New Market Data: 2008 Downtown Condo Sales Analysis

We have put together a comprehensive analysis of recorded downtown Austin condo transactions in 2008. The analysis looks at MLS data capturing 2008 condo sales in area DT during the year 2008. Like all listing data, it excludes private transactions that were not listed on the MLS. This is a big exception considering that 360, the Four Seasons, the Austonian, and the W have taken commitments for more than 500 units. During the year, approximately 400 units were sold at 360 alone.

The data does, however, provide a very clear view of the downtown resale market. It shows the price per square foot that buyers are willing to pay for real units, provides information on building-by-building sales prices, and shows how long it takes for units to actually sell. Here is the summary of 2008:

Market Summary – MLS recorded 130 downtown Austin condo transactions during 2008 with an average sales price of $345,856 which represents and average price per square foot of $308. Units sold for 95% of listing price in an average of 91 days. The project with the most sales on MLS was Milago with 25 transactions. Here are the details:
– 130 DT Condo Transactions in 2008
– Avg. Sales Price: $345,856
– Avg. Listing Price: $362,750
– Sales were 95% of Listing Price
– Avg. Sold $/SF: $308
– Avg. Listing $/SF: $322
– Avg. Days on Market: 91
– Avg. Unit Size: 1,126 Square Feet

Old v New – The MLS data clearly shows that the downtown Austin condo market is really 3 separate markets.