Exclusive: March Downtown Condo Sales Disappoint
April 26, 2009 23:27 Filed in: Market Analysis
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.
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.
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.