Eleven Oaks Realty is proud to present their September 2023 Austin Condo Price Report measuring activity in the Austin condo market. Our September Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market is Approaching a Buyer’s Market
Though not quite there yet, we are close with 6.57 months of inventory on the Austin condo market, which is a 3.63% increase in month over month numbers. Last month we were in a balanced market and the month before that we dipped into buyers market territory. The average list price to sold price was 97.4%, down 0.13% in month over month numbers. It took a median of 38 days to sell a condo in Austin, down 7.32% in month over month numbers. The median sold price of an Austin condo in September 2023 was $431,200, up 9.72% in month over month numbers.
What does this mean for sellers? This market requires patience for sellers. Patience and a thick skin to respond to buyers who are trying to squeeze every last dollar out of a seller possible. The good news is most of the time, buyers come around and end up paying a fair price. However, it only happens with sellers who can continue a dialogue. We’ve seen some sellers say it’s not even worth their time to respond to a buyer and they miss out because most of those buyers are willing to pay more. They just need to prove to themselves they can’t buy the condo for less. Position your condo as a value, stay show ready, have patience and you will be successful.
What does this mean for buyers? Buyers are elated for the market shift. Though interest rates are not as favorable as they were a year ago, it’s the only market force that is against a buyer. Rewind two years ago and the only thing working for a buyer were interest rates. They were having to pay more, weren’t able to negotiate nor were they, often times, able to move in when they closed. Nearly every seller was able to negotiate a free rent back. Calculate all those costs and interest rates are much cheaper than all of those other forces combined. If you’re wanting to get in the market, this winter will likely be an even more favorable time for buyers as demand goes down.
4% Decrease in Median Sold Price
The median sold price of a condo in Austin in September 2023 was $431,200, down from $449,250 in September 2022, showing a 4% decrease in year over year numbers. Last month, in August 2023, the median sold price was $393,000 showing a 9.7% increase in month over month numbers. Though we aren’t seeing prices fall, we are seeing condo prices come down, which should be a welcome sign for buyers looking to get into the market.
16% Decrease in Number of Condos Sold
In September 2023, there were 161 condos that closed escrow compared to 192 in September 2022, showing a 16% decrease in year over year numbers. Last month, in August 2023, there were 197 condos that closed escrow, showing an 18.3% decrease in month over month comparisons.
1.25% Decrease in Average List Price to Sales Price
In September 2023, the average list price to sales price ratio for Austin condos was 97.43% compared to 98.66% in September 2022, showing a 1.25% decrease in year over year numbers. Last month, in August 2023, the average list price to sales price was 97.56%, down 0.1% in month over month comparisons.
34% Increase in Median Time to Sell
In September 2023, the median time to sell a condo in Austin was 38 days compared to 25 days in September 2022, showing a 34% increase in year over year numbers. Last month, in August 2023, the median time to sell an Austin condo was 41 days, showing a 7.3% decrease in month over month numbers.
5.7% Decrease in Median Price Per SqFt
In September 2023, the median price per square foot of an Austin condo was $379/sqft compared to $402/sqft, showing a 5.7% decrease in year over year numbers. Last month, in August 2023, the median price per square foot was $367/sqft, showing a 3.3% increase in month over month comparisons.
23% Decrease in Total Condo Sales Volume
In September 2023, the total sales volume for Austin condos was $85,974,104 compared to $112,100,000 in September 2022, showing a 23% decrease in year over year numbers. Last month, in August 2023, the total condo sales volume was $98,930,000, showing a 13.1% decrease in month over month numbers.
130% Increase in Months Supply of Inventory
In September 2023, there was 6.57 months of inventory on the Austin condo market compared to 2.86 months of inventory showing a 130% increase in year over year numbers. Last month, there was 6.34 months of inventory on the Austin condo market showing a 3.6% increase in month over month numbers.
28% Decrease in Condos Accepting a Contract
In September 2023, there were 130 Austin condos that accepted a contract compared to 181 in September 2022, showing a 28% decrease in year over year numbers. Last month, in August 2023, there were 196 condos that accepted a contract, showing a 33.7% decrease in month over month comparisons.
0.2% Decrease in Median Active List Price
In September 2023, the median list price of an active condo was $499,000 compared to $500,000 in September 2022 showing an 0.2% ($1,000) decrease in year over year numbers. Last month, in August 2023, the median active list price of a condo was $496,500, showing an 0.5% increase in month over month comparisons.
10.8% Decrease in New Condo Listings
In September 2023, there were 296 Austin condos introduced to the market compared to 332 in September 2022, showing a 10.8% decrease in year over year numbers. Last month, in August 2023, there were 347 condos introduced to the market, showing a 14.7% decrease in month over month comparisons.
35% Increase in Number of Active Condos
In September 2023, there were 967 Austin condos on the market compared to 718 condos in September 2022, showing a 35% increase in year over year comparisons. Last month, in August 2023, there were 960 condos on the Austin market, showing an 0.7% increase in month over month numbers.
September 2023 Austin Condo Numbers
In September 2023, there were 163 condos and townhomes that sold in Austin. Condos ranged in size from 400-3,738 sq ft with 0-5 bedrooms and 1-6 bathrooms. The most expensive condo that sold in Austin sold for $2,375,000 and the least expensive condo sold for $175,000. It took, on average, 46 days to sell a condo in Austin and sellers received, on average, 94.17% of their original list prices. The average price per square foot of a condo sold in Austin in September was $414.12.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 400 | $185,000 | $180.60 | $175,000 | $174.58 | 80% | 64% | 0 |
| Max | 5 | 6 | 3,738 | $2,750,000 | $1,597.55 | $2,375,000 | $1,427.60 | 105% | 105% | 180 |
| Avg | 2 | 2 | 1,324 | $552,300 | $426.40 | $534,735 | $414.12 | 97.47% | 94.17% | 46 |
| Med | 2 | 2 | 1,240 | $444,000 | $379.03 | $431,200 | $373.04 | 98% | 96% | 35 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | September 2023 |
| Property Type | Condos & Townhomes | Number Sold | 163 |
| 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. Inventory is up 130%, which means more choices, median price is down 4% and time to sell is up 34%, which means more time to make a decision. For a buyer who has had any experience in the market in the past few years, it will feel like a dream – until you see your monthly payment with interest rates where they are. That being said, interest rates are the only negative for a buyer in the Austin condo market right now. Take advantage of the shifting market and use it as an opportunity to own a piece of Austin real estate.
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 September 2023 Austin Condo Price Report?
Do you have questions about our September 2023 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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