We’ve updated the AustinTowers | TOWERS Realty Downtown Austin Condo Market Index for June, 2011. While prices remained flat during the month of June, an amazing 29 downtown Austin Condo sales crossed the MLS. This is a new one month record for our market index. The June results are very interesting, they show renewed market strength at the low end of the market but include almost no units from the projects completed during the last year.
|Month||Sales ||Avg. Price||$/SF||Avg SF||Avg Year||% Ask||ADOM|
When compared with last year, volumes were higher, units were smaller, and average days on market was significantly shorter. With 29 sales during the month, volumes were up 61% over the prior year period. While prices were down 18%, the price drop is entirely the result of mix and not an absolute price decline resulting from buyers selecting smaller, less expensive units. Price per square foot remained constant year-over-year at $324.
Our 12-month rolling sales index also showed new records. The rolling index looks at 12-months of sales to adjust for seasonality. With June sales factored in, the index set a record for average monthly sales (more sales), age of units (newer units), % ask (higher), and average days on market (lower). Together, these records show that the Austin condo market is gaining strength on the low end. On the high end, most of the sales remain private off-mls transactions through the W, Austonian, and Four Seasons. As a result, it is hard to know if those sales are gaining momentum.
June sales were led by 360 with 7 sales, Milago with 5 sales, the Shore, Railyard, and 555 each had 3 sales during the month. In addition, one 840 square foot unit was sold in the W for $642 / square foot. Interestingly enough, the median price during the month was $342K. On the high end, 3 units sold for more than $500K but none for more than $1 million. On the low end, 5 units were sold for less than $200K with the least expensive unit selling for just $139,000.