Exclusive: January & February Sales Fetch Higher Prices


We've updated the AustinTowers | urbanspace Downtown Austin Condo Market Index for January and February, 2012, and our seasonally neutral 12-month tracking index set four new records. With January and February sales included, the 12-month tracking index set records for the highest $/square foot ($336), average sales price ($405,503), newest units (avg 1997) and shortest average days on market (78.8) as well. When combined, the two months saw a 20% increase in condo sales in comparison to the same time period in 201.

January, 2012 Downtown Condo Sales
Month
Sales
Avg. Price
$/SF
Avg SF
Avg Year
% Ask
ADOM
Jan-08

5

$384,600

$315
1,172
1991
93%
73

Jan-09

4

$358,225

$321
1,129
1996
93%
85

Jan-10

6

$274,547

$291
953
2005
96%
127

Jan-11

6

$289,650

$265
1,086
1989
98%
139

Jan-12

11

$601,195

$388
1,450
2003
96%
103

YoY Change

83%

108%

46%
34%
14.00
-2%
-26%


February, 2012 Downtown Condo Sales

Month

Sales
Avg. Price
$/SF
Avg SF
Avg Year
% Ask
ADOM
Feb-08

6

$279,017

$309
897
1977
98%
89

Feb-09

6

$400,833

$322
1,258
1998
90%
116

Feb-10

8

$291,938

$292
1,002
1979
94%
50

Feb-11

14

$460,327

$353
1,128
1996
97%
143

Feb-12

13

$505,673

$371
1,212
2002
93%
87

YoY Change

-7%

10%

5%
7%
6.00
-4%
-39%

One of the factors driving high sales values was the inclusion of two big dollar sales. One of these was another $2.3 million sale in the W and the latter was a $2.6 million sale in the Austonian, the most expensive unit recorded in MLS since we began tracking downtown sales 4-years ago. As a result, both months show significant improvements in price, $/SF, and size. Days on market continues to improve, showing increased strength in the downtown market. Sales also showed a shift toward higher price bands with 2 units sold for less than $200K, 5 units sold for $200K - $300K, 11 for $300K to $500K, 3 X for $500K to $1 million, and 3 for more than $1 million.

Top buildings during the two-month period were 360, Spring and Milago with 4 sales. The remaining sales were spread across 9 additional buildings. As usual, additional private sales -- which are not reflected in the MLS data -- continued to close at Spring, Four Seasons, the W and Austonian.

See the full index here.