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
|# of |
# of Days
|Trending Completion Date (estimated)|
|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|