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.
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