• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TOWERS

Austin city life since 2007.

  • News
    • Condo Projects
    • Neighborhoods
  • Listings
    • Austin Condo Guide
  • Newsletter
Search
You are here: Home / News / Exclusive: Strong August Sales, But Value Prevails
Search suggestions: condos for sale • rainey street

Exclusive: Strong August Sales, But Value Prevails

towers staff September 14, 2011 Comment

We’ve updated the AustinTowers | TOWERS Realty Downtown Austin Condo Market Index for August, 2011, and once again, our seasonally neutral 12-month tracking index set a record for the highest average monthly sales. This remains good news for condo owners: liquidity is clearly increasing for inexpensive and recently constructed units. With a monthly average of 16.1 units, average monthly volumes have doubled from the same period two years ago.

August 2011 MLS Downtown Condo Sales Statistics

Month
Sales
Avg. Price
$/SF
Avg SF
Avg Year
% Ask
ADOM
Aug-08

13

$345,223

$308
1,127
1990
96%
66

Aug-09

14

$252,029

$255
986
1988
93%
57

Aug-10

16

$330,088

$298
1,056
2004
94%
57

Aug-11

21

$316,027

$292
1,129
1990
95%
86

YoY Change

31%

-4%

-2%
7%
-14.00
1%
51%

As you can see with this month’s report, we’re improving our monthly market updates to she com parables from the previous four years. As always, the year-on-year change (YoY) is calculated using the current period results in comparison to the same period during the prior year.

During the month of August, condo sales increased 31% from the same month last year — from 16 units in 2010 to 21 in 2011. While volumes increased, the mix shifted to older, more affordable units. The average age of sold units, for example, was 14 years older than units sold last year. The theme for the month was value: 4 units sold for under $200K, another 8 for under $300K, and 20 out of the 21 for less than $500K.

Amazingly, price per square foot remained relatively stable with a 2% decline despite that fact that units were significantly older than the previous period. Looking at the mix shift, it does seem that real prices re continuing to creep up as the market strengthens. Average Days on Market spiked to 86 as sellers took advantage of the end of the summer buying season to discount and clear out units that had been sitting on the market.

The sales were in an unusually wide variety of projects. During the month, units were sold in 15 separate buildings with multiple sales in the Shore (3 units sold), Cambridge Condos (2), The Brown Building (2), The Railyard (2), and 360 (2). One 698 square foot unit sold in Spring for $479 / SF.

As usual, additional private sales — which are not reflected in the MLS data — continued to close at Spring, Four Seasons, the W, and the Austonian.

See the full index here.

Tweet

Related

Filed Under: News

About towers staff

Real estate, architecture, and city planning. Email: austin@towers.net

603 Davis Street #604
Austin, TX
Photo of 603  Davis Street #604, Austin, TX 78701 (MLS # 2434110)
$649,900
10
  • Lot Size
    214 sqft

  • Home Size
    1,136 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

Previous Post: « Austin Rents Continue to Soar: No Relief in Sight
Next Post: Redeveloping the East 11th & 12th Street Corridor: A New Master Plan »

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  •  Schedule a showing

FEATURED Listings

603 Davis Street #604
Austin, TX
Photo of 603  Davis Street #604, Austin, TX 78701 (MLS # 2434110)
$649,900
10
  • Lot Size
    214 sqft

  • Home Size
    1,136 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

44 EAST Avenue #2310
Austin, TX
Photo of 44  EAST Avenue #2310, Austin, TX 78701 (MLS # 9418770)
$1,425,000
40
  • Lot Size

  • Home Size
    1,260 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

View Virtual Tour
44 East Avenue #1607
Austin, TX
Photo of 44  East Avenue #1607, Austin, TX 78701 (MLS # 3439383)
$1,250,000
36
  • Lot Size

  • Home Size
    1,221 sqft

  • Beds
    2 Beds

  • Baths
    2 Baths

View Virtual Tour
608 Brentwood Street #A
Austin, TX
Photo of 608  Brentwood Street #A, Austin, TX 78752 (MLS # 3202099)
$989,608
33
  • Lot Size
    4,356 sqft

  • Home Size
    1,959 sqft

  • Beds
    3 Beds

  • Baths
    3 Baths

501 West Avenue #2103
Austin, TX
Photo of 501  West Avenue #2103, Austin, TX 78701 (MLS # 4503529)
$2,895,000
40
  • Lot Size

  • Home Size
    2,822 sqft

  • Beds
    3 Beds

  • Baths
    4 Baths

austin condo report

Featured Buildings

  • 360 Condos
  • Austin City Lofts
  • The Independent
  • The Shore Condos
  • 70 Rainey

Footer

LEGAL NOTICE

TREC Information About Brokerage Services (pdf)

Texas Real Estate Commission Consumer Protection Notice


TOWERS realty

Austin Condos For Sale

Agents

Downtown Buildings

Luxury Towers

  • Four Seasons Residences
  • W Hotel & Residences
  • The Austonian
  • 5 Fifty Five at Hilton

Most Popular

  • The Shore
  • 360 Condos
  • Seaholm Condos
  • Spring Condos
  • Milago Condos

New Construction

  • The Independent
  • 70 Rainey
  • Austin Proper
  • Fifth & West

Loft Style

  • Austin City Lofts
  • Brazos Place
  • The Sabine
  • Plaza Lofts
  • Avenue Lofts
  • Brazos Lofts
  • Brown Building

Resources

  • Austin Condo Guide
  • Condos For Sale
  • Condo Buyer FAQ
  • Property Search

Featured

Archives

Newsletter · About · Contact Us · DMCA · Privacy Policy · SLAPP · Copyright © 2007-2022 TOWERS.net · All Rights Reserved