Downtown Austin Condo Prices Drop in November

Downtown Austin Condo Prices Drop in November

downtown austin condo trends nov 2010

Judging by the average numbers, November was a rough month for resales of downtown Austin condos.  Conversely, luxury condos continue to post strong numbers for the second month in a row.  Back in October, I was surprised by the large number of closings we observed in the downtown Austin’s top-tier condo buildings.  The ABJ followed up with a story saying “Verdict’s in: Austin condos did work.”

Top-tier (new buildings)
While the high-end market continues to show good numbers, it’s not clear to me how many of these closings are from original reservations, rather than new purchase contracts (within the past 120 days).

-Four Seasons shows 49 closed units, six closed in November.

Austonian shows 32 closed units, two closed in November.

-Spring shows ~165-170 closed units closed, nine closed in November.  It should be noted that these were, in fact, all new contracts.

Using data available on Nov 30th, 11 downtown austin condos closed at an average $252 per square foot.  That’s the lowest average price since August of 2009, and is 19.5% lower than the average resale price compared to November of last year.  Compared to downtown condo sales in October, prices were down 14%.  Also interesting, average days-on-market (DOM) was 118 days – not surprising to see closing prices averaging 12% less than original asking prices.

November Downtown Austin Condo Sales

AddressBuildingBedroomsSquare FeetSold Price
1800 Lavaca St #608Greenwood Towers2857Call
507 Sabine St #305The Sabine21462Call
505 W 7th St #318Posada del Rey21049Call
901 W 9th St #311The Nokonah1849Call
360 Nueces St #1001360 Condos1801Call
555 E 5th St #9235 Fifty Five (555)11195Call
1705 Pearl St31879Call
1801 Lavaca St #14MCambridge Towers2912Call
411 Brazos St #224Brazos Lofts11313Call
800 W 5th St #505Austin City Lofts21482Call
80 Red River St #307Villas on Town Lake1675Call
Data assembled from Austin MLS for November sales of downtown Austin condos