Eleven Oaks Realty is proud to present their July 2023 Austin Condo Price Report measuring activity in the Austin condo market. Our July 2023 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market is a Buyer’s Market – But Just Barely!
This month we creeped into the buyer’s market territory in the Austin condo market. In July 2023, we had 6.72 months of inventory, up 4.19% in month over month comparisons. Anything above 6 months of inventory is generally referred to as a buyer’s market. Sellers are getting, on average, 98% of their list prices, which is up 0.95% from last month. The median time to sell a condo in Austin is 31 days, down 18.42% from last month. The median sold price of an Austin condo is $415,000, down 4.6% from last month.
What does this mean for sellers? Though we are technically in a buyer’s market, we are in the very early stages of one. Sellers are still getting 98% of their list prices and it’s taking a median of 31 days to sell. When you consider buyers markets in a more global sense, it’s still one of the stronger buyers markets for sellers. You can’t come in and price over the market because buyers will see right through that and pass your listing by. But, if you price with the market, present your condo as a value and have patience, you will be successful at getting your condo sold.
What does this mean for buyers? Buyers should be more than happy to finally see some relief from escalating prices, multiple offers and hours to decide whether or not to make an over asking price offer for a condo. The best units are still selling quickly, so you’ll want to set alerts and check out condos as soon as you can. You also want to negotiate with a seller. You never know what they’ll be willing to accept and you can always make a different offer if one is rejected. Take the time to be sure the condo will work for you for the long term and you’ll avoid doing this again in a few years.
Median Condo Price Down 6.7%
The median price for a condo in Austin in July 2023 was $415,000, down from $445,000 in July 2022 showing a 6.7% decrease in year over year numbers. Last month, in June 2023, the median price of an Austin condo was $435,000, showing a 4.6% decrease in month over month comparisons.
Number of Condos Sold Down 18.8%
In July 2023, there were 173 condos that sold versus 213 in July 2022, showing an 18.8% decrease in year over year comparisons. Last month, in June 2023, we had 177 condos sell, showing a 2.3% decrease in month over month comparisons.
Average List Price to Sales Price Down 2.6%
In July 2023, sellers received, on average, 97.96% of their list prices compared to 100.62% in July 2022, showing a 2.6% decrease in year over year numbers. Last month, in June 2023, sellers received, on average, 97.04% of their original list prices, showing an 0.9% increase in year over year numbers.
121% Increase in Median Time to Sell
In July 2023, the median time to sell a condo in Austin was 31 days compared to 14 days in July 2022, showing a 121% increase in year over year numbers. Last month, the median time to sell was 38 days, showing an 18.4% decrease in month over month comparisons. Though 31 days is not the 7 days we saw at the height of the market, it isn’t the 65 days we saw at the slowest point. Most experts would agree a median time to sell of 31 days is a very healthy market.
10.5% Decrease in Median Price Per Sq Ft
In July 2023, the median price per square foot of an Austin condo was $377 compared to $421 in July 2022, showing a 10.5% decrease in year over year comparisons. Last month, in June 2023, the median price per square foot was $416, showing a 9.4% decrease in month over month comparisons.
26% Decrease in Total Sales Volume
In July 2023, the total sales volume for the Austin condo market was $91,583,074 compared to $123.89MM in July 2022, showing a 26% decrease in year over year numbers. Last month, in June 2023, the total sales volume was $103.04MM, showing an 11.1% decrease in month over month comparisons.
186% Increase in Months Supply of Inventory
In July 2023, there was 6.72 months of inventory on the Austin condo market, compared to 2.35 months in July 2022 showing a 186% increase in year over year numbers. Last month, in June 2023, there was 6.45 months of inventory, showing a 4.2% increase in month over month comparisons.
7.8% Decrease in New Pending Listings
In July 2023, there were 190 condos that accepting a contract in Austin compared to 206 condos in July 2022, showing a 7.8% decrease in year over year numbers. Last month, in June 2023, there were 189 condos that accepted a contract, showing an 0.5% increase in month over month comparisons.
5.7% Decrease in Median Active List Price
In July 2023, the median active list price for a condo for sale in Austin was $499,000 compared to $529,000 in July 2022 marking a 5.7% decrease in year over year figures. Last month, in June 2023, the median active list price as $499,900, showing an 0.2% decrease in month over month figures.
5.5% Decrease in New Austin Condo Listings
In July 2023, there were 342 condos introduced to the market compared to 362 in July 2022 showing a 5.5% decrease in year over year comparisons. Last month, in June 2023, there were 403 condos introduced to the market showing a 15.1% decrease in month over month comparisons.
57% Increase in Number of Active Listings
In July 2023, there were 897 condos on the Austin market compared to 571 condos in July 2022, showing a 57% increase in year over year comparisons. Last month, in June 2023, there were 870 condos for sale, showing a 3.1% increase in month over month comparisons.
July 2023 Austin Condo Numbers
In July 2023, there were 197 condos and townhomes that sold in Austin. Condos ranged in size from 373-3,557 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $2,550,000 and the least expensive condo sold for $160,000. It took, on average, 44 days to sell a condo in Austin and sellers received, on average, 95.2% of their original list prices. The average price per square foot of a condo sold in Austin in July 2023 was $412.88.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 373 | $159,000 | $161.26 | $160,000 | $190.05 | 77% | 68% | 0 |
| Max | 4 | 5 | 3,557 | $2,650,000 | $1,448.09 | $2,550,000 | $1,393.44 | 128% | 128% | 316 |
| Avg | 2 | 2 | 1,279 | $529,978 | $424.21 | $514,956 | $412.88 | 97.95% | 95.2% | 44 |
| Med | 2 | 2 | 1,149 | $418,500 | $373.78 | $406,700 | $368.02 | 98% | 96% | 27 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | July 2023 |
| Property Type | Condos & Townhomes | Number Sold | 197 |
| 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.
Looking strictly at the numbers, it’s time to buy. We haven’t seen a buyer’s market in any segment of the Austin market for months, if not years. Though it isn’t a strong buyers market, it is the most we have seen and therefore is giving buyers the much needed relief they’ve been waiting for. This market does present some challenges for buyers, especially when it comes to interest rates. However, interest rates are still on the lower side when you compare where they have been historically. And, when rates come back down, you can refinance and lower your payment. Plus, with more choices and less competition, you’ll be more likely to find a condo you’ll be happy with long term versus one you won in a bidding war. Take advantage of the market shift and stop throwing money away on rent.
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 July 2023 Austin Condo Price Report?
Do you have questions about our July 2023 Austin Condo Price Report? Looking to buy or sell a condo or townhome in Austinhttp://www.austintxneighborhoods.com/? 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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