Downtown Austin Condo Sales Show Growth

Downtown Austin Condo Sales Show Growth

Downtown Austin condo sales continue to reflect strong fundamentals as resale data from February shows increases year-to-year, and from month-to-month.

I’m continuing to tinker with some new statistics, including the effect of the average age of square footage sold. Values of downtown Austin condos tend to be highly correlated with age. This “age/area” metric is useful when comparing monthly data, and I can quickly tell if the data set is skewed towards older or new buildings.  In February, the average age of each square foot sold was 16 years old (built in 1995).

Compare this to last month, January, when the average age of square feet sold was 20 years and the average price per foot was $279.

Year-to-year: February 2010 compared to February 2011
sold price per foot: up, from $297 to $304
total sales: up, from $2,600,500 to $2,888,596
# of sales: up, from 9 to 11
Month-to-month: February 2011 compared to January 2011
sold price per foot: up, from $279 to $304
total sales: up, from $2,018,400 to $2,888,596
# of sales: up, from 7 to 11
February Downtown Austin Condo and Loft Resale Statistics
# of resale transactions = 11
# of square feet sold = 9,517
avg price per foot = $304
# of bedrooms sold = 15
avg price per bedroom = $192,573
avg sales price to list price (SP/LP) = 97%
avg days on market (DOM) = 114 days
total resales volume =  $2,888,596
avg age of square feet sold (age/area) = 16 years (1995)
(click here for a recap of January)

New Development Transactions

We now have data that shows the W Hotel Residences closing units on the 22nd and 23rd level between $510-585psf.

– Four Seasons Residences show 55 closed units total. One closed in February. Two new contracts written in February, two pending.
– Austonian shows 44 closed units total.  50 closed if combination units are included.  Four closed in February. Five new contracts pending.
– Spring Condos show ~196 closed units total.  Seven closed in February.  Six new contracts written in February, five pending.
– W Hotel Residences show 17 closed units total.  11 closed in February.

February Downtown Austin Real Estate Sales

AddressBuildingBedroomsSquare FeetSold Price
360 Nueces Street #1608360 Condos1732Call
1800 Lavaca Street #6121594Call
54 Rainey Street #717Milago Condos1865Call
360 Nueces Street #3402360 Condos1744Call
360 Nueces Street #3405360 Condos21059Call
200 Congress Avenue #23DThe Austonian21225Call
1212 Guadalupe Street #207Penthouse Condos1485Call
54 Rainey Street #804Milago Condos21189Call
210 Lavaca Street #2304W Hotel11169Call
200 Lavaca Street #2205W Hotel33498Call
603 Davis Street #606The Shore Condos1868Call
1122 Colorado Street #1608Westgate1354Call
360 Nueces Street #3607360 Condos1852Call
1801 Lavaca Street #7ECambridge Tower21294Call
Data assembled for February sales of downtown Austin real estate
About Jude Galligan

Jude Galligan, REALTOR, Principal of TOWERS Realty and publisher of Downtown Austin Blog (aka. "DAB"), spends his time matching remarkable people with remarkable properties in Austin’s urban core. A resident owner in downtown Austin, Jude has served on the Board of the Downtown Austin Alliance (DAA) and the City of Austin Downtown Commission. Contact Jude.

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