Exclusive: January & February Downtown Condo Sales
March 30, 2010 21:44 Filed in: News
We've updated the AustinTowers | urbanspace Downtown Austin Condo Market Index for January and February, 2010. With the new results loaded, we are pleased to announce that year-over-year sales volumes have increased for the eighth month in a row. That, however, is where the good news ends.
During January and February, 14 downtown Austin condo units were transacted on the MLS: 4 more than during the same period in 2009 with the gain spread across both of the months. While volumes are up, prices are headed downward as buyers gravitate towards smaller, older, and cheaper units than they did in the past.
In January, $/SF dropped 9% over the previous year despite the fact that all 6 sold units were constructed during the last decade. With a focus on smaller units --- average square feet dropped 16% -- average price plunged 23% from $358K to $275K.
While the transacted units were much older in February -- the average unit was constructed in 1979 -- almost all the other January trends held through the month. During February, $/Sf was down 10%, the average unit size dropped 20%, and average price plunged 27% from $401K to $292K.
While % of asking price improved over the previous year for both months, average days on market was all over the place. With a very large inventory on the market, a relatively small number of units are currently being transacted through the MLS.
So where were the units that sold? Amazingly enough, 5 of the units --- 36% of the 2 month volume -- were in Cambridge Condos: an relatively old and affordable project that was constructed in 1964. With an average price of $221K (and a low price of $143K), the sale of older units represents the broader market shift to affordability. Of the remaining 9 units, 3 were in Milago, 2 in Five Fifty 05, and one each in Nokonah, Shore, 360, and Austin City Lofts. During the two month period, only one unit was sold for more than $400K. 10 of the units sold for less than $300K.
As always, the results show the weakness of the MLS. While 14 units sold through MLS, additional units went ton sale at 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. For example, no Spring units have appeared in any of the MLS sales reports to date.
See the full index here.
| Month | Sales | Avg. Price | $/SF | Avg SF | Avg Year | % Ask | ADOM |
| Jan-09 | 4 | $358,225 | $321 | 1,129 | 1996 | 93% | 85 |
Jan-10 | 6 | $274,547 | $291 | 953 | 2005 | 96% | 127 |
Change | 50% | -23% | -9% | -16% | 9.00 | 3% | 49% |
| Month | Sales | Avg. Price | $/SF | Avg SF | Avg Year | % Ask | ADOM |
| Feb-09 | 6 | $400,833 | $322 | 1,258 | 1998 | 90% | 116 |
Feb-10 | 8 | $291,938 | $292 | 1,002 | 1979 | 94% | 50 |
Change | 33% | -27% | -10% | -20% | -19.00 | 5% | -57% |
During January and February, 14 downtown Austin condo units were transacted on the MLS: 4 more than during the same period in 2009 with the gain spread across both of the months. While volumes are up, prices are headed downward as buyers gravitate towards smaller, older, and cheaper units than they did in the past.
In January, $/SF dropped 9% over the previous year despite the fact that all 6 sold units were constructed during the last decade. With a focus on smaller units --- average square feet dropped 16% -- average price plunged 23% from $358K to $275K.
While the transacted units were much older in February -- the average unit was constructed in 1979 -- almost all the other January trends held through the month. During February, $/Sf was down 10%, the average unit size dropped 20%, and average price plunged 27% from $401K to $292K.
While % of asking price improved over the previous year for both months, average days on market was all over the place. With a very large inventory on the market, a relatively small number of units are currently being transacted through the MLS.
So where were the units that sold? Amazingly enough, 5 of the units --- 36% of the 2 month volume -- were in Cambridge Condos: an relatively old and affordable project that was constructed in 1964. With an average price of $221K (and a low price of $143K), the sale of older units represents the broader market shift to affordability. Of the remaining 9 units, 3 were in Milago, 2 in Five Fifty 05, and one each in Nokonah, Shore, 360, and Austin City Lofts. During the two month period, only one unit was sold for more than $400K. 10 of the units sold for less than $300K.
As always, the results show the weakness of the MLS. While 14 units sold through MLS, additional units went ton sale at 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. For example, no Spring units have appeared in any of the MLS sales reports to date.
See the full index here.