Downtown Austin Condo Sales Soar in May
July 13, 2010 22:48 Filed in: News
We've updated the AustinTowers | urbanspace Downtown Austin Condo Market Index through May, 2010 and, for the twelfth month in a row, MLS sales volumes have increased in comparison to previous year numbers. On a per square foot basis, however, year-to-date prices are down about 9% over the comparable 2009 numbers based on a 12-month rolling average.
The big news for May is that condo sales volumes soared, breaking the longstanding Austin Towers |urbanspace record of 22 units in a month (set in April, 2008). During May of this year, 24 units were sold on MLS with an average sales price of $258,967. While that price is 25% below last year and also below the 12-month rolling average, it's important to note that the May unit mix was older than usual with an average construction year of 1977. All told, 17 of the 24 units were in buildings constructed more than 15 years ago.
During May, average days on market soared to 118 from 63 in the previous year. This is the result of a few long-marketed units selling including a unit in Towers on Town Lake that sold after 543 days and a unit in 360 that was on the market for 386 days. Other units in 360 sold in less than 90 days.
The most expensive unit sold during the month was a $529,000 unit in 360 and the least expensive was a remarkably reasonable $89,900 unit in 1212 Guadalupe. Of the 24 units sold, 7 sold for under $200K, 10 sold for $200K to $300K, 6 sold for $300K to $400K, and only one sold for more than $400k.
Sold units were in eleven projects including 360 (4), the Brown Building (4), Cambridge Condos (4), Penthouse condos (2), Milago (2), Towers on Town Lake (2) and Brazos Place (2). As always, the results show the weakness of the MLS. While 24 units sold through MLS, additional units were likely closed at the new projects that have recently completed construction.
That said, the elevated results are a great sign for the downtown Austin condo market. While the high end remains tight --- which may be partly the effect of off the record sales in the Austonian and the Four Seasons Residences -- the under $400K market seems to be rapidly gaining strength.
See the full index here.
| Month | Sales | Avg. Price | $/SF | Avg SF | Avg Year | % Ask | ADOM |
| May-09 | 11 | $347,045 | $308 | 1,150 | 1990 | 96% | 63 |
May-10 | 24 | $258,967 | $285 | 934 | 1976 | 96% | 118 |
Change | 118% | -25% | -8% | -19% | -13.91 | 0% | 87% |
The big news for May is that condo sales volumes soared, breaking the longstanding Austin Towers |urbanspace record of 22 units in a month (set in April, 2008). During May of this year, 24 units were sold on MLS with an average sales price of $258,967. While that price is 25% below last year and also below the 12-month rolling average, it's important to note that the May unit mix was older than usual with an average construction year of 1977. All told, 17 of the 24 units were in buildings constructed more than 15 years ago.
During May, average days on market soared to 118 from 63 in the previous year. This is the result of a few long-marketed units selling including a unit in Towers on Town Lake that sold after 543 days and a unit in 360 that was on the market for 386 days. Other units in 360 sold in less than 90 days.
The most expensive unit sold during the month was a $529,000 unit in 360 and the least expensive was a remarkably reasonable $89,900 unit in 1212 Guadalupe. Of the 24 units sold, 7 sold for under $200K, 10 sold for $200K to $300K, 6 sold for $300K to $400K, and only one sold for more than $400k.
Sold units were in eleven projects including 360 (4), the Brown Building (4), Cambridge Condos (4), Penthouse condos (2), Milago (2), Towers on Town Lake (2) and Brazos Place (2). As always, the results show the weakness of the MLS. While 24 units sold through MLS, additional units were likely closed at the new projects that have recently completed construction.
That said, the elevated results are a great sign for the downtown Austin condo market. While the high end remains tight --- which may be partly the effect of off the record sales in the Austonian and the Four Seasons Residences -- the under $400K market seems to be rapidly gaining strength.
See the full index here.