We’ve updated the AustinTowers | TOWERS Realty Downtown Austin Condo Market Index for November and December, 2011, and our seasonally neutral 12-month tracking index set four new records in each of the two months. With November and December sales included, the 12-month tracking index set records for the highest $/square foot ($329), average sales price ($388,157), and % of list (96.4%) as well as the lowest average days on market (83.4). However, after a long streak of increasing monthly sales, both November and December saw significant decreases in the absolute number of monthly sales.
| Month |
Sales |
Avg. Price |
$/SF |
Avg SF |
Avg Year |
% Ask |
ADOM |
| Nov-08 |
8 |
$460,973 |
$322 |
1,361 |
1989 |
93% |
151 |
|
Nov-09 |
13 |
$292,018 |
$286 |
1,022 |
1995 |
96% |
78 |
|
Nov-10 |
11 |
$264,200 |
$258 |
1,032 |
1984 |
94% |
124 |
|
Nov-11 |
8 |
$537,494 |
$431 |
1,132 |
2008 |
98% |
78 |
|
YoY Change |
-27% |
103% |
67% |
10% |
24.00 |
5% |
-37% |
|
Month |
Sales |
Avg. Price |
$/SF |
Avg SF |
Avg Year |
% Ask |
ADOM |
| Dec-08 |
4 |
$258,500 |
$299 |
848 |
1986 |
95% |
89 |
|
Dec-09 |
8 |
$386,813 |
$343 |
1,129 |
1990 |
95% |
59 |
|
Dec-10 |
19 |
$409,346 |
$292 |
1,341 |
1996 |
96% |
96 |
|
Dec-11 |
14 |
$629,211 |
$394 |
1,465 |
1991 |
95% |
94 |
|
YoY Change |
-26% |
54% |
35% |
9% |
-5.00 |
-1% |
-2% |
One of the factors driving high sales values was the inclusion of two big dollar sales. One of these was a $2.35 million sale in the W, 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 7 units sold for $200K – $300K, 5 for $300K to $500K, an amazing 8 for $500K to $1 million, and 2 for more than $1 million.
Top buildings during the two-month period were 360 with 7 sales and Spring & W which each had two sales. The remaining sales were spread across 7 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.
