Strong July Condo Sales Drive New Full-Year Record
August 16, 2011 17:53 Filed in: News
Despite mixed economic news dominating the headlines, the downtown Austin condo market continues to strengthen. We've updated the AustinTowers | urbanspace Downtown Austin Condo Market Index for July, 2011 -- a very strong month. With July's results, our seasonally neutral 12-month tracking index set a record for the highest average monthly sales and the shortest average days on market. This is good news for condo owners: liquidity is clearly increasing for inexpensive and recently constructed units.
In July, condo sales increased 29% from the same month last year -- from 14 units in 2010 to 18 in 2011. While average selling price decreased slightly, the more important $/square foot increased 6% from $298 to $317. In general, units were slightly smaller and older than during the prior year period. Average days on market dropped 7% from 74 to 69.
July 2011 MLS Downtown Condo Sales Statistics
The July data shows a couple of interesting trends. First, 15 of the 18 units were priced under $400,000, again demonstrating that value buyers are driving most of the transactions. However, there was only one unit sold for less than $200,000 -- showing that the supply of very low price units is dwindling as the market heats up.
The sales were in a variety of projects. As usual, the biggest seller was one of the biggest projects: six units were sold in 360 during the month. Shore was next with 3 sales and Nokonah with 2. The remaining seven sales were in seven different buildings. The most expensive unit sold during the month was in Spring: a giant 1,700+ square foot 3/3 which sold for $730,000 ($428/SF).
As usual, private sales -- which are not reflected in the MLS data -- continued to close at Spring, Four Seasons, the W, and the Austonian.
See the full index here.
Tweet
In July, condo sales increased 29% from the same month last year -- from 14 units in 2010 to 18 in 2011. While average selling price decreased slightly, the more important $/square foot increased 6% from $298 to $317. In general, units were slightly smaller and older than during the prior year period. Average days on market dropped 7% from 74 to 69.
July 2011 MLS Downtown Condo Sales Statistics
| Month | Sales | Avg. Price | $/SF | Avg SF | Avg Year | % Ask | ADOM |
| Jul-10 | 14 | $338,192 | $298 | 1,121 | 1999 | 96% | 74 |
Jul-11 | 18 | $320,417 | $317 | 1,004 | 1994 | 96% | 69 |
Change | 29% | -5% | 6% | -10% | -5.00 | 0% | -7% |
The July data shows a couple of interesting trends. First, 15 of the 18 units were priced under $400,000, again demonstrating that value buyers are driving most of the transactions. However, there was only one unit sold for less than $200,000 -- showing that the supply of very low price units is dwindling as the market heats up.
The sales were in a variety of projects. As usual, the biggest seller was one of the biggest projects: six units were sold in 360 during the month. Shore was next with 3 sales and Nokonah with 2. The remaining seven sales were in seven different buildings. The most expensive unit sold during the month was in Spring: a giant 1,700+ square foot 3/3 which sold for $730,000 ($428/SF).
As usual, private sales -- which are not reflected in the MLS data -- continued to close at Spring, Four Seasons, the W, and the Austonian.
See the full index here.
Tweet