October 2016 Austin Condo Price Report

Eleven Oaks Realty is proud to present their October 2016 Austin Condo Price Report measuring activity in the Austin condo market. The October 2016 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.

Number of Austin Condos Sold Down 10%

In October 2016, 174 condos sold in Austin compared to 193 in October 2015, marking a 10% (19 condo) decrease in year over year numbers.

24% Increase in the Number of Condos Under Contract

In October 2016, there were 231 condos that went under contract (pending) in Austin compared to 186 in October 2015, marking a 24% (45 condo) increase in year over year numbers.

Time to Sell an Austin Condo Up 5%

In October 2016, it took 50 days to sell a condo in Austin compared to 48 days in October 2015 marking a 5% (2 day) increase in year over year numbers.

Austin Condo Inventory Up 9%

In October 2016, we had 3.1 months of inventory on the Austin condo market compared to 2.9 months in October 2015, showing a 9% increase in year over year inventory numbers. Though we saw an increase in year over year numbers, we saw a decrease in inventory from September.

Number of Austin Condos Listed for Sale Up 28%

In October 2016, there were 308 condos and townhomes listed for sale in Austin compared to 241 in October 2015 marking a 28% increase in year over year numbers.

Number of Condos on the Austin Market Up 34%

In October 2016, there were 1,049 condos and townhomes for sale in Austin compared to 781 in October 2015, marking a 34% increase in year over year numbers. Buyers this year have more choices than they have in previous years.

Median Sold Price of Austin Condos Up 10%

In October 2016, the median sold price of a condo in Austin was $274,450 compared to $249,900 in October 2015, marking a 10% increase in year over year numbers. The median price for an Austin condo increased by about $35k in just one month even though we had a decrease in demand. Typically, we see a decrease in October and November. It will be interesting to see if this trend continues next month.

Median For Sale Price Up 4% vs Median Sold Price Up 10%

In October 2016, the median price of a for sale condo in Austin was $358,888 compared to $344,000 in October 2015, marking a 4% increase. The median sold price of a condo in Austin went from $249,900 in October 2015 to $274,450 in October 2016, marking a 10% increase.

Number of Austin Condos Taken off the Market Up 59%

The number of expired condos in Austin (number of condos that were taken off the market) was up 59% or 38 condos in year over year figures. In October 2016, there were 102 condos taken off the market compared to 64 in October 2015.

Austin Condo Supply Up 34% and Condo Demand Down 10%

This month we saw a 34% increase in the supply (number of condos for sale) and a 10% decrease in demand for Austin condos. With substantially more supply than demand, buyers might have an edge in a negotiation.

Source: Clarus Market Metrics, ACTRIS Sold Data

October 2016 Austin Condo Numbers

In October 2016, there were 209 condos and townhomes that sold in Austin. Condos ranged in size from 389-3,393 sq ft with 0-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,725,000 and the least expensive condo sold for $61,000. It took, on average, 47 days to sell a condo in Austin and sellers received, on average, 96.28% of their original list prices. The average price per square foot of a condo in Austin in October 2016 was $251.47.

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 – it is time to buy. Demand is down 10% while supply is up 34%, giving buyers a solid edge in a negotiation. With more inventory on the market, buyers have significantly more choices than they had earlier in the year. The condo market has slowed faster than the single family home market. Make offers and see where you can get the best deals. You may find a seller who needs to sell and is willing to make a deal. Remember, the most successful buyers are proactive with their search and clear on they types of units they are looking for. 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.

If you’re looking to sell, don’t be discouraged. We are still leaning towards a seller’s market, just not as strong a seller’s market as we have seen in previous months. Buyers in the market are still making competitive offers with the median price of a sold condo up 10% from last year’s figures. Even though time to sell has increased 5%, buyers are still buying. Make your condo stand out as a value compared to the competition and you will be successful at getting an offer quickly. 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.

How Much is My Condo Worth?

If you’re considering selling and want to know how much your condo is worth, our Market Snapshot Tool is perfect for you. Simply put in your address below and we’ll email you a detailed report with sold prices, time to sell and market activity in your complex.

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.