Eleven Oaks Realty is proud to present their April 2019 Austin Multi Family Real Estate Price Report measuring activity in the Austin multi family market. This report includes all multi family properties (duplex, triplex and quadplex) that sold in April 2019.
Austin Multi Family Properties Under Contract Saw No Change
In April 2019, 44 multi-family properties went pending (under contract) in Austin compared to 44 in April 2018, showing no change in year over year numbers.
Austin Multi Family Property Median Price Down 2%
The median home price of a multi-family property in Austin in April 2018 was $417,800 compared to $410,250 in April 2019, marking a 2% ($7,550) decrease in year over year numbers.
Median home price helps us see the distribution of multi-family properties sold and does not really give us an indication of the increase or decrease in a particular property’s market value. To analyze market value, we’d have to take an in depth look at a neighborhood. If you’re looking for something like that, please check out our Austin Property Values Report.
7% Decrease in Austin Multi Family Property Inventory
In April 2019, we saw 1.6 months of inventory on the market, compared to 1.7 months of inventory in April 2018, showing a 7% decrease in year over year numbers. This month we saw a pretty significant drop in inventory from last month, which is what we would expect going into the busy spring market.
Time to Sell Multi Family Property in Austin Up 145%
In April 2019, it took 28 days to sell a multi family property in Austin, on average, compared to 12 days in April 2018, marking a 145% (17 day) increase in year over year numbers. Again, we see a significant increase in the numbers, but we’re still at a perfectly reasonable period to sell a property when looking at historical figures. Last year was abnormally fast to sell a multi-family home.
Number of Multi Family Properties Taken Off the Market Up 70%
In April 2018, there were 10 multi family properties taken off the market compared to 17 in April 2019, marking a 70% increase in year over year numbers. April is an odd time for sellers to take their properties off the market. It will be interesting to see if they try to resist them or if they hold off until next year.
If your Austin multi family property was priced right but it still didn’t find a buyer, maybe there was something else going on. The biggest culprits we see are incorrect info in the MLS, inaccessibility and poor marketing. Check out our Austin Property Marketing Plan to see how your homes would be marketed if we listed them. If you’d like our opinion on why your property didn’t sell email us at info@11OaksRealty.com.
Having trouble selling your property? Check out our Austin Property Not Selling resources page to find out why.
Number of Sold Multi Family Properties in Austin Up 30%
In April 2019, Austin saw a 30% increase in the number of multi family properties sold in year over year numbers. In April 2019 there were 30 multi family properties that sold versus 23 in April 2018, marking a 30% increase in year over year numbers.
Number of Multi Family Properties on the Market Up 2%
In April 2019, we had 132 multi-family properties for sale in Austin, compared to 130 in April 2018, showing a 2% (2 property) increase in year over year numbers.
36% Decrease in the Number of Multi Family Properties Listed for Sale
In April 2019, we saw 47 multi family properties introduced to the market compared to 74 in April 2018, showing a 36% (27 property) decrease in year over year numbers.
Supply Up 2% and Demand Up 30%
This month we saw a 2% increase in supply (number of properties for sale) and a 30% increase in demand (number of sold properties). Another interesting month for supply and demand. We would typically expect to see supply increase significantly more during the busy spring months. But, we only saw it increase 2%. Demand, however, was up significantly, which explains why inventory decreased. It will be interesting to see if multi family property owners meet demand and list their properties next month or if they will hold on and continue to collect rent.
Median for Sale Down 6% vs Median Sold Price Down 2%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 6% decrease in the median for sale price and a 2% decrease in the median sold price of a multi family property in year over year numbers. The median for sale price of a multi-family property in Austin went from $454,950 in April 2018 to $427,500 in April 2019, showing a $27,500 decrease. The median sold price of a multi-family property in Austin went from $417,800 in April 2018 to $410,250 in April 2019, showing a $7,550 decrease.
Source: Clarus Market Metrics, ACTRIS Sold Data
April 2019 Austin Multi Family Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for April 2019 Austin multi family sales below. The most expensive property that sold in April 2019 sold for $1,025,000 and the least expensive multi family property sold for $219,000. Multi family properties ranged in size from 1,212 sqft – 3,928 sqft with an average size of 2,232 sqft. The average price per square foot for a multi family property that sold in Austin in April 2019 was $224.73 with the lowest being $104.51/sqft and the highest being $419.73/sqft. It took, on average, 31 days to sell a multi family property in Austin and sellers received, on average, 96.68% of their original list prices.
|Unit Count||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Multi Family||Number Sold||31|
|Source:||ABoR Sales Data||Area||Austin|
Time to Buy? Sell?
Looking strictly at the numbers, it appears the recommendation for this month is – it’s time to sell. With demand up 30% and supply only up 2%, buyers are looking for multi family properties and don’t have too many choices. If your property presents as a value with high cash flow, buyers will compete to own it, which means more money for you.
Looking to sell? Make your property stand out as a value. When buyers are excited about the potential of your property, they’re willing to pay more. If your multi-family property is located in a desirable area or good school district, you’re in an even better position as those are very hard to find. Spend some time preparing the property to meet the market and hire a Realtor who knows how to market multi-family properties. If you’re considering selling, work with a Realtor who has strategies to help you get top dollar for your home. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. We are entering the busiest time of year. Do what you can to prepare your home now and you’ll be ready at the perfect time. For more info about our Home Selling Program, check out Selling in Austin.
If you’re looking to buy, set alerts for new listings and scout them as soon as possible. Hire a Realtor who knows the multi family real estate market and has strategies for getting your offers accepted without increasing your offer price. Our team not only knows the market, but we also own several multi-family properties that have no trouble finding tenants. We can help you identify which properties will be the highest netting. Put our knowledge and experience to work for you and we’ll help you make money on your rental. For more info about buying a multi-family property, visit Buying in Austin.
Questions About the Austin Multi Family Real Estate Price Report?
Do you have questions about this Austin Multi Family Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Austin real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.