We’ve updated the AustinTowers Downtown Condo Market Index for March and the news is not good. While month-by-month results fluctuate wildly, March saw a drop of 71% in the number of units sold — from 14 units last March to just 4 this March. For the first quarter of 2009, sales dropped from 25 units sold in 2008 to 14 units sold in 2009.
Needless to say, March of 2008 was a very strong month. Amazingly enough, it wasn’t a new project that drove last year’s volume: sales during the month included 14 units in 11 projects including Milago, 5 Fifty Five, Brazos Place, Westgate, Railyard, Sabine, and the Brown building.
| Month |
Sales |
Avg. Price |
$/SF |
Avg SF |
Avg Year |
% Ask |
ADOM |
| Mar-08 |
14 |
$355,004 |
$345 |
1,022 |
1977 |
94% |
86 |
|
Mar-09 |
4 |
$431,625 |
$285 |
1,442 |
1985 |
94% |
107 |
|
Change |
-71% |
22% |
-17% |
41% |
8.00 |
0% |
24% |
On the bright side, this March saw sales of three units larger than 1,000 square feet including a 2,500 SF unit in the Nokonah. However, this 41% increase in avg. SF was accompanied by a modest 22% increase in average price As a result, $/SF dropped by 17%.
During the same period, Inventory dropped from 187 units to 183 units with an average listing price of $613K.
See the updated index here.
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