Eleven Oaks Realty is proud to present their August 2024 Austin Condo Price Report measuring activity in the Austin condo market. Our August 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 August 2024, there were 8.13 months of inventory on the market, showing a 7.09% decrease in month over month comparisons. The average list price to sales price was 96.8%, showing an 0.58% decrease in month over month comparisons. The median time to sell an Austin condo was 57 days, showing a 7.55% increase in month over month comparisons. The median sold price of a single family home in Austin was $372,000, showing a 6.65% decrease in month over month comparisons.
5% Decrease in Median Sold Price
In August 2024, the median sold price of a condo in Austin was $372,000 compared to $391,250 in August 2023 showing a 5% decrease in year over year numbers. Last month the median sold price was $398,500, showing a 6.6% decrease in month over month comparisons.
20.3% Decrease in Number of Sold Condo Listings
In August 2024, there were 161 condos that closed escrow compared to 202 in August 2023, showing a 20.3% decrease in year over year numbers. Last month there were 173 condos that closed escrow showing a 6.9% decrease in month over month comparisons.
0.82% Decrease in Average List Price to Sold Price
In August 2024, the average list price to sales price for a condo in Austin was 96.78% compared to 97.58% in August 2023 showing an 0.82% decrease in year over year comparisons. Last month the average list price to sales price was 97.34% showing an 0.6% decrease in month over month comparisons.
43% Increase in Median Time to Sell
In August 2024, the median time to sell a condo in Austin was 57 days compared to 40 days in August 2023, showing a 43% increase in year over year numbers. Last month the median time to sell was 53 days, showing a 7.5% increase in month over month comparisons.
1.1% Decrease in Median Price Per Square Foot
In August 2024, the median price per square foot of a condo in Austin was $363 compared to $367 in August 2023, showing a 1.1% decrease in year over year numbers. Last month the median price per square foot for a condo in Austin was $364 showing an 0.3% decrease in month over month comparisons.
21% Decrease in Total Sales Volume
In August 2024, the total sales volume for Austin condos was $78,645,518 compared to $99.38MM in August 2023, showing a 21% decrease in year over year numbers. Last month the total sales volume was $82.41MM, showing a 4.6% decrease in month over month comparisons.
28% Increase in Months Supply of Inventory
In August 2024, there was 8.13 months of condo inventory on the market compared to 6.35 months in August 2023, showing a 28% increase in year over year comparisons. Last month there was 8.75 months of inventory on the market, showing a 7.1% decrease in month over month comparisons.
8.3% Decrease in Number of New Pending Condo Listings
In August 2024, there were 189 condos that accepted a contract in Austin compared to 206 in August 2023, showing an 8.3% decrease in year over year numbers. Last month, there were 166 condos that accepted a contract showing a 13.9% increase in month over month comparisons.
7.5% Decrease in Median Active List Price
In August 2024, the median active list price was $452,495 compared to $489,000 in August 2023, showing a 7.5% decrease in year over year numbers. Last month the median active list price was $450,000 showing an 0.6% increase in month over month comparisons.
5.2% Decrease in Number of New Condo Listings
In August 2024, there were 326 condos introduced to the market compared to 344 in August 2023, showing a 5.2% decrease in year over year numbers. Last month, there were 377 condos introduced to the market, showing a 13.5% decrease in month over month comparisons.
25.5% Increase in Number of Active Condo Listings
In August 2024, there were 1,298 condos actively listed for sale in Austin compared to 967 in August 2023, showing a 25.5% increase in year over year numbers. Last month there were 1,410 condos actively listed on the market showing a 7.9% decrease in month over month comparisons.
August 2024 Austin Condo Numbers
In August 2024, there were 171 condos and townhomes that sold in Austin. Condos ranged in size from 432-3,669 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $3,300,000 and the least expensive condo sold for $140,000. It took, on average, 69 days to sell a condo in Austin and sellers received, on average, 92.57% of their original list prices. The average price per square foot of a condo sold in Austin in August 2024 was $392.04.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 432 | $149,900 | $115.04 | $140,000 | $115.04 | 79% | 67% | 1 |
| Max | 4 | 4 | 3,669 | $3,499,000 | $1,488.30 | $3,300,000 | $1,403.66 | 111% | 111% | 425 |
| Avg | 2 | 2 | 1,254 | $503,354 | $407.28 | $483,552 | $392.04 | 96.69% | 92.57% | 69 |
| Med | 2 | 2 | 1,142 | $385,000 | $375.40 | $373,000 | $363.94 | 97% | 94% | 47 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | August 2024 |
| Property Type | Condos & Townhomes | Number Sold | 171 |
| 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. We are officially in a buyer’s market and have been for a few months now. Median price is down 5% and inventory has gone up 28%, so buyers are getting more choices and paying less. We also saw an 8.3% 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 43%, 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. We have not seen the typical spring/summer activity this year which would have wiped out inventory as we head into the typically slower fall/winter season. I would expect we head deeper into a buyer’s market as we get into winter, which could mean some great deals for buyers so be ready.
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 August 2024 Austin Condo Price Report?
Do you have questions about our August 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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