Exclusive: October Downtown Condo Sales

We’ve updated the AustinTowers | TOWERS Realty Downtown Austin Condo Market Index for October, 2009. For the fourth month in a row, MLS sales were higher than the previous year’s numbers. The most recent numbers suggest that the bottom of the downtown Austin condo market was likely hit this spring. Over the last few months, sales, prices, and price-per-square-foot have all been on the rise.

In the month of October, 13 downtown Austin condo units were transacted on the MLS: 4 more than in October of 2009 with a 5% higher price per square foot. The percentage of asking price remained constant year-over-year at 94%. Average days on market for units that sold came in at a painful 151, a 40% increase over last year and tied for the highest number on record.

As always, the results show the weakness of the MLS. While 13 units sold through MLS, additional units likely sold at Spring and other new projects outside of the MLS. In peak months, we know that dozens of units have been transacted outside of the MLS at projects like Shore, Spring, and 360. As ratio of resale units to units increases, the MLS will begin to show a more accurate picture of market transactions.

Over the last few months, an amazing proportion of sold units have been priced under $250K. This trend started to reverse in October as only 3 units sold for less than $250K v. 6 units in this price band during September. Similarly, 5 units sold for more than $450K including one for $915K in Austin City Lofts and one for $1.37M in the Nokonah. The Nokonah unit sold for $452/sf — the highest $/SF we have seen on the MLS in more than a year.

All in all, the numbers show renewed strength in the downtown resale market. For the full details, visit the AustinTowers | TOWERS Realty Downtown Austin Condo Market Index.