We’ve updated the AustinTowers | TOWERS Realty Downtown Austin Condo Market Index for October, 2011, and once again, our seasonally neutral 12-month tracking index set three new records. With October sales included, the 12-month index set records for the most sales (16.7/month over the last year), the highest $/SF ($314), and the lowest average days on market (86.2).
With no high-end units in the W and Austonian MLS sales, the results suggest that downtown prices are creeping up. As we said last month: prices are improving, liquidity is increasing, and time on market is shrinking for mid-priced units in desirable buildings. More units are being sold for $300K to $1 million, and the supply of units on the market and priced at less than $200K is greatly reduced. In fact, only one unit sold for less than $200K downtown last month. It’s the only unit to sell in the this price band in the last 60 days. And it was located on 17th street — which probably shouldn’t even count as downtown.
October 2011: Downtown Austin Condo Sales
| Month |
Sales |
Avg. Price |
$/SF |
Avg SF |
Avg Year |
% Ask |
ADOM |
| Oct-08 |
9 |
$456,839 |
$307 |
1,483 |
1991 |
94% |
108 |
|
Oct-09 |
13 |
$444,173 |
$323 |
1,376 |
1988 |
94% |
151 |
|
Oct-10 |
8 |
$570,625 |
$295 |
1,834 |
1995 |
96% |
74 |
|
Oct-11 |
14 |
$410,464 |
$355 |
1,144 |
1993 |
95% |
67 |
|
YoY Change |
75% |
-28% |
21% |
-38% |
-2.00 |
-1% |
-9% |
During the month of October, condo sales increased 75% from the same month last year — from 8 units in 2010 to 14 in 2011. In comparison with the three prior Octobers, units sold last month were newer and more expensive on a $/SF basis but generally smaller. For some reason, sales in October seem to favor bigger units. Maybe because it is a low point for student purchases. As we saw last month, units sold in October sold quicker than we have seen in a long time. Once again, October saw sales across multiple price bands: 1 unit sold for less than $200k, 5 units sold for $200k – $300K, 4 for $300K to $500K, 3 for $500K to $1 million, and 1 unit for more than $1 million. 9 of the 14 units were larger than 1,000 square feet.
October was a big month for Spring which led the market with 5 sales followed by Austin City Lofts with 2 sales. The remaining sales were spread across a long list of projects including 904 West, 360, Brazos Place, the Brown Building, Milago, Cambridge Condos, and 1700 Nueces.
As usual, additional private sales — which are not reflected in the MLS data — continued to close at Spring, Four Seasons, the W and Austonian.
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