Exclusive: Summer Downtown Condo Sales Stay Strong
August 23, 2010 22:48 Filed in: News
We've updated the AustinTowers | urbanspace Downtown Austin Condo Market Index for June and July, 2010. With the new results loaded, we are pleased to announce that year-over-year sales volumes have increased for the 13th month in a row. In addition, more expensive units are starting to sell, prices are rising, and average days on market is dropping. The downtown Austin condo market continues to gain strength as it enters it's second year of growth and recovery.
During June and July -- key summer selling months -- 32 units worth a total of $11.7 million were transacted on the MLS: 12 more than during the same period in 2009. In addition to volumes rising, prices also increased on a per square foot basis. In June, $/SF increased 11% over the prior year rising from $292 to $324. In July, prices increased 12% from $265 to $298 on a per square foot basis.
In contrast to recent trends, the average age of units sold in June and July age was 11 years which is much newer than recent trends. For example, the average unit age was 23 years younger than the average in May. This, however, is a mitigating factor. June and July transactions saw an average price increase of 11-12% on a price-per-square-foot basis but on a set of newer, prime units in desirable recent buildings. When one high dollar transaction is removed and prices are adjusted for age, June and July results are less strong.
That said, more units are selling, prices are rising, there are some high dollar deals, and days on market is shrinking. These are all good signs for the downtown Austin condo market.
So where were the units that sold? Amazingly enough, 12 of the 32 units --- 38% of the 2 month volume -- were in 360. With an average price of $412 / SF, 360 units are selling well and commanding a good market premium. Milago had the second largest number of transactions during the period with 4 units sold.
As always, the results show the weakness of the MLS. While 32 units sold through MLS, additional units went ton sale at the Austonian, the Four Seasons, Spring and other new projects outside of the MLS. While the MLS numbers continue to show growth in transaction volume, it is difficult to know what is happening in the broader market as sales office transactions are rarely included in the MLS numbers.
See the full index here.
| Month | Sales | Avg. Price | $/SF | Avg SF | Avg Year | % Ask | ADOM |
| Jun-09 | 8 | $431,738 | $292 | 1,400 | 2000 | 87% | 117 |
Jun-10 | 18 | $387,241 | $324 | 1,160 | 1999 | 95% | 100 |
Change | 125% | -10% | 11% | -17% | -1.00 | 9% | -15% |
Month | Sales | Avg. Price | $/SF | Avg SF | Avg Year | % Ask | ADOM |
| Jul-09 | 12 | $265,450 | $265 | 1,021 | 1987 | 97% | 88 |
Jul-10 | 14 | $338,192 | $298 | 1,121 | 1999 | 96% | 74 |
Change | 17% | 27% | 12% | 10% | 12.00 | -1% | -16% |
During June and July -- key summer selling months -- 32 units worth a total of $11.7 million were transacted on the MLS: 12 more than during the same period in 2009. In addition to volumes rising, prices also increased on a per square foot basis. In June, $/SF increased 11% over the prior year rising from $292 to $324. In July, prices increased 12% from $265 to $298 on a per square foot basis.
In contrast to recent trends, the average age of units sold in June and July age was 11 years which is much newer than recent trends. For example, the average unit age was 23 years younger than the average in May. This, however, is a mitigating factor. June and July transactions saw an average price increase of 11-12% on a price-per-square-foot basis but on a set of newer, prime units in desirable recent buildings. When one high dollar transaction is removed and prices are adjusted for age, June and July results are less strong.
That said, more units are selling, prices are rising, there are some high dollar deals, and days on market is shrinking. These are all good signs for the downtown Austin condo market.
So where were the units that sold? Amazingly enough, 12 of the 32 units --- 38% of the 2 month volume -- were in 360. With an average price of $412 / SF, 360 units are selling well and commanding a good market premium. Milago had the second largest number of transactions during the period with 4 units sold.
As always, the results show the weakness of the MLS. While 32 units sold through MLS, additional units went ton sale at the Austonian, the Four Seasons, Spring and other new projects outside of the MLS. While the MLS numbers continue to show growth in transaction volume, it is difficult to know what is happening in the broader market as sales office transactions are rarely included in the MLS numbers.
See the full index here.