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Eleven Oaks Realty is proud to present their April 2018 Austin Condo Price Report measuring activity in the Austin condo market. The April 2018 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.

Number of Austin Condos Sold Up 10%

In April 2018, 288 condos sold in Austin compared to 262 in April 2017, marking a 10% (26 condo) increase in year over year numbers.

4% Increase in the Number of Condos Under Contract

In April 2018, there were 329 condos that went under contract (pending) in Austin compared to 315 in April 2017, marking a 4% (14 condo) increase in year over year numbers. Over the past year, we’ve seen a steady increase of condos under contract.

Time to Sell an Austin Condo Up 15%

In April 2018, it took 48 days to sell a condo in Austin compared to 42 days in April 2017 marking a 15% (6 day) increase in year over year numbers.

Austin Condo Inventory Down 11%

In April 2018, we had 2.2 months of inventory on the Austin condo market compared to 2.5 months in April 2017, showing an 11% decrease in year over year inventory numbers.

Number of Austin Condos Listed for Sale Down 1%

In April 2018, there were 419 condos and townhomes listed for sale in Austin compared to 424 in April 2017 marking a 1% decrease in year over year numbers.

Number of Condos on the Austin Market Down 3%

In April 2018, there were 1,122 condos and townhomes for sale in Austin compared to 1,158 in April 2017, a 3% decrease in year over year numbers. This year buyers have many more options than they have in years past, but inventory is returning to the lower numbers we have seen over the last few years.

Median Sold Price of Austin Condos Up 19%

In April 2018, the median sold price of a condo in Austin was $319,050 compared to $269,000 in April 2017, marking a 19% ($50,050) increase in year over year numbers. This is a strong stat for the condo market.

Median For Sale Price Down 3% vs Median Sold Price Up Up 19%

In April 2018, the median price of a for sale condo in Austin was $349,999 compared to $359,950 in April 2017, down 3%. The median sold price of a condo in Austin went from $269,000 in April 2017 to $319,050 in April 2018, marking a 19% increase.

Number of Austin Condos Taken off the Market Up 16%

The number of expired condos in Austin (number of condos that were taken off the market) was up 16% or 9 condos in year over year figures. In April 2018, there were 64 condos taken off the market compared to 55 in April 2017. We continue to see unrealistic sellers take their condos off the market vs. lowering the price.

Austin Condo Supply Down 3% and Condo Demand Up 10%

This month we saw a 3% decrease in the supply (number of condos for sale) and a 10% increase in demand for Austin condos. With supply down and demand up, the market is beginning to pick up this year.

Source: Clarus Market Metrics, ACTRIS Sold Data

April 2018 Austin Condo Numbers

In April 2018, there were 289 condos and townhomes that sold in Austin. Condos ranged in size from 378-3,250 sq ft with 1-4 bedrooms and 1-4 bathrooms. The most expensive condo that sold in Austin sold for $2,700,000 and the least expensive condo sold for $103,000. It took, on average, 51 days to sell a condo in Austin and sellers received, on average, 98.93% of their original list prices. The average price per square foot of a condo sold in Austin in April 2018 was $283.48.

Beds Baths SqFt List Price LP/SqFt Sold Price SP/SqFt SP/LP SP/OLP ADOM
Min 1 1 378 $110,000 $122.35 $103,000 $122.35 87.00% 76.67% 0
Max 4 4 3,250 $2,899,000 $1,004.29 $2,700,000 $962.01 113.93% 15625.00% 467
Avg 2 2 1,339 $372,755 $287.69 $366,749 $283.48 98.93% 151.80% 45
Median 2 2 1,266 $320,000 $252.81 $319,100 $249.72 99.40% 98.76% 16
Search Criteria
Status Sold Sold Date Apr-18
Property Type Condos & Townhomes Number Sold 289
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 sell. Buyers are willing to pay 19% more than they were at this time last year, which is a significant price bump. As we head deeper into spring, we would expect supply to increase, which might soften prices if demand doesn’t keep up. Get your condo ready to sell now so you can beat the sales rush while buyers have fewer choices. If you make your condo stand out as a value compared to the competition, 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.

If you’re looking to buy, give yourself plenty of time to do so. Getting hung up in bidding wars for units you don’t really like doesn’t make too much sense. Sometimes buyers get caught up in winning or needing a place to live in so many days. Start your search early and you’ll have time to wait for the right opportunity. And remember, deals are still out there if you pay attention. 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. Also, don’t be afraid to make offers. If a unit is worth what the owner is asking, find out if they’re willing to take your number. You never know how motivated a seller might be until you put an offer in front of them they’ll have to turn down. 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.

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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Eleven Oaks Realty is proud to present their April 2018 Austin Real Estate Price Report measuring activity in the Austin single family home market.

Austin Median Home Price Up 6%

Once again, median home prices in Austin are up. The median price of an Austin home in April 2017 was $364,000 compared to $385,000 in April 2018, up 6% ($21,000) in year over year numbers.

Median home price helps us see the distribution of homes sold and does not really give us an indication of the increase or decrease in a particular home’s market value. To analyze market value, we’d have to take an in depth look at a neighborhood. If you’re looking for something like that, please check out our Austin Home Values Report.

What does this mean to buyers? With one exception last month, the Austin market has been up for 42 straight months of so the market is still very healthy.

What does this mean to sellers? Now is the time to sell your home. You’ll need to move fast to make your home ready and take advantage of the uptick in buyers who enter the market in spring/summer.

Looking for more actionable facts about the market? Check out our recent post: 3 Key Facts for Austin Home Buyers and Sellers.

1% Increase in Time to Sell Home in Austin

In April 2018, it took 36 days to sell a home in Austin, on average, compared to 36 days in April 2017, marking a 1% increase in year over year numbers.

Number of Homes Taken Off the Market Up 13%

In April 2018, there were 287 homes taken off the market compared to 253 in April 2017. This marked a 13% (34 home) increase in year over year numbers. We continue to see unrealistic sellers take their homes off the market rather than lower the price.

If you need to sell and your home was priced right, maybe there was something else going on. The biggest culprits we see are incorrect info in the MLS and poor marketing. Check out our Austin Home Marketing Plan to see how your homes would be marketed.

Having trouble selling your home? Check out our Austin Home Not Selling resources page to find out why.

5% Increase in the Number of Sold Homes in Austin

In April 2018, Austin saw a 5% increase in the number of homes sold from April 2017 to April 2018. In April 2018, we saw 1,328 homes sell in Austin compared to 1,269 in April 2017 marking a 5% (59 home) increase in year over year numbers.

24% Decrease in Austin Housing Inventory

In April 2018, we saw 1.8 months of inventory on the market, compared to 2.3 months of inventory in April 2017, marking a 24% decrease in year over year numbers. For the past year, we’ve consistently seen extremely low inventory levels and this month appears to be no different.

Austin Homes Under Contract Up 15%

In April 2018, 1,708 homes went pending (under contract) in Austin compared to 1,489 in April 2017, marking a 15% (219 home) increase in year over year numbers.

3% Decrease in Number of Homes on the Market

In April 2018, we had 5,027 homes for sale in Austin, compared to 5,207 in April 2017, showing a 3% (180 home) decrease in year over year numbers. With inventory numbers already low this year, even a small drop will be felt by buyers looking for more choices.

3% Increase in Number of Homes Listed for Sale

In April 2018, we saw 2,160 homes introduced to the market compared to 2,100 in April 2017, a 3% (60 home) increase in year over year numbers.

Supply Down 3% and Demand Up 5%

This month we saw a 3% decrease in supply (number of properties for sale) and a 5% increase in demand (number of sold properties). The market is picking up again this month.

Median for Sale Down 2% vs Median Sold Price Up 6%

This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 2% decrease in the median for sale price and a 6% increase in the median sold price of a single family home in year over year numbers.

Source: Clarus Market Metrics, ACTRIS Sold Data

April 2018 Austin Real Estate Price Report – Strictly Numbers

For those of you who prefer to see the actual numbers, we’ve included the figures for April 2018 Austin home sales below. The most expensive home that sold in April 2018 sold for $4,550,000 and the least expensive home sold for $155,000. Homes ranged in size from 492 sqft – 9,393 sqft with an average size of 2,336 sqft. The average price per square foot for a home that sold in Austin in April 2018 was $228.41 with the lowest being $91.01/sqft and the highest being $687.80/sqft. It took, on average, 38 days to sell a home in Austin and sellers received, on average, 99.55% of their original list prices.

Beds Baths SqFt List Price LP/SqFt Sold Price SP/SqFt SP/LP SP/OLP ADOM
Min 1 1 492 $155,000 $91.74 $145,000 $91.01 71.64% 63.35% 0
Max 6 8 9,393 $4,550,000 $736.96 $4,200,000 $687.80 129.55% 1000.00% 556
Avg 4 3 2,336 $533,409 $231.32 $524,460 $228.41 98.97% 99.55% 38
Median 3 3 2,127 $419,900 $198.06 $412,000 $195.48 99.54% 99.00% 9
Search Criteria
Status Sold Sold Date Apr-18
Property Type Single Family Homes Number Sold 1047
Source: ABoR Sales Data Area Austin
Time to Buy? Sell?

As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to buy, buying when its a sellers market may hurt you on the buying end, but you’ll make it up on the selling end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.

Looking strictly at the numbers, it appears the recommendation for this month is – it’s time to sell. The market is picking up and ready-sellers should be positioned well for the spring market uptick. We typically see demand start to pick up in April/May. So, by the time you are done getting your house ready to put on the market, buyers will be ready to buy. Spend the next few weeks getting your home ready for the busiest time of year. If you’re a seller who needs to sell now, work with a professional Realtor who can help you position your home as the best value on the market. Though we aren’t seeing as much activity, median price is up, showing there are still highly motivated buyers in the market. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. For more info about our Home Selling Program and why it is the best in Austin, check out Sell My Austin Home.

If you’re looking to buy, get started now. The earlier in the season you can start your home search, the more likely you are to be able to negotiate a better deal. As demand increases, sellers will start to see more showings and they will be less motivated to negotiate. Get your search set up and start looking at new listings now. If you’re looking to buy, we can help you be successful. We know the market and know how to get the best deal for a buyer. For more info about buying a home, visit Buy a Home in Austin.

Curious How Much You Could Sell Your Austin Home For?

Our Market Snapshot Tool is for you. With just your zip code, we’ll email you a detailed report showing what homes in your neighborhood sold for, how long it took to sell and how the market is trending. Though our Austin Real Estate Price Report is helpful in gauging the overall trend of the market, it doesn’t address neighborhoods specifically. If you’re looking for that type of report, put in your name and zip code below and our system will email you a Neighborhood Market Report.

Questions About the Austin Real Estate Price Report?

Do you have questions about this Austin Real Estate Price Report? 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 real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.

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As real estate prices in Austin increase, that’s a question we have been getting more and more often. Owners who want to keep their units as an investment or investors who are looking for an easily managed investment see condos as an ideal choice. Others looking at starting an AirBnB business and are looking for something you can get off the ground quickly. Condos are convenient in that all you need to worry about is the interior. But, is it possible to rent a condo in Austin?

Can I Rent Out My Austin Condo?

Can I rent out my Austin condo? The short answer is…maybe.

Tip #1: Read the HOA Rules, then Reread them In Case You Missed Something

When buying a condo – to live in or to rent out – it is super important to read the HOA rules carefully. These are enforceable covenants that you agree to abide by as an owner. If you don’t follow the rules, they can take action against you. Don’t assume they are all “standard rules.” They will affect how much you enjoy living in the property.

Some HOA’s Have Rental Restrictions

These rules typically address renting out the units. Some have no restrictions on what you do with your unit, some restrict the length of the lease, some have final approval on tenants, some have limits on how many units can be rented at one time and some require owners to pay fees for the privilege to rent their units. There is no standard. They are all different.

Some HOA’s Forbid Short Term Rentals

There are very few

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We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

What is a Rate Lock?

Interest rates are constantly moving, going both higher and lower. This constant movement can be unnerving for buyers who wish to protect themselves against escalating rates. One way to do so is by freezing the interest rate with a rate lock.

The term rate lock is used to describe situation where the lender guarantees or “locks” a particular interest rate for a given period of time, generally 30 days.

If the market rate increases, your interest rate holds firm and conversely if the market rate declines, your rate holds firm as well. We always advise our clients ask their mortgage broker to explain the pros and cons about rate locks before making a decision.

Looking for a Real Estate Expert?

Our team has a combined 55+ years of experience helping home buyers understand the residential real estate market. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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Eleven Oaks Realty is proud to present their March 2018 Austin Luxury Real Estate Price Report measuring market activity in the Austin area single family home market priced at $1 million or over. The March 2018 Austin Luxury Real Estate Price Report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.

Number of Luxury Homes Listed for Sale Down 2%

In March 2018, there were 230 luxury homes introduced to the market compared to 234 in March 2017, marking a 2% (4 home) decrease in year over year numbers.

Austin Luxury Homes Under Contract Up 26%

In March 2018, 97 luxury homes went pending in the Austin area compared to 77 in March 2017, marking a 26% (20 home) increase in year over year numbers.

25% Increase in the Number of Luxury Home Sales in Austin

In March 2018, 84 luxury homes sold compared to 67 luxury homes in March 2017, marking a 25% increase in year over year numbers.

Austin Luxury Housing Inventory Down 18%

In March 2018, there was 7.3 months of inventory on the Austin luxury real estate market compared to 8.9 months in March 2017 – an 18% decrease in year over year numbers. The luxury housing market is at some of the lowest inventory level we’ve seen in the past year.

Time to Sell Luxury Home in Austin Up 4%

In March 2018, it took 88 days to sell a luxury home in Austin, on average, compared to 85 days in March 2017, marking a 4% increase in year over year numbers.

Austin Median Luxury Home Price Down 1%

This month, the median home sale price of a luxury home in the Austin area was down 1%. The median home price in March 2018, when you consider homes that sold for $1 million or more, was $1,381,854 compared to $1,399,000 in March 2017.

Median home price helps us see the distribution of homes sold and does not really give us an indication of the increase or decrease in a particular home’s market value. To analyze market value, we’d have to take an in depth look at a neighborhood. If you’re looking for something like that, please check out our Austin Home Values Report.

4% More Homes on the Luxury Market

In March 2018, there were 851 luxury homes for sale in the Austin area, compared to 815 in March 2017, marking a 4% increase in year over year numbers.

Number of Luxury Homes Taken Off the Market Down 15%

In March 2018 there were 44 luxury homes taken off the market compared to 52 in March 2017, showing a 15% (8 home) decrease in year over year numbers.

Did your home expire? Check out our Austin Home Not Selling resources page to find out why.

Luxury Supply is Up 4% – Luxury Demand Up 25%

This month we saw a 4% increase in luxury housing supply (number of properties for sale) and a corresponding 25% increase in luxury demand (number of sold properties). The market is beginning to pick up for spring.

Median for Sale Price Down 3% – Median Sold Price Down 1%

In the Austin area, we saw a 3% decrease in median for sale price of a luxury home, while the median sold price of a luxury home was down 1% in year over year numbers. The median for sale price of a luxury home was $1,599,000 in March 2018 compared to $1,650,000 in March 2017 marking an $51,000 decrease in year over year numbers. The median sold price of a luxury home was $1,381,854 in March 2018 and $1,399,000 March 2017, showing a 1% decrease in year over year numbers.

Source: Clarus Market Metrics, ACTRIS Sold Data

March 2018 Austin Luxury Home Sales Map

All of the Austin luxury single family homes that sold in March 2018 were west of 35, south of 183 (with the exception of 1) and north of 290. Here is a map of the 83 Austin luxury homes that sold in March 2018.

Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in March 2018

More Data on Austin Luxury Home Sales March 2018

Here is some additional data on the 83 luxury homes that sold in Travis, Williamson and Hays Counties in March 2018. These 83 homes sold for $1 million or more.

  • 0 luxury homes that sold were Foreclosures (Bank Owned)
  • 10 luxury homes were Waterfront
  • 32 luxury homes were in the Austin ISD
  • 0 luxury homes were in the Dripping Springs ISD
  • 19 luxury homes were in the Eanes ISD
  • 0 luxury home was in the Hays ISD
  • 20 luxury homes were in the Lake Travis ISD
  • 8 luxury homes were in the Leander ISD
  • 1 luxury homes were in the Round Rock ISD
  • 1 luxury homes were in the Wimberley ISD
  • 27 luxury homes were in Gated Communities
  • 52 luxury homes were in HOA’s
  • 50 luxury homes had Pools
  • 30 luxury homes were on Septic Systems
  • 81 luxury homes that sold were located in Travis County
  • 1 luxury home that sold was located in Williamson County
  • 1 luxury homes that sold were located in Hays County

Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in March 2018

Luxury Homes for Sale Around Austin

Here is a map view of the 594 luxury homes currently for sale in the Austin area as of April 13, 2018. 527 are located in Travis County, 15 are located in Williamson County and 52 are located in Hays County.

Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays Counties

March 2018 Luxury Real Estate Price Report – Strictly Numbers

For those of you who prefer to see the actual numbers, we’ve listed the figures for March 2018 Austin area luxury home sales below. The most expensive luxury home that sold in March 2018 sold for $12,300,000 and the least expensive luxury home sold for $1,005,000. Austin luxury homes ranged in size from 2,038 sqft – 10,206 sqft with an average size of 4,762 sqft. The average price per square foot for a luxury home that sold in Austin in March 2018 was $378.44 with the lowest being $175.39/sqft and the highest being $1,605.12/sqft. It took, on average, 115 days to sell a luxury home in Austin and sellers received, on average, 91.99% of their original list prices.

Beds Baths SqFt List Price LP/SqFt Sold Price SP/SqFt SP/LP SP/OLP ADOM
Min 2 2 2,038 $999,900 $175.39 $1,005,000 $175.39 81.82% 60.50% 0
Max 9 12 10,206 $12,950,000 $1,689.94 $12,300,000 $1,605.12 108.70% 108.70% 545
Avg 5 5 4,762 $1,861,753 $395.86 $1,762,785 $378.44 95.55% 91.99% 115
Median 5 5 4,562 $1,430,000 $355.57 $1,370,000 $338.16 96.49% 92.89% 72
Search Criteria
Status Sold Sold Date Mar-18
Property Type Single Family Homes $1MM+ Number Sold 83
Source: ABoR Sales Data Area Travis, Hays, Williamson Counties
What is Your Austin Luxury Home Worth?

The Austin Luxury Real Estate Market Report is great for someone who is looking for overall trends in the luxury market. If you’re looking for a better idea of the market in your neighborhood, our Market Snapshot Tool is for you. With just your zip code, we’ll email you a detailed market report for your neighborhood including what homes actually sold for, how long it took for them to find a buyer and trends. Simply put in your zip code and the report will be emailed to you instantly!

Considering Buying or Selling a Luxury Home in Austin?

Our team of Austin luxury real estate market specialists know the market well and can help you get the best deal possible. For more info about our team and how we work, check out our Austin Home Buyers and our Austin Home Sellers sections. Then, call us at (512) 872-8323 or email us at info@11OaksRealty.com to schedule a consultation.

Questions About the Austin Luxury Real Estate Price Report?

Do you have questions about this Austin Luxury Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can.

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We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

What is a Legal Description?

When buying and selling real estate, one of the most important – yet overlooked – factors is how a property can be referred to in official documents. A legal description is the proper way to identify and describe the property. It is generally accepted by all parties governing a real estate transaction.

There are four types of legal descriptions used on the United States: lot & block numbers, metes and bounds, government land survey and monuments.

Most of our clients in Austin, Texas will use the lot and block number system. This is common subdivisions and urban areas where each parcel of land is registered using assigned lot and block numbers. These are mapped and recorded with the County Recorder and Assessor’s office.

Looking for a Real Estate Expert?

Our team has a combined 55+ years of experience helping home buyers understand the residential real estate market. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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Eleven Oaks Realty is proud to present their March 2018 Austin Multi Family Real Estate Price Report measuring activity in the Austin multi family market. This report includes all multi family properties (duplex, triplex and quadplex) that sold in March 2018.

Austin Multi Family Properties Under Contract Down 40%

In March 2018, 25 multi-family properties went pending (under contract) in Austin compared to 42 in March 2017, showing a 40% decrease in year over year numbers.

Austin Multi Family Property Median Price Down 11%

The median home price of a multi-family property in Austin in March 2017 was $391,000 compared to $347,000 in March 2018, marking an 11% ($44,000) increase in year over year numbers.

Median home price helps us see the distribution of multi-family properties sold and does not really give us an indication of the increase or decrease in a particular property’s market value. To analyze market value, we’d have to take an in depth look at a neighborhood. If you’re looking for something like that, please check out our Austin Property Values Report.

33% Increase in Austin Multi Family Property Inventory

In March 2018, we saw 2.0 months of inventory on the market, compared to 1.5 months of inventory in March 2017, showing a 33% increase in year over year numbers. Multi-family inventory has been low all year.

Time to Sell Multi Family Property in Austin Up 92%

In March 2018, it took 21 days to sell a multi family property in Austin, on average, compared to 11 days in March 2017, marking a 92% (10 day) increase in year over year numbers. Time to sell a multi-family property has hovered around 30 days for most of the last year, which like the low inventory levels, is indicative of an extreme seller’s market.

Number of Multi Family Properties Taken Off the Market Up 33%

In March 2017, there were 6 multi family properties taken off the market compared to 8 in March 2018, marking a 33% increase in year over year numbers.

If your Austin multi family property was priced right but it still didn’t find a buyer, maybe there was something else going on. The biggest culprits we see are incorrect info in the MLS, inaccessibility and poor marketing. Check out our Austin Property Marketing Plan to see how your homes would be marketed if we listed them. If you’d like our opinion on why your property didn’t sell email us at info@11OaksRealty.com.

Having trouble selling your property? Check out our Austin Property Not Selling resources page to find out why.

Number of Sold Multi Family Properties in Austin Down 20%

In March 2018, Austin saw a 20% decrease in the number of multi family properties sold from March 2017 to March 2018. In March 2018, we saw 35 multi family properties sell in Austin compared to 44 in March 2017 marking a 20% (9 property) decrease in year over year numbers.

Number of Multi Family Properties on the Market Down 25%

In March 2018, we had 82 multi-family properties for sale in Austin, compared to 110 in March 2017, showing a 25% (28 property) decrease in year over year numbers.

20% Decrease in the Number of Multi Family Properties Listed for Sale

In March 2018, we saw 39 multi family properties introduced to the market compared to 49 in March 2017, showing a 20% (10 property) decrease in year over year numbers.

Supply Down 25% and Demand Down 20%

This month we saw a 25% decrease in supply (number of properties for sale) and a 20% decrease in demand (number of sold properties). With demand and supply down, the market is much slower than its been in months.

Median for Sale Up 2% vs Median Sold Price Down 11%

This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 2% increase in the median for sale price and an 11% decrease in the median sold price of a multi family property in year over year numbers. The median for sale price of a multi-family property in Austin went from $424,450 in March 2017 to $432,000 in March 2018, showing a $7,550 increase. The median sold price of a multi-family property in Austin went from $391,000 in March 2017 to $347,000 in March 2018, showing a $44,000 decrease.

Source: Clarus Market Metrics, ACTRIS Sold Data

March 2018 Austin Multi Family Real Estate Price Report – Strictly Numbers

For those of you who prefer to see the actual numbers, we’ve included the figures for March 2018 Austin multi family sales below. The most expensive property that sold in March 2018 sold for $840,000 and the least expensive multi family property sold for $231,500. Multi family properties ranged in size from 1,032 sqft – 3,575 sqft with an average size of 2,135 sqft. The average price per square foot for a multi family property that sold in Austin in March 2018 was $197.78 with the lowest being $126.78/sqft and the highest being $411.39/sqft. It took, on average, 22 days to sell a multi family property in Austin and sellers received, on average, 98.30% of their original list prices.

Unit Count SqFt List Price LP/SqFt Sold Price SP/SqFt SP/LP SP/OLP ADOM
Min 2 1,032 $214,500 $117.47 $231,500 $126.78 90.00% 80.00% 0
Max 4 3,575 $849,000 $447.78 $840,000 $411.39 116.25% 116.25% 196
Avg 2 2,135 $418,743 $199.87 $415,369 $197.78 99.70% 98.30% 22
Median 2 1,924 $350,000 $173.05 $347,000 $170.51 99.17% 98.74% 6
Search Criteria
Status Sold Sold Date Mar-18
Property Type Multi Family Number Sold 35
Source: ABoR Sales Data Area Austin
Time to Buy? Sell?

Looking strictly at the numbers, it appears the recommendation for this month is – it’s time to sell. With supply down/demand down, prices way up and lean inventory levels we’ve seen in over a year, it couldn’t be a brighter month of stats for sellers.

If you’re looking to buy, set alerts for new listings and scout them as soon as possible. Hire a Realtor who knows the multi family real estate market and has strategies for getting your offers accepted without increasing your offer price. Our team not only knows the market, but we also own several multi-family properties that have no trouble finding tenants. We can help you identify which properties will be the highest netting. Put our knowledge and experience to work for you and we’ll help you make money on your rental. For more info about buying a multi-family property, visit Buying in Austin.

Looking to sell? Make your property stand out as a value. When buyers are excited about the potential of your property, they’re willing to pay more. If your multi-family property is located in a desirable area or good school district, you’re in an even better position as those are very hard to find. Spend some time preparing the property to meet the market and hire a Realtor who knows how to market multi-family properties. If you’re considering selling, work with a Realtor who has strategies to help you get top dollar for your home. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. We are entering the busiest time of year. Do what you can to prepare your home now and you’ll be ready at the perfect time. For more info about our Home Selling Program, check out Selling in Austin.

Questions About the Austin Multi Family Real Estate Price Report?

Do you have questions about this Austin Multi Family Real Estate Price Report? 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 real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.

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Eleven Oaks Realty is proud to present their March 2018 Austin Foreclosure Market Report measuring activity in the single family home foreclosure market.

Austin Bank Owned Properties Sold Down 33%

In March 2018 there was a 33% decrease in the number of bank owned homes that sold in year over year figures. In March 2017, there were 6 bank owned homes that sold (closed escrow) compared to 4 in March 2018. Bank owned homes (foreclosures) accounted for 0.3% of the total home sales in Austin in March 2018 and 0.5% in March 2017. The overall market was up 2% in the number of homes sold compared to last year’s numbers.

Austin Bank Owned Homes Under Contract Up 20%

In March 2018 there were 6 bank owned homes that accepted a contract (pending) compared to 5 bank owned homes in March 2017. Bank owned homes accounted for 0.4% of the homes that went under contract in March 2018 compared to 0.3% of homes that went under contract in March 2017, showing just how small a percentage the distressed market takes in Austin. The full market saw a 7% increase in the number of homes that went pending compared to last year at this time.

No Change in Austin Bank Owned Listed for Sale

In March 2018, there were 5 foreclosures (homes owned by the bank) listed for sale vs. 5 in March 2017 resulting in no change in year-over-year numbers. Bank owned homes listed for sale made up of 0.3% of the full market in March 2018 and 0.2% in March 2017. The full market had a 5% decrease this month.

7% Increase in Austin Bank Owned Homes Currently for Sale

The number of bank owned homes in Austin currently on the market saw a 7% increase in year over year numbers. The number of bank owned homes for sale made up just 0.3% of the market in March 2018 and 0.3% in March 2017. The full market saw a 4% decrease in the number of homes for sale this time last year.

100% Increase in Bank Owned Homes That Didn’t Sell

In March 2018 banks took 3 homes off the market compared to 0 homes in March 2017. Bank owned homes made up 1.1% of expired properties in March 2018 and 0.0% in March 2017. The full market saw an increase of 3%.

What Do Austin Foreclosure Numbers Mean for Buyers?

We can’t seem to say this enough, if you are pursuing foreclosures in Austin as part of your home buying strategy, make it just that – part of your strategy. With so few bank owned homes on the market in Austin, you should open up your search to both homes owned by the bank and homes owned by traditional sellers. Remember, the traditional seller has to compete with bank owned properties if they want to get their homes sold.

Looking to Buy a Foreclosure in Austin?

With a combined 60+ years of experience, our team knows how to get banks to accept your offers, even in a competitive market like we’re seeing here in Austin. We’ve helped several people buy foreclosures and also purchased them for our own properties. For more, check out Guide to Buying Foreclosures in Austin and our Buying a Home in Austin Guide. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation conversation. Together we can come up with the best strategy for you to buy a bank owned home in 2018.

How Much Did Foreclosures Sell For?

How much did foreclosures sell for in the zip code you’re targeting? Our Market Snapshot Tool will reveal actual sold prices, time to sell and market trends. Simply put in the zip code you’re targeting and the report will be emailed to you immediately.

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Eleven Oaks Realty is proud to present their March 2018 Austin Condo Price Report measuring activity in the Austin condo market. The March 2018 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.

Number of Austin Condos Sold Down 2%

In March 2018, 264 condos sold in Austin compared to 270 in March 2017, marking a 2% (6 condo) decrease in year over year numbers.

10% Increase in the Number of Condos Under Contract

In March 2018, there were 330 condos that went under contract (pending) in Austin compared to 300 in March 2017, marking a 10% (30 condo) increase in year over year numbers. This year we’ve seen a steady increase of condos under contract and the winter numbers show no signs of this trend slowing.

Time to Sell an Austin Condo Down 6%

In March 2018, it took 45 days to sell a condo in Austin compared to 48 days in March 2017 marking a 6% (3 day) decrease in year over year numbers.

Austin Condo Inventory Down 16%

In March 2018, we had 2.1 months of inventory on the Austin condo market compared to 2.4 months in March 2017, showing a 16% decrease in year over year inventory numbers.

Number of Austin Condos Listed for Sale Up 13%

In March 2018, there were 419 condos and townhomes listed for sale in Austin compared to 371 in March 2017 marking a 13% increase in year over year numbers.

Number of Condos on the Austin Market Show No Change

In March 2018, there were 1,080 condos and townhomes for sale in Austin compared to 1,083 in March 2017, showing virtually no change in year over year numbers. This year buyers have many more options than they have in years past, but inventory is returning to the lower numbers we have seen over the last few years.

Median Sold Price of Austin Condos Up 3%

In March 2018, the median sold price of a condo in Austin was $283,000 compared to $275,000 in March 2017, marking a 3% ($8,000) increase in year over year numbers. This is a strong stat for the winter condo market.

Median For Sale Price Shows No Change vs Median Sold Price Up Up 3%

In March 2018, the median price of a for sale condo in Austin was $359,000 compared to $359,900 in March 2017, no change. The median sold price of a condo in Austin went from $283,000 in March 2017 to $275,000 in March 2018, marking a 3% increase.

Number of Austin Condos Taken off the Market Up 37%

The number of expired condos in Austin (number of condos that were taken off the market) was up 37% or 19 condos in year over year figures. In March 2018, there were 70 condos taken off the market compared to 51 in March 2017. We continue to see unrealistic sellers take tbeir condos off the market vs. lowering the price.

Austin Condo Supply Flat and Condo Demand Down 2%

This month we saw no change in the supply (number of condos for sale) and a 2% decrease in demand for Austin condos. With supply flat and demand down, the market had slowed this winter.

Source: Clarus Market Metrics, ACTRIS Sold Data

March 2018 Austin Condo Numbers

In March 2018, there were 267 condos and townhomes that sold in Austin. Condos ranged in size from 378-3,193 sq ft with 0-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $1,895,000 and the least expensive condo sold for $80,000. It took, on average, 51 days to sell a condo in Austin and sellers received, on average, 98.81% of their original list prices. The average price per square foot of a condo sold in Austin in March 2018 was $276.16.

Beds Baths SqFt List Price LP/SqFt Sold Price SP/SqFt SP/LP SP/OLP ADOM
Min 0 1 378 $80,000 $125.20 $80,000 $116.54 84.00% 69.77% 0
Max 4 5 3,193 $1,895,000 $857.88 $1,825,000 $858.03 107.83% 108.35% 781
Avg 2 2 1,239 $332,950 $280.01 $327,820 $276.16 98.81% 97.88% 51
Median 2 2 1,137 $289,990 $251.97 $285,000 $250.00 98.97% 98.44% 16
Search Criteria
Status Sold Sold Date Mar-18
Property Type Condos & Townhomes Number Sold 267
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 sell. Buyers are willing to pay 3% more than they were at this time last year, which is a significant price bump. As we head deeper into spring, we would expect supply to increase, which might soften prices if demand doesn’t keep up. Get your condo ready to sell now so you can beat the sales rush while buyers have fewer choices. If you make your condo stand out as a value compared to the competition, 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.

If you’re looking to buy, give yourself plenty of time to do so. Getting hung up in bidding wars for units you don’t really like doesn’t make too much sense. Sometimes buyers get caught up in winning or needing a place to live in so many days. Start your search early and you’ll have time to wait for the right opportunity. And remember, deals are still out there if you pay attention. 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. Also, don’t be afraid to make offers. If a unit is worth what the owner is asking, find out if they’re willing to take your number. You never know how motivated a seller might be until you put an offer in front of them they’ll have to turn down. 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.

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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We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.

What is a Prepayment Penalty

A prepayment fee is a fee that a lender charges the borrower who chooses to pay off their loan before a certain date. Lenders make money on the interest charged in a loan, so a prepayment fee is a way for them to make up for lost revenue when the borrower pays off the loan before maturity.

The prepayment fee usually applies when the loan is paid off within the first 5 years of the loan term. Depending on the situation, prepayment fees can be steep – as much as 20% balance due on the loan. Loan documents will clearly state whether a prepayment penalty exists and what it costs.

Looking for a Real Estate Expert?

Our team has a combined 55+ years of experience helping home buyers understand the residential real estate market. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.

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