Eleven Oaks Realty is proud to present their July 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 July 2016.
Austin Multi Family Properties Under Contract Down 10%
In July 2016, 36 multi-family properties went pending (under contract) in Austin compared to 40 in July 2015, marking a 10% decrease in year over year numbers.
Austin Median Multi Family Property Median Price Up 21%
The median home price of a multi-family property in Austin in July 2015 was $284,488 compared to $344,750 in July 2016, marking a 21% 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.
32% Increase in Austin Multi Family Property Inventory
In July 2016, we saw 2.3 months of inventory on the market, compared to 1.7 months of inventory in July 2015, showing a 32% increase in year over year numbers. With just over 2 months of inventory, the Austin multi-family property market is a strong seller’s market.
Time to Sell Multi Family Property in Austin Up 103%
In July 2016, it took 40 days to sell a multi family property in Austin, on average, compared to 20 days in July 2015, marking a 103% (20 day) increase in year over year numbers. We typically see a pretty big jump in time to sell multi-family homes in August. This year, it seems we saw that jump one month earlier.
Number of Multi Family Properties Taken Off the Market Up 33%
In July 2015, there were 8 multi family properties taken off the market compared to 6 in July 2016, marking a 33% (2 property) increase 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 23%
In July 2016, Austin saw a 23% decrease in the number of multi family properties sold from July 2015 to July 2016. In July 2016, we saw 30 multi family properties sell in Austin compared to 39 in July 2015 marking a 23% (9 property) decrease in year over year numbers.
Number of Multi Family Properties on the Market Up 10%
In July 2016, we had 126 multi-family properties for sale in Austin, compared to 115 in July 2015, showing a 10% (11 property) increase in year over year numbers.
Number of Multi Family Properties Listed for Sale Saw No Change
In July 2016, we saw 47 multi family properties introduced to the market compared to 47 in July 2015, showing no change in year over year numbers.
Supply Up 10% and Demand Down 23%
This month we saw a 10% increase in supply (number of properties for sale) and a 23% decrease in demand (number of sold properties). With a bigger increase in supply than demand, buyers might have an opportunity to negotiate a better deal if they act quickly.
Median for Sale Up 22% vs Median Sold Price Up 21%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 22% increase in the median for sale price and a 21% increase in the median sold price of a multi family property in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
July 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 July 2016 Austin multi family sales below. The most expensive property that sold in July 2016 sold for $915,000 and the least expensive multi family property sold for $100,000. Multi family properties ranged in size from 840 sqft – 4,392 sqft with an average size of 2,219 sqft. The average price per square foot for a multi family property that sold in Austin in July 2016 was $176.86 with the lowest being $46.30/sqft and the highest being $360.80/sqft. It took, on average, 26 days to sell a multi family property in Austin and sellers received, on average, 97.71% 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||July 2016|
|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 buy! Supply is up 10% and demand is down 23%, giving buyers more choices than they’ve had in the past several months. If you’re looking to own a multi-family property, start your search now, as market forces could shift again at any moment. 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 increase in inventory 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 wanting to sell your multi-family property in Austin, it’s not the worst time to do that either. With only 2.3 months of inventory, the Austin multi-family property market is still a seller’s market. Though demand has only increased slightly compared to supply, the buyers in the market are willing to pay 21% more than they were last year, showing there are still strong buyers ready to make competitive offers. Prepare your property to meet the market and 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.
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.