Been thinking about buying a condo in Austin? Well, you've come to the right place...
Not only are we giving you the latest stats on the Austin condo market, but we're ALSO inviting you to our next Condo Crawl event. Keeping reading for all the details.
1. Typically, the second quarter (April - June) has the highest number of condo sales.
This year, the third quarter (July - September) was a record third quarter for condo sales, with 759, as buyers deferred their activity during April - May of this year.
Condo sales in 2Q20 were 183 units below the prior year sales, and it is likely those missing transactions will show up in increased sales over the next nine months.
2. Inventory is at an all-time high of 831 units as of September 2020.
This is driven by the lack of 2Q20 typical sales, and lots of new buildings.
3. The last time inventory hit record levels was three years ago in 3Q17.
Price per square foot ended up higher by 3.7%, 10.2%, and 14.9%, one, two, and three years later, respectively. The sales/inventory ratio was similarly situated around ~3x.
4. Condo price per square foot for September 2020 sales was $293, up 4.3% year-over-year.
The median sale price was $322k.
5. Median days on market for Austin condos was 26 in September 2020, after two straight years above 30 (31 in September 2018, 33 inSeptember 2019).
Attractive units move quickly, so buyers need to be decisive - and luckily for, we have just the thing you need.
With all that being said and based how good things are right now - join our Condo Crawl!
Taking place Saturday, November 14th from 10 to 6pm, Condo Crawl is a socially distant event hosted by Austin realtors and ZeroDown.com where you get to see multiple condos back-to-back.
You'll pick the condos in advance and will attend according to a schedule provided for you. You don't need your own realtor to attend -- each condo will be hosted by the agent representing that home.
We're constantly keeping up with the latest real estate trends and news - let us keep you in the loop!
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