In the year between the summer of 2008 and the summer of 2009, a typical month saw 8 downtown condo sales captured in the Austin MLS. In four of those months, only 4 units sold. In the best month, 13 units sold.
All of this has changed in the last two months. Between September 1 and October 31 — a two month period — 28 downtown condo units ranging in price from $110K (Greenwood Towers) to $1.4M (Nokonah) were sold according to the MLS. In September alone, 15 units sold during the month. This is the second highest number we have seen in the history of the index — second only to the 22 units sold in April, 2008 during what was probably the market peak.
During the last two months, units have sold in a broad range of existing buildings including Greenwood Towers, 1700 Nueces, Railyard, Milago, Brown Building, 360, Shore, Westgate, Plaza Lofts, Brazos Lofts, Nokonah, 5 Fifty-Five, and Austin City Lofts — an amazing cross-section of the downtown market.
While a handful of units sold for more than $500K, it should be no surprise that many of the units sold in lower price brackets. In fact, 17 of the 28 units sold for less than $300K and, amazingly, 8 of the units sold for less that $200K.
Here are some of the key statistics on the 28 units sold over the last 2 months:
| Statistic |
SF |
Listing $/SF |
Listing Price |
Sold $/SF |
Sold Price |
DOM |
| Min |
472 |
$189.15 |
$115,000 |
$180.92 |
$110,000 |
1 |
|
Max |
3,025 |
$527.00 |
$1,400,000 |
$452.23 |
$1,368,000 |
600 |
|
Average |
1,091 |
$320.89 |
$371,836 |
$300.08 |
$344,970 |
11 |
We’ll update the index soon with all of the monthly data through October. . . stay tuned!
