Exclusive: Strong August but Weaker September Downtown Condo Sales
October 19, 2010 22:19 Filed in: News
We've updated the AustinTowers | urbanspace Downtown Austin Condo Market Index for August and September, 2010. After 14 months of year-over-year sales gains, sales volumes in September dropped to below their year ago level.
During August and September, 28 units worth a total of $7.9M were transacted on the MLS: 1 less than during the same period in 2009. While volume and price both increased in August and then decreased in September, % ask increased during both months with units selling for 96% of the listing price in September.
As has been the case recently, most transactions were for reasonably priced units. During the period, only 2 units sold on MLS for more than $500k. Of the 28 units sold, 21 were priced below $300k and 10 were priced $200k or below. Amazingly enough, one unit in Greenwood Towers sold for $95,000.
So where were the units that sold? The most units -- 7 of the 28 -- were in 360. With an average price of $375 / SF, prices were much lower than the $412 / SF realized during the prior two month period. Milago and Sabine tied for the second largest number of transactions during the period with 5 units sold in each project during the two month period.
As always, the results show the weakness of the MLS. While 28 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 slid somewhat in September, the market has grown year-over-year in 14 of the past 15 months showing increasing strength. As more projects hit the secondary market, MLS transactions are expected to grow and diversify. In particular, we expect to see more expensive units sell on MLS v. through private transactions in the new high end projects, That said, it is difficult to know exactly 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 |
| Aug-09 | 14 | $252,029 | $255 | 986 | 1987 | 93% | 57 |
Aug-10 | 16 | $330,088 | $298 | 1,056 | 2004 | 94% | 57 |
Change | 14% | 31% | 16% | 7% | 16.07 | 1% | 0% |
Month | Sales | Avg. Price | $/SF | Avg SF | Avg Year | % Ask | ADOM |
| Sep-09 | 15 | $258,993 | $307 | 845 | 1986 | 91% | 81 |
Sep-10 | 12 | $221,745 | $282 | 786 | 1993 | 96% | 113 |
Change | -20% | -14% | -8% | -7% | 7.13 | 6% | 40% |
During August and September, 28 units worth a total of $7.9M were transacted on the MLS: 1 less than during the same period in 2009. While volume and price both increased in August and then decreased in September, % ask increased during both months with units selling for 96% of the listing price in September.
As has been the case recently, most transactions were for reasonably priced units. During the period, only 2 units sold on MLS for more than $500k. Of the 28 units sold, 21 were priced below $300k and 10 were priced $200k or below. Amazingly enough, one unit in Greenwood Towers sold for $95,000.
So where were the units that sold? The most units -- 7 of the 28 -- were in 360. With an average price of $375 / SF, prices were much lower than the $412 / SF realized during the prior two month period. Milago and Sabine tied for the second largest number of transactions during the period with 5 units sold in each project during the two month period.
As always, the results show the weakness of the MLS. While 28 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 slid somewhat in September, the market has grown year-over-year in 14 of the past 15 months showing increasing strength. As more projects hit the secondary market, MLS transactions are expected to grow and diversify. In particular, we expect to see more expensive units sell on MLS v. through private transactions in the new high end projects, That said, it is difficult to know exactly what is happening in the broader market as sales office transactions are rarely included in the MLS numbers.
See the full index here.