Eleven Oaks Realty is proud to present their December 2023 Austin Condo Price Report measuring activity in the Austin condo market. Our December 2023 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market Has Dipped Back Into a Seller’s Market
In December 2023, there was 4.87 months of inventory on the Austin condo market, a 18.7% drop in month over month comparisons. This bumped the Austin condo market into a seller’s market from a pretty sold balanced market. The single family home market also saw a large decrease in inventory as well, which was mostly due to a decrease in supply. We did also have fewer sales in both segments, but the greater reduction came from fewer listings. Austin condo sellers received, on average, 96.3% of their list prices, down 0.77% in month over month comparisons. The median time to sell an Austin condo was 63 days, up 1.61% in month over month comparisons. The median sold price was $394,500, showing a 3.82% increase in month over month comparisons.
What does this mean for sellers? Though we are seeing more inventory, we are still hanging on to a seller’s market. This means buyers are still in the market and are making competitive offers for condos they see as a value. Sellers are getting less than they were last year, but most sellers bought their units before the boom, so they are still typically profitable when selling. It is taking a bit longer to sell, with the median price sitting at 63 days, so you’ll want to list with some extra time to get an offer and close before your desired deadline.
What does this mean for buyers? Though we are technically in a sellers market, we are in one of the most favorable sellers markets we’ve seen in years. I anticipate as demand builds up as we head into spring, we’ll see more competition and an even stronger sellers market. December is supposed to be a slow month, but we managed to go from a balanced to a seller’s market, which is a testament to the strength of this market. That being said, I don’t think it’s going to last forever. Take advantage of lower prices, more sellers making concessions like closing cost credits, repairs and better terms for buyers. Spring is shaping up to be a stronger market with interest rates creeping down, so start the process now before other buyers add to the competition.
10% Decrease in Median Sold Price
In December 2023. the median sold price of an Austin condo was $394,500 compared to $437,000 in December 2022, showing a 10% decrease in year over year numbers. Last month, in November 2023, the median sold price was $380,000, showing a 3.8% increase in month over month comparisons.
13% Decrease in Number of Sold Condos
In December 2023, there were 106 condos that closed escrow in Austin compared to 122 in December 2022, showing a 13% decrease in year over year numbers. Last month, there were 123 condos that closed escrow, showing a 13.8% decrease in month over month comparisons.
0.3% Decrease in Average List Price to Sales Price
In December 2023, the average list price to sales price was 96.32% compared to 96.58% in December 2022, showing an 0.3% decrease in year over year comparisons. Last month, the average list price to sales price of an Austin condo was 97.07% showing an 0.8% decrease in month over month comparisons.
24% Increase in Median Time to Sell an Austin Condo
In December 2023, the median time to sell a condo in Austin was 63 days compared to 51 days in December 2022, showing a 24% increase in year over year numbers. Last month the median time to sell an Austin condo was 62 days, showing a 1.6% increase in month over month comparisons.
13% Decrease in Median Price Per Sq Ft
The median price per square foot of a condo in Austin was $340 compared to $390 in December 2022, showing a 13% decrease in year over year comparisons. Last month, in November 2023, the median price per square foot was $342, showing an 0.6% decrease in month over month comparisons.
7% Decrease in Total Sales Volume
In December 2023, the total sales volume of Austin condos was $61,425,453 compared to $66.03MM in December 2022, showing a 7% decrease in year over year comparisons. Last month, the total sales volume was $59.29MM, showing a 3.6% increase in month over month comparisons.
55% Increase in Months Supply of Inventory
In December 2023, there was 4.87 months of inventory on the Austin condo market compared to 3.15 months in December 2022, showing a 55% increase in year over year comparisons. Last month, there was 5.99 months of inventory on the Austin condo market, showing an 18.7% decrease in month over month comparisons.
121% Increase in New Pending Condo Listings
In December 2023, there were 117 condos that accepted a contract in Austin compared to 53 condos in December 2022, showing a 121% increase in year over year comparisons. Last month, there were 112 condos that accepted a contract, showing a 4.5% increase in month over month comparisons.
1% Increase in Median List Price
In December 2023, the median list price of a condo in Austin was $524,900 compared to $519,500 in December 2022, showing a 1% increase in year over year numbers. Last month, the median list price of an Austin condo was $515,000 showing a 1.9% increase in month over month comparisons.
20% Increase in Number of New Condo Listings
In December 2023, there were 156 condos introduced to the Austin condo market compared to 130 in December 2022, showing a 20% increase in year over year comparisons. Last month, there were 206 condos introduced to the market, showing a 24.3% decrease in month over month comparisons.
20% Increase in Number of Active Condo Listings
In December 2023, there were 779 condos actively for sale in Austin compared to 626 in December 2022 showing a 20% increase in year over year comparisons. Last month, there were 926 condos actively for sale in Austin, showing a 15.9% decrease in month over month comparisons.
December 2023 Austin Condo Numbers
In December 2023, there were 109 condos and townhomes that sold in Austin. Condos ranged in size from 398-5,807 sq ft with 0-5 bedrooms and 1-7 bathrooms. The most expensive condo that sold in Austin sold for $3,063,641 and the least expensive condo sold for $130,000. It took, on average, 79 days to sell a condo in Austin and sellers received, on average, 91.42% of their original list prices. The average price per square foot of a condo sold in Austin in December 2023 was $413.10.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 398 | $150,000 | $187.33 | $130,000 | $162.05 | 79% | 58% | 0 |
| Max | 5 | 7 | 5,807 | $3,295,000 | $1,401.53 | $3,063,641 | $1,303.12 | 107% | 107% | 292 |
| Avg | 2 | 2 | 1,372 | $601,203 | $430.46 | $574,692 | $413.10 | 96.5% | 91.42% | 79 |
| Med | 2 | 2 | 1,200 | $398,990 | $354.17 | $394,000 | $338.66 | 97% | 93% | 63 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | December 2023 |
| Property Type | Condos & Townhomes | Number Sold | 109 |
| 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’re looking at the numbers, it’s time to buy. Median price is down 10% from last year, which is a substantial decrease in just twelve months. Interest rates are coming down and payments are as well, which means you can afford more. Combine the lower prices and monthly payments and you’re able to get a much better unit than you were this time last year. You’re also getting more choices. This month saw a 55% increase in months of inventory on the market, so buyers are able to pick the units that best suit their lifestyle, not settle for the only condo left for sale. There was a 121% increase in pending condos, so buyers are getting the memo that forces are favoring them. I expect to see this demand unleash as we head into spring. Start your search now and have it wrapped up before the busy season starts so you don’t have to worry as much about competition, which will inevitably lead to price increases.
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 December 2023 Austin Condo Price Report?
Do you have questions about our December 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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