Eleven Oaks Realty is proud to present their February 2023 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 2023.
Austin Multi Family Properties Under Contract Down 41%
In February 2023, 17 multi-family properties went pending (under contract) in Austin compared to 29 in February 2022, showing a 41% (12 property) decrease in year over year numbers.
Austin Multi Family Property Median Price Down 3%
The median home price of a multi-family property in Austin in February 2023 was $595,000 compared to $613,250 in February 2022, marking a 3% ($18,250) 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.
360% Increase in Austin Multi Family Property Inventory
In February 2023, we saw 3.6 months of inventory on the market, compared to 0.8 months of inventory in February 2022, showing a 360% (2.9 month) increase year over year numbers.
Time to Sell Multi Family Property in Austin Up 91%
In February 2023, it took 32 days to sell a multi family property in Austin, on average, compared to 17 days in February 2022, marking a 91% increase in year over year numbers. The median time to sell a multi-family home in Austin in February 2023 was 56 days, up from 53 days last month. We are seeing fewer multi family properties sell, so sample sizes aren’t large. This month we had 11 multi family properties sell, compared to last month where we had 13 and the previous month where we had 4.
Number of Multi Family Properties Taken Off the Market Saw a 433% Increase
In February 2022, there were 16 multi family properties taken off the market compared to 3 in February 2023, marking a 433% (13 property) increase 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 50%
In February 2023, Austin saw a 50% decrease in the number of multi family properties sold in year over year numbers. In February 2023 there were 11 multi family properties that sold versus 22 in February 2022, marking a 50% (11 property) decrease in year over year numbers.
Number of Multi Family Properties on the Market Saw a 73% Increase
In February 2023, we had 95 multi-family properties for sale in Austin, compared to 55 in February 2022, showing a 73% (40 property) increase in year over year numbers.
9% Decrease in the Number of Multi Family Properties Listed for Sale
In February 2023, we saw 29 multi family properties introduced to the market compared to 32 in February 2022, showing a 9% (7 property) decrease in year over year numbers.
Supply Saw a 73% Increase and Demand Down 50%
This month we saw a 73% increase in supply (number of properties for sale) and a 50% decrease in demand (number of sold properties).
Median for Sale Up 7% vs Median Sold Price Down 3%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 7% increase in the median for sale price and a 3% 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 $735,000 in February 2022 to $785,000 in February 2023, showing a $50,000 increase. The median sold price of a multi-family property in Austin went from $613,250 in February 2022 to $595,000 in February 2023, showing a 3% ($18,250) decrease.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2023 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 2023 Austin multi family sales below. The most expensive property that sold in February 2023 sold for $1,345,000 and the least expensive multi family property sold for $350,000. Multi family properties ranged in size from 1,173 sqft – 3,376 sqft with an average size of 2,067 sqft. The average price per square foot for a multi family property that sold in Austin in February 2023 was $309.81 with the lowest being $216.73/sqft and the highest being $403.62/sqft. It took, on average, 67 days to sell a multi family property in Austin and sellers received, on average, 90.64% of their original list prices.
|||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Status||Sold||Sold Date||February 2023|
|Property Type||Multi Family||Number Sold||11|
|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. We have been in a more balanced market since last summer and if trends continue, we might even get into a buyer’s market this year. With inventory at 3.6 months, a 73% increase in supply and a 50% decrease in demand, buyers have more options and less competition. Interest rates have impacted investors who want to put minimum down and remain cash flow positive. They’re having to regroup and come up with a new strategy. If you’re ready now, you might be able to slip in during this transition period and get a good deal.
Looking to sell? If you want top dollar for your multi family property, make it 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.
Leave a Reply