Exclusive: November and December Sales Set New Records!

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.

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.