January, 2009 Downtown Condo Sales

Below are the results from January, 2009 :

Month	Sales	Avg. Price	$/SF	Avg SF	Avg Year	% Ask	ADOM
Jan-08	5	$384,600	$315	1,172	1991	93%	73
Jan-09	4	$358,225	$321	1,129	1996	93%	85
Change	-20%	-7%	2%	-4%	5.00	-1%	16%

While 4 units is a small number no matter how you look at it, January has been a historically slow month for the downtown market. Last year, in a much healthier market, only 5 units were sold. While there were small price shifts, the sample is really to small to be meaningful

Most notably, the January results include the first two units from 360 to hit the MLS resale market. The units sold for an average price-per-square foot of $353 with an average of less than 30-days on the market. The sellers received 96% of their asking price.

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. Still, other market reports, have confirmed that downtown sales slowed during the final months of last year.

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