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!
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.
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-Construction - Four 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]