Eleven Oaks Realty is proud to present their January 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 January 2016.
Austin Multi Family Properties Under Contract Up 9%
In January 2016, 35 multi-family properties went pending (under contract) in Austin compared to 32 in January 2015, marking a 9% increase in year over year numbers.
Austin Median Multi Family Property Median Price Up 3%
The median home price of a multi-family property in Austin in January 2015 was $262,500 compared to $271,000 in January 2016, marking a 3% increase 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 January 2016, we saw 1.6 months of inventory on the market, compared to 1.7 months of inventory in January 2015, showing a 7% decrease in year over year numbers.
Time to Sell Multi Family Property in Austin Up 37%
In January 2016, it took 40 days to sell a multi family property in Austin, on average, compared to 29 days in January 2015, marking a 37% (11 day) increase in year over year numbers.
Number of Multi Family Properties Taken Off the Market Up 140%
In January 2015, there were 5 multi family properties taken off the market compared to 12 in January 2016, marking a 140% (7 property) increase city wide. It seems this year multi-family property owners are quicker to pull the plug if they aren’t getting the offers they’re looking for.
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 25%
In January 2016, Austin saw a 25% increase in the number of multi family properties sold from January 2015 to January 2016. In January 2016, we saw 30 multi family properties sell in Austin compared to 24 in January 2015 marking a 25% (6 property) increase in year over year numbers.
Number of Multi Family Properties on the Market Up 12%
In January 2016, we had 102 multi-family properties for sale in Austin, compared to 91 in January 2015, showing a 12% (11 property) increase in year over year numbers. If you’re looking for a multi-family property in Austin, you’ll have more choices this year than last.
Number of Multi Family Properties Listed for Sale Down 35%
In January 2016, we saw 30 multi family properties introduced to the market compared to 46 in January 2015, marking a 35% (16 property) decrease.
Supply Up 12% and Demand is Up 25%
This month we saw a 12% increase in supply (number of properties for sale) and a 25% increase in demand (number of sold properties). The increase in both supply and demand is another indication the multi-family market is picking up steam.
Median for Sale Up 16% vs Median Sold Price Up 3%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 16% increase in the median for sale price and a 3% increase in the median sold price of a multi family property in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
January 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 January 2016 Austin multi family sales below. The most expensive property that sold in January 2016 sold for $970,000 and the least expensive multi family property sold for $172,500. Multi family properties ranged in size from 1,608 sqft – 5,976 sqft with an average size of 2,014 sqft. The average price per square foot for a multi family property that sold in Austin in January 2016 was $143.97 with the lowest being $45.85/sqft and the highest being $336.36/sqft. It took, on average, 27 days to sell a multi family property in Austin and sellers received, on average, 96.50% 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||January 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 sell! Though we saw a 12% increase in supply, we also saw a 25% increase in demand. Time to sell has gone up by a few days, but buyers are willing to pay 3% more than they were at this time last year, so the extra time is worth the wait. If this Spring is anything like the last three, we’ll see more demand and stronger offers from investors looking to capitalize on increasing rents. With only 1.6 months of inventory on the market, the multi-family market is an extreme seller’s market. If you prepare your property to meet the market, you’ll have no trouble finding a buyer willing to pay top dollar. 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 an investment property in Austin, you’ll want to be proactive and decisive. If this Spring is anything like the last several Spring’s, demand will pick up significantly, so the longer you wait, the more you’ll pay. Though it is taking just over a month to sell a multi-family property now, we might see that drop to 10-15 days in Spring. Less time on the market means more money for sellers. Take advantage of this slower time of year and you just might be able to negotiate a great deal. 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.
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.