Wow! Strong April & May MLS Condo Sales & Price Appreciation

We’ve updated the AustinTowers | TOWERS Realty Downtown Austin Condo Market Index for April and May, 2011and the results are very, very good. With 42 MLS sales during the two month period (and as many as 40 non-MLS sales in May alone), our twelve month tracking index showed it’s highest average sales price ever: $368,929. The new record was the result of both price appreciation and a shift in mix to higher-priced units.

In April, 18 units sold for an average price of $387,508 — a 29% increase in sales, 32% increase in average price, a 4% increase in $/SF and a 23% decrease in average days on market. While May sales volumes were level with last year, sales prices increases by 35%, $/SF by 15%, and average days on market dropped by 49% to 60-days. Overall, the units sold this year were newer, bigger, and more expensive than the units transacting a year ago.

April 2011 Condo Sales

May 2011 Condo Sales

During the two month period, sales prices ranged from $100K to $1.2M. 7 units sold for less than $200K, 31 sold for $200K – $500K, 2 from $500K to $1M, and 2 units for more than $1M. The two units that sold for more than $1M were both in the Nokonah. It is interesting to note that more than 90% of sales were for less than $500K and that the big dollar transactions are almost all happening off the MLS in new projects like the Austonian, W, and Four Seasons.

The most units sold were in 360 — the largest downtown Austin condo project and one of the most desirable — with 12 units selling for an average of $392 / square foot. After 360, five buildings each saw 3 sales during the two month period: Sabine, Nokonah, Greenwood, 904 West Ave, and Milago.

As usual, private sales — which are not reflected in the MLS data — continued to close at Spring, Four Seasons, the W, and the Austonian. April and May are the beginning of the peak selling months and, so far, the trend looks good. Year-to-date, sales are up to 75 units over 71 last year thanks to a strong April.

See the full index here.

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