Eleven Oaks Realty is proud to present their February 2015 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 February 2015.
Austin Multi Family Properties Under Contract Down 27%
In February 2015, 32 multi-family properties went pending (under contract) in Austin compared to 44 in February 2014, marking a 27% decrease in year over year numbers. With fewer multi family properties on the market, we’re also seeing fewer sales.
Austin Median Multi Family Property Price Up 20%
The median home price of a multi-family property in Austin in February 2014 was $277,500 compared to $232,000 in February 2015, marking a 20% increase in year over year numbers. Austin rents are predicted to rise 4% in 2015 and I would expect prices of multi family properties to increase as well.
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.
Austin Multi Family Property Inventory Up 45%
In February 2015, we saw 1.9 months of inventory on the market, compared to 1.3 months of inventory in February 2014, showing a 45% increase in year over year numbers. The Austin multi family market is the only segment of the market where inventory has increased in year over year numbers.
Time to Sell Multi Family Property in Austin Down 11%
In February 2015, it took 29 days to sell a multi family property in Austin, on average, compared to 32 days in February 2014, marking an 11% (4 day) decrease in year over year numbers.
Number of Multi Family Properties Taken Off the Market Down 8%
In February 2014, there were 12 multi family properties taken off the market compared to 11 in February 2015, marking an 8% (1 property) decrease city wide.
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 38%
In February 2015, Austin saw a 38% decrease in the number of multi family properties sold from February 2014 to February 2015. In February 2015, we saw 24 multi family properties sell in Austin compared to 39 in February 2014 marking a 38% (15 property) decrease in year over year numbers.
Number of Multi Family Properties on the Market Down 9%
In February 2015, we had 104 multi family properties for sale in Austin, compared to 114 in February 2014, showing a 9% (10 property) decrease in year over year numbers. It seems owners of multi family properties are taking advantage of increasing rents and not wanting to part with their investment.
Number of Multi Family Properties Listed for Sale Up 4%
In February 2015, we saw 53 multi family properties introduced to the market compared to 51 in February 2014, marking a 4% (2 property) increase.
Supply Down 9% and Demand is Down 38%
This month we saw a 9% decrease in supply (number of properties for sale) and a 38% decrease in demand (number of sold properties). Though supply is down, demand is down more, which could create some opportunities for buyers.
Median for Sale Up 9% vs Median Sold Price Up 20%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 9% increase in the median for sale price and an 20% increase in the median sold price of a multi family property in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2015 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 February 2015 Austin multi family sales below. The most expensive property that sold in February 2015 sold for $456,900 and the least expensive multi family property sold for $172,000. Multi family properties ranged in size from 1,212 sqft – 4,568 sqft with an average size of 2,544 sqft. The average price per square foot for a multi family property that sold in Austin in February 2015 was $128.30 with the lowest being $64.32/sqft and the highest being $271.46/sqft. It took, on average, 38 days to sell a multi family property in Austin and sellers received, on average, 99.51% 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||Feb 2015|
|Property Type||Multi Family||Number Sold||27|
|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. Demand is down significantly and even though supply is also down, it is still 30% higher than demand. Sellers who are serious about selling their multi-family properties will be competing to make their units most appealing to the qualified buyers in the market. If you are in the market for a multi-family property, make scouting new listings a priority. 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 need to sell, it isn’t necessarily a bad time to do that either. With 1.9 months of inventory on the market and median sold price up 20%, sellers who prepare their properties to meet the market will have no trouble finding a buyer. Sellers won’t be able to price their properties too far above the market, but they’ll get a fair price in a fairly short period of time. 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. The busiest time of year is just around the corner. 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.
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