We've updated the AustinTowers | urbanspace Downtown Condo Market Index for March and the news is not good. While month-by-month results fluctuate wildly, March saw a drop of 71% in the number of units sold -- from 14 units last March to just 4 this March. For the first quarter of 2009, sales dropped from 25 units sold in 2008 to 14 units sold in 2009.

Needless to say, March of 2008 was a very strong month. Amazingly enough, it wasn't a new project that drove last year's volume: sales during the month included 14 units in 11 projects including Milago, 5 Fifty Five, Brazos Place, Westgate, Railyard, Sabine, and the Brown building.

Month	Sales	Avg. Price	$/SF	Avg SF	Avg Year	% Ask	ADOM
Mar-08	14	$355,004	$345	1,022	1977	94%	86
Mar-09	4	$431,625	$285	1,442	1985	94%	107
Change	-71%	22%	-17%	41%	8.00	0%	24%

On the bright side, this March saw sales of three units larger than 1,000 square feet including a 2,500 SF unit in the Nokonah. However, this 41% increase in avg. SF was accompanied by a modest 22% increase in average price As a result, $/SF dropped by 17%.

During the same period, Inventory dropped from 187 units to 183 units with an average listing price of $613K.

See the updated index here.

Tags: mls statistics