2011 Recap of Downtown Austin Condo Sales

2011 Recap of Downtown Austin Condo Sales

Challenged to articulate a narrative around 2011 downtown Austin real estate data, I’ve been keeping this post under wraps for a couple of weeks.  Data is useful to me and my clients, but these numbers have little meaning without context and history.

How do I convey that the best news is no news at all?

Stability in the downtown condo market continues to be the story. Stability attracts the timid buyers from the sidelines. Those additional buyers embolden timid sellers to enter the market.

What forces are creating stability downtown? Low interest rates, shrinking inventory, and multi-generational demand for urban lifestyle. We can see the outcome of stability in the chart below: the gradually upward sloping trend line.

downtown austin condos - 10 years of resale data

downtown austin condos - 10 years of resale data

In 2011, if you were a seller in downtown Austin, then you did slightly better than sellers in 2010.  If you were a buyer in downtown Austin in 2011, then you were more focused on lifestyle and proximity, rather than the post-bust discount pricing found in 2008-2009.

Highlights

Looking back on the downtown Austin condo market in 2011, we see $77,688,824 in total resales over 200 resale transactions.  Combined with an estimated $120,000,000 in downtown new construction sales from another 200 transactions, 2011 reflects a healthy real estate market, gradually trending up.

  • The Austonian, W Hotel, Spring Condos, Four Seasons outsold the resale market in both gross sales volume and units sold.  Each building has crossed the chasm.
  • 2011 was the first year when more downtown condos sold for over $500 per foot than sold for less than 300 per foot.
  • REO transactions remained low, but increased year-to-year from 9 to 13.
  • Monthly average prices for downtown resales ranged between $275-350 per square foot.
  • Monthly average prices for downtown new construction ranged between $543-617 per square foot.
  • 2011 leaves us with 4.1 months of resale inventory.  Currently there are 66 resale units for sale in downtown Austin.

New Construction Data - Deeds Counted From County Clerk

ProjectDate of
1st Closing
# of
Closed Units
(Clerk)
# of
Original Units
(TCAD)
% Units
Closed
# of
Remaining Units
Average
# of Days
Per Sale
Trending Completion Date (estimated)
TOTALS48871868%230
Four Seasons ResidencesMay 7, 20108914860%597February 2013
Spring CondosAugust 17, 200924424898%44February 2012
W Hotel ResidencesJanuary 10, 20117715948%825February 2013
The AustonianJune 10, 2010
78163
48%857October 2013
The data was collected at the Travis County Clerk office on January 17th, 2012. Data does not reflect units currently under contract. Combined units were split into their respective original units.

Trending Charts

downtown austin condo sales - 2011 prices trailing 12 months

downtown austin condo sales - 2011 prices trailing 12 months

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.

Comments

  1. Excellent statistics! Good job on your blogs too. I’m glad to see the re-sale on the downtown condos is holding steady in pricing as this economy is still in the dip-mode. Looking forward to the spring-summer season to see further pick-up in sales..thanks once again.

  2. avatar T Mitchell says:

    I guess you could, but that might be very misleading, especially in the newer downtown communities. I have seen the same plan sell for prices that vary up to 33% — maybe more — depending on factors unique to each unit. The finishes, custom features, view, etc. can create pretty wide variations in the sales prices.

  3. avatar Kathleen Fairweather says:

    Thanks for sharing. Why no prices on individual condo sales?

  4. Fantastic post! The 10 year historical resale chart is particularly illuminating. I imagine this was a lot of work to put together. Thanks for sharing!

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Based on information from the Austin Board of REALTORS ® (alternatively, from ACTRIS) for the period through 9/1/14 8:52 PM PDT. 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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