 2022, showing a 6% decrease in year over year numbers. Last month, in May 2023, sellers received 97.78% of their list prices, showing an 0.7% decrease in month over month comparisons.
280% Increase in Time to Sell an Austin Condo
In June 2023, the median time to sell a condo in Austin was 38 days compared to 10 days in June 2022 showing a 280% increase in year over year numbers. Last month, in May 2023, the median time to sell an Austin condo was 29 days, showing a 31% increase in month over month numbers.
$1 Decrease in Median Price Per Square Foot
In June 2023 the median price per square foot for a condo in Austin was $416 compared to $417 in June 2022 showing essentially no change in year over year numbers. Last month, in May 2023, the median price per square foot of an Austin condo was $374 showing an 11.2% increase in month over month comparisons.
32% Decrease in Total Sales Volume of Austin Condos
In June 2023, the total sales volume for Austin condos was $96,962,760 compared to $143.5MM in June 2022 showing a 32% decrease in year over year numbers. Last month, in May 2023, the total sales volume for Austin condos was $106.97MM showing a 9.4% decrease in month over month comparisons.
196% Increase in Months Supply of Inventory
In June 2023, there was 5.95 months supply of inventory on the Austin condo market compared to 2.01 months in June 2022 showing a 196% increase in year over year comparisons. Last month, in May 2023, there was 5.48 months of inventory on the Austin condo market showing a 8.6% increase in month over month numbers.
10% Decrease in New Pending Listings
In June 2023, 202 Austin condos accepted a contract compared to 225 in June 2022 showing a 10% decrease in year over year comparisons. Last month, in May 2023, there were 213 condos that accepted a contract showing a 5.2% decrease in month over month comparisons.
1.33% Decrease in Median Active List Price
The median list price of an active condo in Austin in June 2023 was $519,950 compared to $527,000 in June 2022 showing a 1.33% decrease in year over year numbers. Last month, in May 2023, the median active list price of an Austin condo for sale was $539,000 showing a 3.5% decrease in moth over month numbers.
11% Decrease in New Listings
In June 2023, 410 condos were introduced to the Austin real estate market compared to 427 in June 2022 showing an 11% decrease in year over year numbers. Last month, in May 2023, there were 380 condos introduced to the market, showing a 7.9% increase in month over month numbers.
58% Increase in Austin Condos for Sale
In June 2023, there were 852 Austin condos for sale compared to 538 in June 2022, showing a 58% increase in year over year numbers. Last month, in May 2023, there were 795 Austin condos for sale showing a 7.2% increase in month over month comparisons.
June 2023 Austin Condo Numbers
In June 2023, there were 200 condos and townhomes that sold in Austin. Condos ranged in size from 373-3,789 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $4,749,000 and the least expensive condo sold for $154,110. It took, on average, 52 days to sell a condo in Austin and sellers received, on average, 93.74% of their original list prices. The average price per square foot of a condo sold in Austin in June 2023 was $459.45.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 373 | $154,110 | $142.28 | $154,110 | $128.30 | 63% | 63% | 0 |
| Max | 4 | 4 | 3,789 | $4,990,000 | $1,692.46 | $4,749,000 | $1,484.17 | 106% | 128% | 326 |
| Avg | 2 | 2 | 1,249 | $595,232 | $475.14 | $573,007 | $459.45 | 97.17% | 93.74% | 52 |
| Med | 2 | 2 | 1,078 | $425,000 | $414.77 | $425,000 | $406.70 | 98% | 95% | 37 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | June 2023 |
| Property Type | Condos & Townhomes | Number Sold | 200 |
| 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. Despite being in our typical, peak spring/summer buying season, we are still in a balanced market. This should be welcome news for buyers who have been waiting for the market to shift. Though buyers still aren’t able to name their price and terms they can find sellers who are motivated to sell and willing to make it enticing for a buyer.
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 June 2023 Austin Condo Price Report?
Do you have questions about our June 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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