You're reading...
Market News and Trends

What About Downtown?


In 2016 in Review and Price Variation Around Austin I discussed sales of Single Family Homes (houses) in many areas of the Austin metro area.  I did not mention Downtown Austin in those posts because that are very few houses in the area.  I’ll fill in that blank here.

Between July 1, 2016 and December 31, 2016, there were 120 sales of houses and condominiums.  Two of those were houses.  The rest were condos.  No sales of townhouses were reported in our MLS system.  Like the rest of the Greater Austin area, downtown properties sold quickly – with a median of 36 days on market (compared to 21 days in the rest of the metro).  On average, downtown properties closed at 98.2% of list price, very near the average elsewhere.  Predictably, living downtown generally costs more than living elsewhere:

downtown-prices-070116-123116

Aside from the mix of houses and condos, the real difference in downtown is what you get for a dollar.  Here’s a snapshot:

downtown-per-sf-vs-all-other-070116-123116

In Price Variation Around Austin, you saw that Austin-West/Westlake had the highest average and median sale prices in the metro area, but on a Price per Square Foot basis, the average of the two sales was essentially twice that of sales during the same period in West Austin and Westlake.  Downtown condominiums were also about twice as expensive as that area, and more than triple the price per SF as houses in the rest of the metro area.

It’s important to remember that condo prices don’t include monthly condo association fees, so actual housing costs are even higher in most downtown properties.  Buying a condominium, though, is really a lifestyle choice, and if convenience and a maintenance-fee life are important, then this is a completely legitimate choice for those who can afford it.

Advertisements

About Bill Morris, Realtor

More than thirty years of business experience (high tech, client service, business organization and start-up, including many years in real estate) tell me that service is the key to success and I look forward to serving you. I represent both buyers and sellers throughout the Austin metropolitan area, which means first-hand market knowledge is brought to bear on serving your needs: -- Seller Representation is a comprehensive process that begins with thorough market analysis and consultation, continues with properly staging the home to achieve the highest price possible in a reasonable time on market, a complete program of marketing and promotion, ongoing updates and communication, closing coordination, and follow-up throughout (and after) the sale. -- Buyer Representation is also full service: shopping, previewing, price and market consultation, contracting, negotiating, coordination of inspections, appraisals, repairs, and closing details, and follow-up beyond the closing of your purchase to ensure your lasting satisfaction. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers.

Discussion

Trackbacks/Pingbacks

  1. Pingback: Price per SF — a caveat | Bill Morris on Austin Real Estate - March 11, 2017

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: