Eleven Oaks Realty is proud to present their November 2023 Austin Condo Price Report measuring activity in the Austin condo market. Our November 2023 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market is a Balanced Market
The Austin condo market slipped back into a balanced market compared to last month when we nearly hit a buyer’s market. With 5.81 months of inventory on the market, there is about a month less inventory on the market this month than last month. We saw the same trend in the single family home market, showing how active November was for real estate in Austin. Sellers received, on average, 96.9% of their list price, down 0.04% in month over month comparisons. The median time to sell an Austin condo in November 2023 was 62 days, up 14.81% in month over month comparisons. The median sold price of a condo in Austin was $380,000, down 2.44% in month over month comparisons.
What does this mean for sellers? Sellers are having to adjust to a new market. Buyers are taking longer to make decisions and are being more aggressive with their offers. Sellers really need to make their units stand out as a value to attract a buyer. Sellers who don’t prepare their homes to meet their new owners are likely going to have to make concessions on price. Prepare your home and have patience. Get your units listed before you need to get them under contract so you give buyers some time to see it. Know there are buyers out there and you will find one if you meet the market where it’s at.
What does this mean for buyers? Buyers are continuing to see market forces that are sliding towards their favor. Combine lower prices, more time to make a decision and more choices and buyers are able to buy a condo in a much more business like fashion. They don’t just have to throw their money at everything that is listed for sale and hope they get it. Now we’re seeing buyers negotiate more and sellers are saying yes to their demands. This is a complete 180 from what we have seen in the past few years. As with all good things, I don’t see these market conditions lasting forever. If interest rates continue to go down, that should be enough to spark buyer interest again. And then we might be back to a strong seller’s market without any warning. If you’re thinking of buying, you might want to consider getting the process started now so you can get things wrapped up before the busy home buying season starts in spring.
13% Decrease in Median Condo Price
The median price of an Auston condo in November 2023 was $380,000, down from $436,200 in November 2022, showing a 13% decrease in year over year numbers. Last month the median sold price of an Austin condo was $389,500, showing a 2.4% decrease in month over month comparisons.
4.2% Decrease in Number of Sold Condo Listings
In November 2023, the were 115 condos sold compared to 120 in November 2022, showing a 4.2% decrease in year over year comparisons. Last month, in October 2023, there 116 condos sold, showing an 0.9% decrease in month over month comparisons.
0.65% Decrease in List Price to Sales Price
In November 2023, the average list price to sales price for an Austin condo was 96.92% compared to 97.55% showing an 0.65% decrease in year over year numbers. Last month, in October 2023, the average list price to sales price for an Austin condo was 96.96% showing no change in month over month comparisons.
72% Increase in Time to Sell an Austin Condo
In November 2023, the median time to sell an Austin condo was 62 days compared to 36 days in November 2022, showing a 72% increase in year over year numbers. Last month, the median time to sell was 54 days, showing a 14.8% increase in month over month comparisons.
9% Decrease in Median Price per Square Foot
In November 2023, the median price per square foot for a condo in Austin was $335 compared to $368 in November 2022, showing a 9% decrease in year over year comparisons. Last month, the median price per square foot was $344, showing a 2.6% decrease in month over month comparisons.
14% Decrease in Total Sales Volume
The total sales volume of an Austin condo was $56,038,013 in November 2023 compared to $63.72MM in November 2022, showing a 14% decrease in year over year comparisons. Last month, the total sales volume was $54.66MM showing a 2.5% increase in month over month comparisons.
77% Increase in Months Supply of Inventory
In November 2023, there was 5.81 months of inventory on the Austin condo market compared to 3.28 months in November 2022, showing a 77% increase in year over year comparisons. Last month, in October 2023, there was 6.68 months of inventory on the market, showing a 13% decrease in month over month comparisons.
192% Increase in New Pending Condo Listings
In November 2023, there were 114 new pending condo listings compared to 39 in November 2022, showing a 192% increase in year over year comparisons. Last month, in October 2023, there were 133 new pending condo listings, showing a 14.3% decrease in month over month comparisons.
1% Decrease in Median Condo List Price
The median list price for an Austin condo in November 2023 was $510,000 compared to $515,000 in November 2022, showing a 1% decrease in year over year numbers. Last month, in October 2023 the median condo list price was $499,000, showing a 2.2% increase in month over month comparisons.
11% Increase in New Austin Condo Listings
In November 2023, there were 206 Austin condos introduced to the market compared to 185 in November 2022, showing an 11% increase in year over year numbers. Last month there were 294 condos introduced to the Austin market showing a 29.9% increase in month over month comparisons.
26% Increase in Number of Active Condo Listings
In November 2023, there were 893 active condo listings for sale compared to 707 in November 2022, showing a 26% increase in year over year numbers. Last month, in October 2023, there were 986 active condos for sale, showing a 9.4% decrease in month over month comparisons.
November 2023 Austin Condo Numbers
In November 2023, there were 119 condos and townhomes that sold in Austin. Condos ranged in size from 302-4,032 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $3,750,000 and the least expensive condo sold for $130,334. It took, on average, 67 days to sell a condo in Austin and sellers received, on average, 91.67% of their original list prices. The average price per square foot of a condo sold in Austin in November 2023 was $386.53.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 302 | $150,000 | $175.77 | $130,334 | $162.51 | 82% | 59% | 0 |
| Max | 4 | 5 | 4,032 | $4,300,000 | $1,212.26 | $3,750,000 | $1,212.26 | 105% | 105% | 362 |
| Avg | 2 | 2 | 1,300 | $509,706 | $399.66 | $490,534 | $386.53 | 96.84% | 91.67% | 67 |
| Med | 2 | 2 | 1,200 | $395,900 | $363.93 | $380,000 | $335.53 | 97% | 94% | 55 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | November 2023 |
| Property Type | Condos & Townhomes | Number Sold | 119 |
| 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. Though we’ve bounced back into a balanced market, buyers are still seeing less competition, more choices and more concessions made by motivated sellers. With a 13% reduction on median price, a 77% increase in inventory and a 72% increase in time to sell, buyers are able to negotiate a lot better with sellers who want their condos sold. The Austin market has been moving quickly for the past several years and sellers today are getting nervous a lot quicker, which is causing them to lower their prices and negotiate further down on price. I expect even more deals to be made in December as sellers that don’t want to go into 2024 without a buyer are saying yes to offers they wouldn’t have said yes to if we were in October. Typically winter is the best time for buyers to get a good deal and it’s looking like we are going to see more of that this winter. Chances are as interest rates go down and the spring buying market heats up, we’ll likely be back in a sellers market before long. Take advantage of market conditions now and actively search for condos. Beat the spring rush and you’ll likely be glad you did when we get back into a market that more favors a seller.
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 November 2023 Austin Condo Price Report?
Do you have questions about our November 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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