February, 2009 Downtown Condo Sales

Here are the results from February, 2009:

Despite a substantial increase in downtown units over the last year, February sales remained flat year-over-year. The market, however, showed surprising strength given the world changes that have occurred over the last twelve months.

February sales included two transactions greater than $600k — one in the Nokonah and one in Austin Citty Lofts — a positive sign for the upper end of the market. Dollars per square foot increased to $322 from $309 last year. There were three transactions under $300K, two of which were in 360. With four transactions so far this year, units in 360 have sold for an average of $368 / square foot. The range has been a very broad $327 to $405 / square foot.

While the February downtown condo sales numbers are generally positive, “% of ask” dropped substantially to 90% (from 98%) and “Average Days on Market” increased 30% to 116 — both of which suggest sluggishness.

As usual, these results do not include units sold directly by developers in buildings such as 360, the Austonian, Spring, etc. The monthly MLS data tends to under-report sales, especially of high price units.

The full results and current inventory are available on the new AustinTowers Downtown Austin Condo Market Index.