• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TOWERS

Austin city life since 2007.

  • News
    • Condo Projects
    • Neighborhoods
  • Listings
    • Austin Condo Guide
  • Newsletter
Search
You are here: Home / News / Analysis: 2010 Condo Sales Results
Search suggestions: condos for sale • rainey street

Analysis: 2010 Condo Sales Results

towers staff January 24, 2011 Comment

The Annual AustinTowers | TOWERS Realty Condo Sales Report
2010 Analysis: Downtown Austin Condo Sales

Despite the tough economy and weak national mortgage market, 2010 downtown Austin condo sales increased 50% over 2009 results. With 168 downtown Austin condo sales tracked through the Austin Multiple Listing Service (MLS) and with prices just 1% lower than 2009, 2010 was a surprisingly strong sales year.

For downtown Austin, this is great news. With more than 2,000 new downtown condo units built downtown in the last decade, overcapacity and the real estate downturn threatened to depress condo prices. The 2010 sales results show that the market remains quite strong given the difficulties facing the broader real estate and mortgage markets.

While sales volumes increased substantially — not including additional non-MLS sales at the Austonian, Four Seasons, Spring, and BartonPlace — market pricing remained essentially unchanged at $294 per square foot – a 1% decline from $296 / sq foot in 2009. Because the average unit size increased by 3% to 1,142, average sales price increased 4% from $330K to $344K.

2010 Downtown Condo Sales: 2009 v. 2010

Month
Sales
Avg. Price
$/SF
Avg SF
Avg Year
% Ask
ADOM

2009

112

$330,344

$296
1,106
1990
94%
88

2010

168

$343,983

$294
1,142
1992
95%
99

Change

50%

4%

-1%
3%
1.4
2%
13%

A close look at the 168 recorded MLS transactions revealed the following highlights:

  • 360 was the downtown project with the most sales (38) and the highest $ / SF ($378)
  • The average time to sell a condo was 100-days, a 12-day increase from 2009.
  • 8 units sold for $1 million or more during 2010 compared with 2 in 2009 and 1 in 2008. 5-Fifty-Five, the condo building over the Hilton hotel, had the most million dollar sales with 3 during 2010.
  • 38 units sold for less than $200,000 with the least expensive condo selling for $86,000.
  • Austin City Lofts saw the sales price per unit at $674,643 while Greenwood Towers, built in 1966, saw the lowest average price per unit at $114,500
  • Units sold the fastest in the Sabine, a recent condo conversion project, with an average of just 34-days on the market. Units sold slowest at Plaza Lofts with an average of 341 days on the market.

While 2010 was a very strong year compared to 2009, it’s interesting to compare 2010 to 2008 — the first year that many of the new projects hit the market. In comparison, 2010 saw volumes increase 29% of 2008: from 130 to 168 units. Price per square foot decreased 4% from $308 to $294. Average days on market — the time required to sell the average unit — increased by a week to 100 days.

There is much more! See the full report here!

Tweet

Related

Filed Under: News

About towers staff

Real estate, architecture, and city planning. Email: austin@towers.net

608 Brentwood Street #A
Austin, TX
Photo of 608  Brentwood Street #A, Austin, TX 78752 (MLS # 3202099)
$1,000,000
28
  • Lot Size
    4,356 sqft

  • Home Size
    1,959 sqft

  • Beds
    3 Beds

  • Baths
    3 Baths

Previous Post: « New Renderings for Congress Avenue Boutique Hotel
Next Post: Hike & Bike Trail “Boardwalk” Extension to Proceed »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  •  Schedule a showing

FEATURED Listings

555 E 5th Street #912
Austin, TX
Photo of 555 E 5th Street #912, Austin, TX 78701 (MLS # 2622869)
$3,795,000
38
  • Lot Size
    427 sqft

  • Home Size
    4,051 sqft

  • Beds
    3 Beds

  • Baths
    3 Baths

View Virtual Tour
210 Lavaca Street #2310
Austin, TX
Photo of 210  Lavaca Street #2310, Austin, TX 78701 (MLS # 8383770)
$1,849,000
35
  • Lot Size

  • Home Size
    1,423 sqft

  • Beds
    2 Beds

  • Baths
    3 Baths

View Virtual Tour
44 East Avenue #2307
Austin, TX
Photo of 44  East Avenue #2307, Austin, TX 78701 (MLS # 1482427)
$995,000
40
  • Lot Size

  • Home Size
    1,221 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

54 Rainey Street #1116
Austin, TX
Photo of 54  Rainey Street #1116, Austin, TX 78701 (MLS # 1317121)
$625,000
21
  • Lot Size
    218 sqft

  • Home Size
    852 sqft

  • Beds
    1 Bed

  • Baths
    1 Bath

603 Davis Street #604
Austin, TX
Photo of 603  Davis Street #604, Austin, TX 78701 (MLS # 2434110)
$649,900
22
  • Lot Size
    214 sqft

  • Home Size
    1,136 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

austin condo report

Featured Buildings

  • The Independent
  • Fifth & West
  • 360
  • Austin City Lofts
  • W Residences
  • The Shore
  • 70 Rainey

Footer

LEGAL NOTICE

TREC Information About Brokerage Services (pdf)

Texas Real Estate Commission Consumer Protection Notice


TOWERS realty

Austin Condos For Sale

Agents

Downtown Buildings

Luxury Towers

  • Four Seasons Residences
  • W Hotel & Residences
  • The Austonian
  • 5 Fifty Five at Hilton

Most Popular

  • The Shore
  • 360 Condos
  • Seaholm Condos
  • Spring Condos
  • Milago Condos

New Construction

  • The Independent
  • 70 Rainey
  • Austin Proper
  • Fifth & West

Loft Style

  • Austin City Lofts
  • Brazos Place
  • The Sabine
  • Plaza Lofts
  • Brown Building

Resources

  • Austin Condo Guide
  • Condos For Sale
  • Condo Buyer FAQ
  • Property Search

Featured

Archives

Newsletter · About · Contact Us · DMCA · Privacy Policy · SLAPP · Copyright © 2007-2022 TOWERS.net · All Rights Reserved