Eleven Oaks Realty is proud to present their September 2014 Austin Condo Price Report measuring activity in the Austin condo market. The September 2014 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 14%
In September 2014, 181 condos sold in Austin compared to 210 in September 2013, marking a 14% decrease in year over year numbers. It seems the condo market is feeling the August/September slow down a bit more than the Austin single family home market.
Number of Condos Under Contract Down 6%
In September 2014, there were 185 condos that went under contract (pending) in Austin compared to 196 in September 2013, marking a 6% decrease in year over year numbers.
Time to Sell an Austin Condo Down 5%
In September 2014, it took 35 days to sell a condo in Austin compared to 37 days in September 2013 marking a 5% decrease in year over year numbers. This month it is taking 4 less days to sell a condo than a single family home in Austin, even though there are fewer of them selling. This tells me buyers know what they want and are willing to make a decision quickly if they find something that meets their needs.
Austin Condo Inventory Down 6%
In September 2013, we had 2.4 months of inventory on the Austin condo market compared to 2.5 months in September 2014. This marks a 6% decrease in year over year inventory numbers. This month we had about the same amount of inventory on the condo market as the single family home market, showing just how strong both markets are. Though we have seen a steady increase in inventory since April 2014, we are still in a strong seller’s market.
Number of Austin Condos Listed for Sale Down 5%
In September 2014, there were 225 condos and townhomes listed for sale in Austin compared to 238 in September 2013 marking a 5% decrease in year over year numbers. It seems fewer sellers are looking to trade up or move out of the area than there were last year.
Number of Condos on the Austin Market Down 8%
In September 2014, there were 691 condos and townhomes for sale in Austin compared to 754 in September 2013, marking an 8% decrease in year over year numbers.
Median Sold Price of Austin Condos Up 5%
In September 2014, the median sold price of a condo in Austin was $215,000 compared to $205,000 in September 2013, marking a 5% increase in year over year numbers. Even though inventory is on the rise from historic low Spring inventory levels, buyers are still willing to pay more for a condo this year than they were last year. If you’re looking to sell your Austin condo, this should be great news.
Median For Sale Price Up 19% vs Median Sold Price Up 5%
In September 2014, the median price of a for sale condo in Austin was $310,500 compared to $259,900 in September 2013, marking a 19% increase. The median sold price of a condo in Austin went from $205,000 in September 2013 to $215,000 in September 2014, marking a 5% increase. It seems sellers feel their condos are worth more than buyers and could be one of the reasons condo sellers are hesitant to put their condos on the market.
Number of Austin Condos Taken off the Market Up 8%
The number of expired condos in Austin (number of condos that were taken off the market) was up 8% or 5 condos in year over year figures. In September 2014, there were 70 condos taken off the market compared to 65 in September 2013. Even though buyers are ready to buy and are making serious offers on condos they perceive as a value, they are passing up condos that are overpriced.
Austin Condo Supply Down 8% and Condo Demand Down 14%
This month we saw an 8% decrease in the supply (number of condos for sale) and a 14% decrease in demand for Austin condos. For a second month in a row, both supply and demand are down. The good news for condo buyers is demand is down more than supply, opening up an opportunity buyers haven’t seen since last Fall. If you’re looking to buy a condo in Austin, do so now before the market heats up again.
Source: Clarus Market Metrics, ACTRIS Sold Data
September 2014 Austin Condo Numbers
In September 2014, there were 187 condos and townhomes that sold in Austin. Condos ranged in size from 390-3,817 sq ft with 1-6 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $4,801,500 and the least expensive condo sold for $63,900. It took, on average, 33 days to sell a condo in Austin and sellers received, on average, 96.85% of their original list prices. The average price per square foot of a condo in Austin in September 2014 was $242.14.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 390 | $60,000 | $53.25 | $63,900 | $56.31 | 90.30% | 74.11% | 0 |
| Max | 6 | 4 | 3,817 | $4,950,000 | $1,296.83 | $4,801,500 | $1,257.93 | 106.67% | 108.32% | 214 |
| Avg | 2 | 2 | 1,207 | $316,485 | $247.13 | $308,868 | $242.14 | 98.37% | 96.85% | 33 |
| Median | 2 | 2 | 1,091 | $215,500 | $206.36 | $215,000 | $202.88 | 98.46% | 97.65% | 15 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Sept 2014 |
| Property Type | Condos & Townhomes | Number Sold | 187 |
| 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 the same as it was last month – it is time to buy. Though supply is down from last year, demand is as well. As we head into November and December, we should expect to see a bit more of a slowdown, which will only create a better situation for buyers. Either way, plan to be in your new condo by mid January and you’ll beat the Spring rush.
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 did last year. With some preparation and market appropriate pricing, you’ll have no trouble finding a buyer.
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.
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