Exclusive: March Downtown Condo Sales Disappoint

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.