February delivered strong numbers for sales of downtown Austin condos. I count nine new construction sales and 14 resales (compared to six and 10 in January respectively).
The 14 resales averaged $397 per square foot – the highest monthly average for resales that I can remember. Don’t mistake this for accelerating appreciation, though. Included in February’s numbers is a resale at the Austonian. And, while there’s clearly a gradual upward trend in the resale market, February’s price-per-foot surge is attributable to this burgeoning market for resales in the top-tier buildings.
You can anticipate that by the end of March all of the top-tier buildings will [factually] be over 50% closed. Each has already crossed the chasm.
Notably, Spring condos has only a couple of new units left, the [seriously amazing] penthouse(s) being one of them. For most buyers, Spring condos can be considered sold out and opportunities to buy are in the resale market. The Four Seasons Residences leads the pack in terms of percentage of units sold, though the W Hotel Residences is showing the greatest velocity. See below.
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Is there a place where the February sales and re-sales are disclosed? I appreciate the trending graph, but seeing the raw data would also be nice.
Specific sales data is reserved for our clients. Any REALTOR, myself included, can assist you outside of the blog.