The most significant downtown Austin condo news from January must be the first closings at the W Hotel Residences (aka Block 21 Residences). The W is the last of the luxury high rises to open, and these closings represent a significant milestone for the downtown Austin building boom. Naturally, the proud new owners are taking possession from the lower floors going up. Occupancy is permitted up to the 24th floor, currently. Prices at the W Hotel Residences are firmly placed into our “top-tier” category with starting prices at $580 per square foot and ranging well beyond beyond $1000 per square foot for the upper floors.
New Development Transactions
Spring condos continues to show strong sales numbers and reports of new contracts. Spring and early summer are traditionally the strongest months, so expect to see these numbers trend up over the next few months.
– Four Seasons Residences show 55 closed units total. Two closed in January, both were new contracts
– Austonian shows 40 closed units total. 48 closed if combination units are included. Two closed (as a single combo unit) in January.
– Spring Condos show ~181 closed units total. Seven closed in January. Ten new contracts in January.
– W Hotel Residences show six closed units total. Six closed in January.
Resales Trending Up
Following a strong month of sales in December, resale data from January for downtown Austin real estate shows a 23% year-to-year increase in total transaction volume for the month of January. This might not be as relevant as it seems, as the number of resale transactions in January were only seven units, one more than last year.
I’ve devised a new statistic – “avg age of square feet sold” to help qualify each month’s data set. For example, 40% of this month’s total area sold was built before 1983. Relative values of downtown Austin condos are highly correlated with age, and this statistic qualifies the average price per foot of $279 by reminding us 40% of the area sold was for older units.
January Downtown Austin Condo & Loft Resale Statistics
- # of resale transactions = 7 - # of square feet sold = 7,243 - avg price per foot = $279 - avg sales price to list price (SP/LP) = 98% - avg days on market (DOM) = 152 days - total resales volume = $2,018,400 - avg age of square feet sold = 20 years (click here for a recap of December)
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