Eleven Oaks Realty is proud to present their December 2015 Austin Condo Price Report measuring activity in the Austin condo market. The December 2015 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
Number of Austin Condos Sold Down 11%
In December 2015, 171 condos sold in Austin compared to 193 in December 2014, marking an 11% (22 home) decrease in year over year numbers.
Number of Condos Under Contract Up 21%
In December 2015, there were 142 condos that went under contract (pending) in Austin compared to 117 in December 2014, marking a 21% (25 condo) increase in year over year numbers. As with the single family market, this December was more active than last December in terms of buyer activity.
Time to Sell an Austin Condo Up 50%
In December 2015, it took 66 days to sell a condo in Austin compared to 44 days in December 2014 marking a 50% increase in year over year numbers. It seems buyers took advantage of motivated sellers who had their condos listed for some time and were able to negotiate some pretty good deals.
Austin Condo Inventory Down 28%
In December 2015, we had 2.5 months of inventory on the Austin condo market compared to 3.4 months in December 2014. This marks a 28% decrease in year over year inventory numbers. With less than 3 months inventory, the Austin condo market favors sellers, even in this historically slow time of year.
Number of Austin Condos Listed for Sale Down 12%
In December 2015, there were 113 condos and townhomes listed for sale in Austin compared to 128 in December 2014 marking a 12% decrease in year over year numbers. It seems fewer Austin condo owners are confident they can get their condos sold when demand is down 11%.
Number of Condos on the Austin Market Down 1%
In December 2015, there were 581 condos and townhomes for sale in Austin compared to 587 in December 2014, marking a 1% decrease in year over year numbers.
Median Sold Price of Austin Condos Down 1%
In December 2015, the median sold price of a condo in Austin was $265,000 compared to $269,000 in December 2014, marking a 1% decrease in year over year numbers. For the first time since March 2015, median price of a Austin condos did not outpace last year’s figures. This could either mean that more lower priced units sold or prices are softening. Next month’s numbers should be very interesting.
Median For Sale Price Up 19% vs Median Sold Price Down 1%
In December 2015, the median price of a for sale condo in Austin was $359,000 compared to $302,687 in December 2014, marking a 19% increase. The median sold price of a condo in Austin went from $269,000 in December 2014 to $265,000 in December 2015, marking a 1% decrease.
Number of Austin Condos Taken off the Market Up 27%
The number of expired condos in Austin (number of condos that were taken off the market) was up 27% or 18 condos in year over year figures. In December 2015, there were 85 condos taken off the market compared to 67 in December 2014. As with all segments of the Austin real estate market, we are seeing more units taken off the market this year than last year.
Austin Condo Supply Down 1% and Condo Demand Down 11%
This month we saw a 1% decrease in the supply (number of condos for sale) and an 11% decrease in demand for Austin condos.
Source: Clarus Market Metrics, ACTRIS Sold Data
December 2015 Austin Condo Numbers
In December 2015, there were 183 condos and townhomes that sold in Austin. Condos ranged in size from 373-3,452 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $2,995,000 and the least expensive condo sold for $52,900. It took, on average, 41 days to sell a condo in Austin and sellers received, on average, 96.89% of their original list prices. The average price per square foot of a condo in Austin in December 2015 was $260.93.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 373 | $54,900 | $41.22 | $52,000 | $44.18 | 82.35% | 67.12% | 0 |
| Max | 4 | 5 | 3,452 | $2,995,000 | $939.56 | $2,995,000 | $939.56 | 107.20% | 109.47% | 390 |
| Avg | 2 | 2 | 1,259 | $336,918 | $260.93 | $331,344 | $260.93 | 98.51% | 96.89% | 41 |
| Median | 2 | 2 | 1,164 | $275,000 | $243.65 | $265,000 | $243.65 | 98.83% | 97.94% | 18 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | December 2015 |
| Property Type | Condos & Townhomes | Number Sold | 183 |
| 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 – it is time to buy. With only a slight decrease in supply and an 11% decrease in demand, buyers will have more choices and less competition. Sellers who have their condos up for sale this time of year are generally more motivated to sell than those in the Spring. If you’re proactive with your search and clear on they types of units you are looking for, you can beat other buyers to the best condos. 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 need to sell, don’t panic. We still have only 2.5 months of inventory on the market, which is pointing towards a strong seller’s market. If you present your condo as a value, you will be successful at getting an offer quickly. Remember, positioning your home 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.
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