There are four downtown buildings — Spring, the Four Seasons Residences, the Austonian, and the W — where you can still find new condo units (+ BartonPlace which is just across the lake). When these buildings are sold out, it will be a long time before new downtown Austin condo inventory appears.
Today, the Statesman reported previously unpublished data on current sales for the four remaining projects. What the developer-provided data shows is that 389 of 736 available units in these four new projects are currently sold or under contract. While this 53% sales rate means that there are still 347 mostly high-end units left to sell, the numbers do represent amazing progress for the downtown condo market.
During the last 12 months, 165 units were transacted on the MLS. In comparison, the 389 units sold through private sales represents more than 2x last year’s complete downtown Austin condo sales volume. Since new unit sales in these four projects are not included in the MLS, it’s been very difficult to gauge the full scope of downtown Austin condo sales, especially for units priced over $600,000. While very very few units priced over $1 million have sold on MLS, the average unit listing price for the four new buildings is greater than $1 million. What the new data shows is that sales have been relatively strong and likely accelerating as the project’s neared completion.
Here is the developer-reported sales by project:
Spring: 158 / 247 (64%) units sold or under contract
W Residences: 84 / 159 (53%) units sold or under contract
Four Seasons: 77 / 148 (52%) units sold or under contract
Austonian: 70 / 178 (39%) units sold or under contract
With this new data, there are a few key observations:
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