Exclusive: November Condo Sales Volume Strong, Prices Moderate
December 27, 2009 22:55 Filed in: Market
Analysis
We've updated the AustinTowers | urbanspace Downtown Austin Condo
Market Index for November, 2009 and, for the
sixth month in a row, MLS sales volumes have
increased in comparison to previous year
numbers. On a per square foot basis,
year-to-date prices are down about 5% over the
comparable 2008 numbers.
In the month of November, 13 downtown Austin condo units were transacted on the MLS: 5 more than in November of 2009 with an 11% lower price per square foot. In addition, the % of asking price jumped significantly from 93% a year ago and 87% in June to a more typical 96%. Average days on market for units that sold came in at 78, an enormous 48% drop over last year. There are many units that have been on the market for a long time, especially larger and nicer units which have not been moving. The most expensive unit sold in November was $554,750. Continuing a trend toward lower priced units, nine units sold for less than $300,000 including a tiny 454 square foot unit that sold for $110,600.
Sold units were in seven projects including 360 (3), Penthouse condos (3), Milago (3), Five Fifty 05 (2), Railyard (1), and Towers on Town Lake (1). Units in 360 carried the highest price per square foot during the month with an average of $374/SF.
As always, the results show the weakness of the MLS. While 13 units sold through MLS, additional units went ton sale at tSpring 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. For example, no Spring units have appeared in any of the MLS sales reports this year.
See the full index here.
|
Month
|
Sales
|
Avg. Price
|
$/SF
|
Avg SF
|
Avg Year
|
% Ask
|
ADOM
|
|
Nov-08
|
8
|
$460,973
|
$322
|
1,361
|
1989
|
93%
|
151
|
|
Nov-09
|
13
|
$292,018
|
$286
|
1,022
|
1995
|
96%
|
78
|
|
Change
|
63%
|
-37%
|
-11%
|
-25%
|
5.80
|
4%
|
-48%
|
In the month of November, 13 downtown Austin condo units were transacted on the MLS: 5 more than in November of 2009 with an 11% lower price per square foot. In addition, the % of asking price jumped significantly from 93% a year ago and 87% in June to a more typical 96%. Average days on market for units that sold came in at 78, an enormous 48% drop over last year. There are many units that have been on the market for a long time, especially larger and nicer units which have not been moving. The most expensive unit sold in November was $554,750. Continuing a trend toward lower priced units, nine units sold for less than $300,000 including a tiny 454 square foot unit that sold for $110,600.
Sold units were in seven projects including 360 (3), Penthouse condos (3), Milago (3), Five Fifty 05 (2), Railyard (1), and Towers on Town Lake (1). Units in 360 carried the highest price per square foot during the month with an average of $374/SF.
As always, the results show the weakness of the MLS. While 13 units sold through MLS, additional units went ton sale at tSpring 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. For example, no Spring units have appeared in any of the MLS sales reports this year.
See the full index here.