December 2014 Austin Condo Price Report

Eleven Oaks Realty is proud to present their December 2014 Austin Condo Price Report measuring activity in the Austin condo market. The December 2014 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.

Number of Austin Condos Sold Down 15%

In December 2014, 165 condos sold in Austin compared to 194 in December 2013, marking a 15% decrease in year over year numbers. Though we saw a drop from last year, we saw an increase from November 2014 condo sales, which is an interesting trend given December is usually the slower month.

Number of Condos Under Contract Down 11%

In December 2014, there were 121 condos that went under contract (pending) in Austin compared to 136 in December 2013, marking an 11% (15 home) decrease in year over year numbers.

Time to Sell an Austin Condo Down 15%

In December 2014, it took 41 days to sell a condo in Austin compared to 48 days in December 2013 marking a 15% decrease in year over year numbers. This was another interesting trend in the data. We usually don’t start to see the decrease until January, but it appears this year December made condo buyers more decisive than last year. It will be interesting to see if that trend continues through January.

Austin Condo Inventory Up 13%

In December 2013, we had 3.0 months of inventory on the Austin condo market compared to 2.7 months in December 2014. This marks a 13% increase in year over year inventory numbers. With fewer sales and pending contracts, it is not surprising we saw an increase in inventory in December, even with the decrease in new listings.

Number of Austin Condos Listed for Sale Down 11%

In December 2014, there were 128 condos and townhomes listed for sale in Austin compared to 144 in December 2013 marking an 11% decrease in year over year numbers. We also saw a significant drop in new listings from November to December, which is what we would expect. With the Holidays, December is usually a very lean month for new inventory. Sellers don’t want to be bothered keeping their homes in pristine condition during the Holidays unless they have to.

Number of Condos on the Austin Market Down 2%

In December 2014, there were 565 condos and townhomes for sale in Austin compared to 575 in December 2013, marking a 2% decrease in year over year numbers.

Median Sold Price of Austin Condos Up 20%

In December 2014, the median sold price of a condo in Austin was $273,500 compared to $227,000 in December 2013, marking a 20% increase in year over year numbers. This is perhaps the most interesting trend in the data this month. Though fewer condos are selling, they are selling faster and for substantially more money than last year. If you’re contemplating selling a condo in Austin, this should be good news.

Median For Sale Price Up 17% vs Median Sold Price Up 20%

In December 2014, the median price of a for sale condo in Austin was $315,000 compared to $269,900 in December 2013, marking a 17% increase. The median sold price of a condo in Austin went from $227,200 in December 2013 to $273,500 in December 2014, marking a 20% increase. It seems the script has flipped this month. Buyers think their condos are worth more than sellers and they are willing to pay what they need to in order to get the best units.

Number of Austin Condos Taken off the Market Up 3%

The number of expired condos in Austin (number of condos that were taken off the market) was up 3% or 2 condos in year over year figures. In December 2014, there were 77 condos taken off the market compared to 75 in December 2013. For the past few months, we have seen an increase in the number of condos taken off the market compared to last year, showing the condo market is still a price sensitive market.

Austin Condo Supply Down 2% and Condo Demand Down 15%

This month we saw a 2% decrease in the supply (number of condos for sale) and a 15% decrease in demand for Austin condos. For a fourth 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

December 2014 Austin Condo Numbers

In December 2014, there were 167 condos and townhomes that sold in Austin. Condos ranged in size from 341-3,014 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $1,375,000 and the least expensive condo sold for $58,500. It took, on average, 47 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 December 2014 was $241.11.

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 slightly, demand is down significantly. This month we did see a sizable increase in median price from last year, but we are also seeing buyer’s have the opportunity to negotiate with sellers. Though we are still in a seller’s market, the market has slowed considerably since Spring. If this year is like previous years, we have about a month left of this Winter down turn and then it is expected to take off again. If you’re looking to buy in 2015, start your search now and you’ll probably end up saving thousands. 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 a condo in Austin, spend some time preparing your condo to meet the market. The best condos are still selling quickly and for significantly more money than they did 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.

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.