July 2016 Austin Condo Price Report

Eleven Oaks Realty is proud to present their July 2016 Austin Condo Price Report measuring activity in the Austin condo market. The July 2016 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.

Number of Austin Condos Sold Down 8%

In July 2016, 248 condos sold in Austin compared to 270 in July 2015, marking an 8% (22 condo) decrease in year over year numbers.

1% Decrease in the Number of Condos Under Contract

In July 2016, there were 270 condos that went under contract (pending) in Austin compared to 274 in July 2015, marking a 1% (4 condo) decrease in year over year numbers.

Time to Sell an Austin Condo Up 1%

In July 2016, it took 35 days to sell a condo in Austin compared to 35 days in July 2015 marking a 1% (1 day) increase in year over year numbers.

Austin Condo Inventory Up 8%

In July 2016, we had 2.4 months of inventory on the Austin condo market compared to 2.2 months in July 2015, showing an 8% increase in year over year inventory numbers. The Austin condo market is still a strong seller’s market.

Number of Austin Condos Listed for Sale Up 16%

In July 2016, there were 419 condos and townhomes listed for sale in Austin compared to 361 in July 2015 marking a 16% increase in year over year numbers. This month saw the highest number of condos or townhomes listed for sale in the last 12 months. It seems condo sellers waited until the end of the Summer to list, rather than earlier in the Summer.

Number of Condos on the Austin Market Up 7%

In July 2016, there were 1,000 condos and townhomes for sale in Austin compared to 938 in July 2015, marking a 7% increase in year over year numbers.

Median Sold Price of Austin Condos Up 12%

In July 2016, the median sold price of a condo in Austin was $260,000 compared to $231,500 in July 2015, marking a 12% increase in year over year numbers. Austin condo buyers continue to make competitive offers, thus driving the price of an Austin condo up.

Median For Sale Price Up 13% vs Median Sold Price Up 12%

In July 2016, the median price of a for sale condo in Austin was $350,059 compared to $310,357 in July 2015, marking a 13% increase. The median sold price of a condo in Austin went from $231,500 in July 2015 to $260,000 in July 2016, marking a 12% increase.

Number of Austin Condos Taken off the Market Up 44%

The number of expired condos in Austin (number of condos that were taken off the market) was up 44% or 24 condos in year over year figures. In July 2016, there were 79 condos taken off the market compared to 55 in July 2015. This month saw a significant increase in homes taken off the market, which helped offset the number of homes listed.

Austin Condo Supply Up 7% and Condo Demand Down 8%

This month we saw a 7% increase in the supply (number of condos for sale) and an 8% decrease in demand for Austin condos. With more supply than demand, buyers might have an edge in a negotiation.

Source: Clarus Market Metrics, ACTRIS Sold Data

July 2016 Austin Condo Numbers

In July 2016, there were 253 condos and townhomes that sold in Austin. Condos ranged in size from 394-3,187 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,670,000 and the least expensive condo sold for $68,000. It took, on average, 39 days to sell a condo in Austin and sellers received, on average, 97.35% of their original list prices. The average price per square foot of a condo in Austin in July 2016 was $266.12.

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. Demand is down 8% while supply is up 7%, giving buyers a slight edge they haven’t had in a few months. With slightly more inventory on the market, buyers are also getting a few more choices than they had earlier in the year. As we are coming up on the end of Summer, look for condos that have been on the market a while for the best deals. You just might get lucky and find a seller who needs to sell and is willing to make a deal. Remember, the most successful buyers are proactive with their search and clear on they types of units they are looking for. Follow those two rules and you 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.

If you’re looking to sell, don’t be discouraged. We are still in a strong seller’s market, just not as strong as we have seen in previous months. Buyers in the market are still making competitive offers with the median price of a sold condo up 12%. Even though time to sell has increased slightly, buyers are still paying more than they were last year, so that makes the wait a little easier to take. Make your condo stand out as a value compared to the competition and you will be successful at getting an offer quickly. 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.

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.