We’ve updated the AustinTowers | REATX Downtown Austin Condo Market Index for January and February, 2012, and our seasonally neutral 12-month tracking index set four new records. With January and February sales included, the 12-month tracking index set records for the highest $/square foot ($336), average sales price ($405,503), newest units (avg 1997) and shortest average days on market (78.8) as well. When combined, the two months saw a 20% increase in condo sales in comparison to the same time period in 201.
January, 2012 Downtown Condo Sales
| Month |
Sales |
Avg. Price |
$/SF |
Avg SF |
Avg Year |
% Ask |
ADOM |
| Jan-08 |
5 |
$384,600 |
$315 |
1,172 |
1991 |
93% |
73 |
|
Jan-09 |
4 |
$358,225 |
$321 |
1,129 |
1996 |
93% |
85 |
|
Jan-10 |
6 |
$274,547 |
$291 |
953 |
2005 |
96% |
127 |
|
Jan-11 |
6 |
$289,650 |
$265 |
1,086 |
1989 |
98% |
139 |
|
Jan-12 |
11 |
$601,195 |
$388 |
1,450 |
2003 |
96% |
103 |
|
YoY Change |
83% |
108% |
46% |
34% |
14.00 |
-2% |
-26% |
February, 2012 Downtown Condo Sales
|
Month |
Sales |
Avg. Price |
$/SF |
Avg SF |
Avg Year |
% Ask |
ADOM |
| Feb-08 |
6 |
$279,017 |
$309 |
897 |
1977 |
98% |
89 |
|
Feb-09 |
6 |
$400,833 |
$322 |
1,258 |
1998 |
90% |
116 |
|
Feb-10 |
8 |
$291,938 |
$292 |
1,002 |
1979 |
94% |
50 |
|
Feb-11 |
14 |
$460,327 |
$353 |
1,128 |
1996 |
97% |
143 |
|
Feb-12 |
13 |
$505,673 |
$371 |
1,212 |
2002 |
93% |
87 |
|
YoY Change |
-7% |
10% |
5% |
7% |
6.00 |
-4% |
-39% |
One of the factors driving high sales values was the inclusion of two big dollar sales. One of these was another $2.3 million sale in the W and the latter was a $2.6 million sale in the Austonian, the most expensive unit recorded in MLS since we began tracking downtown sales 4-years ago. As a result, both months show significant improvements in price, $/SF, and size. Days on market continues to improve, showing increased strength in the downtown market. Sales also showed a shift toward higher price bands with 2 units sold for less than $200K, 5 units sold for $200K – $300K, 11 for $300K to $500K, 3 X for $500K to $1 million, and 3 for more than $1 million.
Top buildings during the two-month period were 360, Spring and Milago with 4 sales. The remaining sales were spread across 9 additional buildings. As usual, additional private sales — which are not reflected in the MLS data — continued to close at Spring, Four Seasons, the W and Austonian.
See the full index here.
