In April, I didn’t publish a transaction summary covering March’s downtown deals.
I had assembled all the info, drafted the post, and it was ready to publish. Some of you noticed that I never got around to posting it, and I’m sorry for not getting it out there (here’s to you John K.).
Jude, why u no post March data?
First and fortunately, I was at the tipping point of having more business than I could handle. Springtime is always busy for me. Combine that with opening the RE/MAX Downtown Austin office and I got distracted, operating on little sleep.
Secondly, I couldn’t come up with a headline for March! March’s data didn’t seem to have a compelling story. March’s data seemed too predictable. That spooked me – what was I going to write about? DAB readers have built up filters to exaggerated headlines, but readers do expect a story. You should expect some insight. What’s the story?
April’s data is also unremarkable. And, that’s why you should keep reading.
Over the past few years, consumers of real estate information have been trained to expect hyperbole and proclamations. BIG stories, with a big reveal. I’m a sucker for a good headline, too.
In recent memory, my reporting on downtown Austin condo sales goes like this: 1) resale pricing averaging around $300 per foot, 2) there’s more transactions in the spring than in the fall, 3) the leasing market is crazy competitive, 4) new [luxury] construction is consistently closing units to the chagrin of John Kelso.
That the market is boring is the story you’re unlikely to read elsewhere.
Which is unfortunate because that’s the signal the market needs. After the real estate crash, labeling a market as boring is a sure sign of progress. Boring is good. Boring is stable. Boring is predictable. Boring data lets you focus on the excitement of living downtown – the lifestyle – rather than worries about price volatility.
Enough, just give us the numbers!
Year-to-year: April 2010 compared to April 2011 sold price per foot: up, from $274 to $333 total sales: up, from $4,379,681 to $10,157,150 # of sales (resales): up, from 15 to 20
Month-to-month: March 2011 compared to April 2011 sold price per foot: up, from $326 to $333 total sales: up, from $5,817,000 to $10,157,150 # of sales: up, from 14 to 20
April Downtown Austin Condo Statistics # of new construction transactions = 24 # of resale transactions = 20 # of square feet sold = 30,479 avg price per foot = $333 # of bedrooms sold = 34 avg price per bedroom = $298,740 avg sales price to list price (SP/LP) = 93% avg days on market (DOM) = 108 days total resales volume = $10,157,150 avg age of square feet sold (age/area) = 36 years (1975)
New Development Transactions
– Four Seasons Residences show ~64 closed. Six closed in April.
– Austonian shows ~59 closed (including combined units). Six closed in April.
– Spring Condos show ~204 closed units total. Seven closed in April.
– W Hotel Residences show ~36 closed units total. Six closed in April.
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