Eleven Oaks Realty is proud to present their December 2016 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 December 2016.
Austin Multi Family Properties Under Contract Down 17%
In December 2016, 24 multi-family properties went pending (under contract) in Austin compared to 29 in December 2015, marking a 17% decrease in year over year numbers.
Austin Median Multi Family Property Median Price Saw No Change
The median home price of a multi-family property in Austin in December 2015 was $316,000 compared to $314,600 in December 2016, marking essentially no change 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.
19% Decrease in Austin Multi Family Property Inventory
In December 2016, we saw 2.1 months of inventory on the market, compared to 2.6 months of inventory in December 2015, showing a 19% decrease in year over year numbers. Inventory is pretty lean compared to what we usually see during the Winter months.
Time to Sell Multi Family Property in Austin Down 21%
In December 2016, it took 25 days to sell a multi family property in Austin, on average, compared to 32 days in December 2015, marking a 21% (7 day) decrease in year over year numbers. The multi-family market is one of the only segments of the market that saw a decrease in time to sell.
Number of Multi Family Properties Taken Off the Market Down 12%
In December 2015, there were 17 multi family properties taken off the market compared to 15 in December 2016, marking a 12% decrease in year over year numbers.
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 Down 21%
In December 2016, Austin saw a 21% decrease in the number of multi family properties sold from December 2015 to December 2016. In December 2016, we saw 30 multi family properties sell in Austin compared to 38 in December 2015 marking a 21% (8 property) decrease in year over year numbers.
Number of Multi Family Properties on the Market Down 26%
In December 2016, we had 90 multi-family properties for sale in Austin, compared to 122 in December 2015, showing a 26% (32 property) decrease in year over year numbers.
21% Decrease in the Number of Multi Family Properties Listed for Sale
In December 2016, we saw 26 multi family properties introduced to the market compared to 33 in December 2015, showing a 21% (7 property) decrease in year over year numbers.
Supply Down 26% and Demand Down 21%
This month we saw a 26% decrease in supply (number of properties for sale) and a 21% decrease in demand (number of sold properties). The multi-family market has slowed a bit this month. It will be interesting to see if this trend continues into January.
Median for Sale Up 19% vs Median Sold Price Saw No Change
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 19% increase in the median for sale price and no change 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 $334,475 in December 2015 to $399,000 in December 2016, showing a $64,525 increase. The median sold price of a multi-family property in Austin went from $316,000 in December 2015 to $314,600 in December 2016, showing a $1,400 decrease.
Source: Clarus Market Metrics, ACTRIS Sold Data
December 2016 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 December 2016 Austin multi family sales below. The most expensive property that sold in December 2016 sold for $1,285,000 and the least expensive multi family property sold for $164,000. Multi family properties ranged in size from 1,512 sqft – 5,702 sqft with an average size of 2,283 sqft. The average price per square foot for a multi family property that sold in Austin in December 2016 was $176.69 with the lowest being $66.67/sqft and the highest being $387.08/sqft. It took, on average, 21 days to sell a multi family property in Austin and sellers received, on average, 96.51% of their original list prices.
|Unit Count||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||December 2016|
|Property Type||Multi Family||Number Sold||30|
|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 buy! With demand down 21%, you won’t have as much competition for multi-family properties. Though supply is also down, median price has stabilized, so you might get a better deal than you would have last year. To be successful, you’ll want to be proactive in your search and decisive when you find a property that meets your criteria. Take advantage of the decrease in demand and you just might be able to negotiate a better deal now. If you’re looking to get the best deal, 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.
If you’re looking to sell, there are still qualified buyers in the market. Inventory levels are hovering around 2 months, which is still a strong seller’s market. Though demand is down, so is time to sell. The buyers in the market are making decisions faster than they were at this time last year. If you don’t need to sell now, wait until February or March to get your units on the market. We typically see demand pick up as we head towards Spring.
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.
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.