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You are here: Home / News / Exclusive: November and December Sales Set New Records!
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Exclusive: November and December Sales Set New Records!

towers staff January 15, 2012 Comment

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.

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