Downtown Austin Condo Sales Remain Strong In May

Downtown Austin Condo Sales Remain Strong In May

For the first time since the bubble burst, the average price per square foot of a downtown Austin condo has increased four months in a row. Last month, downtown Austin closed 62 condos* with 29 more pending!

Highlights

In May, we counted 41 closings of new-construction condos from the Four Seasons Residences, W Hotel, Austonian, Spring Condos, and Barton Place.  The W takes the cake with 15 closings in May.

On the other hand, the number of resales comes in at 21 units closed – a strong showing – averaging a price of $334 per square foot. We also count 29 resales pending as of May 31st!  So, we can expect next month’s closing count to be similarly strong.

*Updates to the count

This month we added two buildings to the resale and new-construction counts: Bridges On The Park and Barton Place, respectively.  This yields no difference in the resale count for May, and a 12 unit increase in the new-construction count.  You can discount these additions if you please, and it is still an incredibly strong month.

I decided to add them as they are market comps based on price, building methodology, lifestyle, and [subjectively] the frequency which my clients ask me about them.  So, while technically not in MLS Area DT, they are are geographically close enough, and by all other measures operate within the same market space.

downtown austin condo loft sales

Check out these stats!

In the graph above you can see our trend line hovering around a monthly average of $300 per square foot [for resales only], with a gentle rise due to strong sales data within the past four months. Stability is the story.

Year-to-year: May 2010 compared to May 2011
sold price per foot: up, from $290 to $334
total resale volume: up, from $6,830,200 to $7,903,400
# of sales (resales): down, from 25 to 21
Month-to-month: April 2011 compared to May 2011
sold price per foot: up, from $333 to $334
total sales: down, from $10,157,150 to $7,903,400
# of sales: up, from 20 to 21
May Downtown Austin Condo Statistics
# of new construction transactions = 41 (including 12 at Barton Place)
# of resale transactions = 21
Total resale square feet sold = 22,821
avg resale price per foot = $334
# of resale bedrooms = 31
avg resale price per bedroom = $245,745
avg sales price to list price (SP/LP) = 96%
avg days on market (DOM) = 89 days
total resale volume =  $7,903,400
New-ConstructionFour Seasons Residences show ~68 closed. Two closed in May.
- Austonian shows ~60 closed (including combined units). Four closed in May.
- Spring Condos show ~208 closed units total. Four closed in May.
- W Hotel Residences show ~51 closed units total.  15 closed in May.
- Barton Place shows ~83 closed units total.  12 closed in May.
- 904 West Ave shows ~6 closed units.  Three closed in May.
[counts are approximate, sources: Austin MLS, Travis County, developer confirmation]
ADDRESSBUILDINGBEDSSQUARE FEETASKING PRICESOLD PRICE
901 W 9th # 606The Nokonah Condos224971,225,000
1800 Lavaca St # 3061608105,000Call
1800 Lavaca # 4021608116,900Call
507 Sabine # 501The Sabine21454335,000Call
40 IH-35 North # PHD4Towers of Town Lake21400349,900Call
54 Rainey St # 603Milago Condos1865205,000Call
507 Sabine St # 1010The Sabine1745192,000Call
54 Rainey # Ph13Milago Condos21164306,900Call
1801 Lavaca # 11lCambridge Tower21294375,000Call
410 E. 5th ST # 305Avenue Lofts21614499,500Call
800 W 5th # 606Austin City Lofts11161425,000Call
360 Nueces # 1305360 Condos21225429,900Call
360 Nueces # 1506360 Condos1753269,000Call
360 Nueces # 1113360 Condos1861325,000Call
360 Nueces # 2104360 Condos2998378,000Call
360 Nueces # 1707360 Condos1852349,900Call
360 Nueces St # 4008360 Condos1732305,000Call
360 Nueces St # 4308360 Condos1796319,900Call
360 Nueces St # 2411360 Condos21280544,500Call
901 W 9th # 901The Nokonah Condos1670299,000Call
360 Nueces # 3109360 Condos21244548,000Call
About Jude Galligan

Jude Galligan, REALTOR, Principal of REATX 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 serves on the Board of the Downtown Austin Alliance (DAA) and the City of Austin Downtown Commission. Contact Jude.

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Based on information from the Austin Board of REALTORS ® (alternatively, from ACTRIS) for the period through 12/22/14 6:58 AM PST. Neither the Board nor ACTRIS guarantees or is in any way responsible for its accuracy. All data is provided “AS IS” and with all faults. Data maintained by the Board or ACTRIS may not reflect all real estate activity in the market.

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