Downtown Austin condo sales continue to reflect strong fundamentals as resale data from February shows increases year-to-year, and from month-to-month.
I’m continuing to tinker with some new statistics, including the effect of the average age of square footage sold. Values of downtown Austin condos tend to be highly correlated with age. This “age/area” metric is useful when comparing monthly data, and I can quickly tell if the data set is skewed towards older or new buildings. In February, the average age of each square foot sold was 16 years old (built in 1995).
Compare this to last month, January, when the average age of square feet sold was 20 years and the average price per foot was $279.
Year-to-year: February 2010 compared to February 2011 sold price per foot: up, from $297 to $304 total sales: up, from $2,600,500 to $2,888,596 # of sales: up, from 9 to 11
Month-to-month: February 2011 compared to January 2011 sold price per foot: up, from $279 to $304 total sales: up, from $2,018,400 to $2,888,596 # of sales: up, from 7 to 11
February Downtown Austin Condo and Loft Resale Statistics # of resale transactions = 11 # of square feet sold = 9,517 avg price per foot = $304 # of bedrooms sold = 15 avg price per bedroom = $192,573 avg sales price to list price (SP/LP) = 97% avg days on market (DOM) = 114 days total resales volume = $2,888,596 avg age of square feet sold (age/area) = 16 years (1995) (click here for a recap of January)
New Development Transactions
We now have data that shows the W Hotel Residences closing units on the 22nd and 23rd level between $510-585psf.
– Four Seasons Residences show 55 closed units total. One closed in February. Two new contracts written in February, two pending.
– Austonian shows 44 closed units total. 50 closed if combination units are included. Four closed in February. Five new contracts pending.
– Spring Condos show ~196 closed units total. Seven closed in February. Six new contracts written in February, five pending.
– W Hotel Residences show 17 closed units total. 11 closed in February.
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