In June, we observed downtown Austin condo prices averaging $381/ft for resales and $590/ft for new-luxury sales. With no new projects planned, a chunk of downtown Austin’s condo inventory is removed every month.
Pricing in Austin’s urban core continues to trend up for three reasons:
1) Shrinking inventory emboldens sellers
2) Low interest rates – hovering at 3.40% – enticing buyers
3) Migration patterns into Texas, specifically Austin, more specifically downtown Austin
Combined sales of new construction and resales removed 41 units from inventory in June, representing $25,156,400 total sales volume.
Currently, there are 94 resales and 172 new construction units available for sale in the downtown Austin core.
June 2012 Resale Statistics
- # of resale transactions = 28 - avg price per foot = $381 - avg sales price to list price (SP/LP) = 91% - avg days on market (DOM) = 17 days - Total resales volume = $12,829,900
June 2012 New Construction Statistics
- # of new construction transactions = 13 - avg price per foot = $590 - Total new construction sales volume = $12,326,500
Downtown Austin New Construction Closings
| Project | Date 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) |
|---|---|---|---|---|---|---|---|
| TOTALS | 298 | 470 | 63% | 172 | |||
| Four Seasons Residences | May 7, 2010 | 104 | 148 | 70% | 44 | 6 | March 2013 |
| W Hotel Residences | January 10, 2011 | 97 | 159 | 61% | 62 | 4 | February 2013 |
| The Austonian | June 10, 2010 | 97 | 163 | 60% | 66 | 6 | August 2013 |
About Jude Galligan
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