Eleven Oaks Realty is proud to present their July 2024 Austin Condo Price Report measuring activity in the Austin condo market. Our July 2024 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market is a Buyer’s Market
In July 2024, there were 8.5 months of inventory on the Austin real estate market, indicating a buyers market. We did see a 1.51% reduction in inventory over the last month, so there were a few more sales. However, we are still in a pretty solid buyer’s market. The average list price to sales price was 97.3%, up 0.61% in month over month comparisons. The median time to sell a condo in Austin was 53 days, up 15.22% in month over month comparisons. The median sold price of a condo in Austin was $394,500, showing a 1.99% decrease in month over month comparisons.
What does this mean for sellers? Being in the throes of a buyer’s market can be frustrating for sellers especially coming from the markets we’ve seen in the Austin area in the past several years. That being said, it is not impossible to sell your condo in a buyers market. Just as it wasn’t impossible to buy a home in the extreme seller’s market we saw in Austin. If you’re going to be successful as a seller, you need to spend some extra time preparing your unit to meet its next owner. Make sure it is spotlessly clean, make any repairs that can be made and really consider where you want to price you unit at. Above all else, understand it will take time. Patient sellers are the most successful sellers. We know it isn’t easy when you want to sell your condo, you want it sold soon. Give yourself extra time so you don’t feel as stressed to get an offer.
What does this mean for buyers? This is the market buyer’s have been waiting for. Sellers are willing to negotiate, there is inventory on the market so buyers can choose the right condo for them versus settling for the one that’s available and buyers are getting more time to make a decision. Prices are also coming down, as well as interest rates, so payments are a little less than they were a few months ago. If you’re looking to get into the market, you might not get a better market than this one. Take advantage of the opportunity to find the right condo that will work for you long term.
4.4% Decrease in Median Sold Price
In July 2024, the median sold price of a condo in Austin was $394,500 compared to $412,500 in July 2023, showing a 4.4% decrease in year over year comparisons. Last month, the median sold price was $402,500, showing a 2% decrease in month over month comparisons.
14.8% Decrease in Number of Condo Sales
In July 2024, there were 167 condos that sold compared to 196 in July 2023, showing a 14.8% decrease in year over year numbers. Last month there were 172 condos that sold, showing a 2.9% decrease in month over month comparisons.
0.55% Decrease in Average List Price to Sales Price
The average list price to sales price of a condo in Austin in July 2024 was 97.35% compared to 97.89% in July 2023, showing an 0.55% decrease in year over year numbers. Last month, the average list price to sales price was 96.76% showing an 0.6% increase in month over month comparisons.
66% Increase in Median Time to Sell an Austin Condo
In July 2024, the median time to sell a condo in Austin was 53 days, compared to 32 days in July 2023, showing a 66% increase in year over year numbers. Last month the median time to sell a condo in Austin was 46 days, showing a 15.2% increase in month over month comparisons.
No Change in Median Price Per Square Foot
In July 2024, the median price per square foot of a condo in Austin was $365 compared to $365 in July 2023, showing no change in year over year numbers. Last month, the median price per square foot was $354, showing a 3.1% increase in month over month comparisons.
23% Decrease in Total Sales Volume
In July 2024, the total sales volume for condos in Austin was $79,278,259 compared to $102.87MM in July 2023, showing a 23% decrease in year over year numbers. Last month the total sales volume was $88.89MM showing a 10.8% decrease in month over month comparisons.
28% Increase in Months Supply of Inventory
In July 2024, there was 8.5 months of inventory on the Austin condo market compared to 6.64 months in July 2023, showing a 28% increase in year over year numbers. Last month there were 8.63 months of condo inventory on the market, showing a 1.5% decrease in month over month comparisons.
19% Decrease in New Pending Condo Listings
In July 2024, there were 179 condos that accepted a contract compared to 220 in July 2023, showing a 19% decrease in year over year numbers. Last month there were 151 condos that accepted a contract, showing an 18.5% increase in month over month comparisons.
3.27% Decrease in Median Active List Price
In July 2024, the median list price of an actively listed condo in Austin was $459,450 compared to $475,000, showing a 3.27% decrease in year over year comparisons. Last month the median active list price was $459,900 showing an 0.1% decrease in month over month comparisons.
7.4% Increase in Number of New Condo Listings
In July 2024, there were 376 condos introduced to the market compared to 350 in July 2023, showing a 7.4% increase in year over year numbers. Last month there were 382 condos introduced to the market showing a 1.6% decrease in month over month comparisons.
34.5% Increase in Number of Active Condo Listings
In July 2024 there were 1,372 condos actively listed for sale compared to 1,020 in July 2023, showing a 34.5% increase in year over year numbers. Last month, there were 1,420 condos actively listed on the market, showing a 3.6% decrease in month over month comparisons.
July 2024 Austin Condo Numbers
In July 2024, there were 172 condos and townhomes that sold in Austin. Condos ranged in size from 369-2,992 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,950,000 and the least expensive condo sold for $150,487. It took, on average, 64 days to sell a condo in Austin and sellers received, on average, 93.24% of their original list prices. The average price per square foot of a condo sold in Austin in July 2024 was $387.74.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 369 | $150,487 | $179.45 | $150,487 | $169.03 | 83% | 64% | 0 |
| Max | 4 | 4 | 2,992 | $1,950,000 | $1,178.25 | $1,950,000 | $1,178.25 | 114% | 114% | 492 |
| Avg | 2 | 2 | 1,259 | $495,889 | $399.65 | $480,078 | $387.74 | 97.17% | 93.24% | 64 |
| Med | 2 | 2 | 1,158 | $412,500 | $371.71 | $405,000 | $364.61 | 97% | 95% | 46 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | July 2024 |
| Property Type | Condos & Townhomes | Number Sold | 172 |
| 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. Median price is down 4.4% and inventory has gone up 28%, so buyers are getting more choices and paying less. We also saw a 19% decrease in the number of condos that accepted a contract, showing a decrease in buyer activity. With less buyers, sellers are going to start to get nervous, which will cause them to lower their list prices and offer more incentives. Time to sell is up 66%, so buyers are also taking more time to make a decision. 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. This summer has been a slower summer than years past in terms of buyer activity. Even with a similar decrease in number of new condo listings, buyers still have the advantage as they are willing to wait out sellers who want to hold out for a higher price.
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 2024 Austin Condo Price Report?
Do you have questions about our July 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.
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