After a super strong February, downtown Austin condo sales fell 28% in March from the prior year period. Last month, we asked whether strong February sales was a trend or an anomaly. With the data in, it seems that the market has not strengthened from last year. For the first quarter, 33 units were sold — one more than during the same period in 2010.
We’ve updated the AustinTowers | TOWERS Realty Downtown Austin Condo Market Index for March, 2011. During the month, sales decreased 28% fro the prior year period with 13 units recorded vs. 18 during March, 2010 and 14 in February of this year. Pricing was up 3% over 2010 with $/SF at $325 which is, however, $27 higher than the 12-month rolling average.
| Month |
Sales |
Avg. Price |
$/SF |
Avg SF |
Avg Year |
% Ask |
ADOM |
| Mar-10 |
18 |
$476,403 |
$316 |
1,469 |
1996 |
93% |
115 |
|
Mar-11 |
13 |
$414,385 |
$325 |
1,234 |
1997 |
96% |
114 |
|
Change |
-28% |
-13% |
3% |
-16% |
1.00 |
4% |
-1% |
March was, however, a strong month for 360 sales. 5 of the 13 units sold were in 360 and they sold at an average of $359 / square foot. Two units sold in Brazos Place and Austin City Lofts. The remaining units were in the Shore, Plaza Lofts, Nokonah, and Milago. The most expensive unit transacted was a 2,747 square foot 2/2 in Austin City Lofts which sold for $1.08 million. Four units sold for more than $500K during the month and 2 units (both in Brazos Place) sold for less than $200K. For the first time in recent memory, all of the units sold were in buildings that were built or converted to condos in the last 10 years.
As usual, private sales — which are not reflected in the MLS data — continued to close at Spring, Four Seasons, the W, and the Austonian. January and February are typically slow months — we’ll watch closely as March results provide a clearer picture of the direction of the downtown Austin condo market — and see if the acceleration is more than a one month trend.
See the full index here.
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