Eleven Oaks Realty is proud to present their January 2019 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 2019.
Austin Multi Family Properties Under Contract Up 32%
In January 2019, 33 multi-family properties went pending (under contract) in Austin compared to 25 in January 2018, showing a 32% increase in year over year numbers.
Austin Multi Family Property Median Price Up 6%
The median home price of a multi-family property in Austin in January 2018 was $359,000 compared to $379,900 in January 2019, marking a 6% ($20,900) 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.
12% Increase in Austin Multi Family Property Inventory
In January 2019, we saw 2.2 months of inventory on the market, compared to 1.9 months of inventory in January 2018, showing a 12% increase in year over year numbers. This trend is what we would have expected to see last month, which is interesting. But, we are still at seller’s market levels, so if you’re looking to unload a multi-family property, don’t be too discouraged yet.
Time to Sell Multi Family Property in Austin Down 20%
In January 2019, it took 37 days to sell a multi family property in Austin, on average, compared to 46 days in January 2018, marking a 20% (9 day) decrease in year over year numbers. Time to sell has decreased steadily over the past three months. It will be interesting to see if the increased demand in the spring market causes time to sell a multi family property in Austin go down even further.
Number of Multi Family Properties Taken Off the Market Up 250%
In January 2018, there were 6 multi family properties taken off the market compared to 21 in January 2019, marking a 250% increase in year over year numbers. Just like the single family home market, it seems many investors opted to take their properties off the market instead of reducing the price. Could be they are getting decent returns on what they have and only wanted to sell at higher than market values.
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 24%
In January 2019, Austin saw a 24% increase in the number of multi family properties sold from January 2018 to January 2019. In January 2019 there were 25 multi family properties that sold vs. 31 in January 2018, marking a 24% increase in year over year numbers.
Number of Multi Family Properties on the Market Up 58%
In January 2019, we had 125 multi-family properties for sale in Austin, compared to 79 in January 2018, showing a 58% (46 property) increase in year over year numbers.
64% Increase in the Number of Multi Family Properties Listed for Sale
In January 2019, we saw 41 multi family properties introduced to the market compared to 25 in January 2018, showing a 64% (16 property) increase in year over year numbers.
Supply Up 58% and Demand Up 24%
This month we saw a 58% increase in supply (number of properties for sale) and a 24% increase in demand (number of sold properties). This month again we saw a drastic increase in supply. It does appear as though demand is starting to catch up, however, which is a different story from last month. It will be interesting to see if spring brings more demand or if multi family properties will instead linger on the market.
Median for Sale up 15% vs Median Sold Price Up 6%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 15% increase in the median for sale price and a 6% increase 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 $399,850 in January 2018 to $459,900 in January 2019, showing a $60,050 increase. The median sold price of a multi-family property in Austin went from $359,000 in January 2018 to $379,900 in January 2019, showing a $20,900 increase.
Source: Clarus Market Metrics, ACTRIS Sold Data
January 2019 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 2019 Austin multi family sales below. The most expensive property that sold in January 2019 sold for $1,000,000 and the least expensive multi family property sold for $215,000. Multi family properties ranged in size from 1,102 sqft – 5,748 sqft with an average size of 2,329 sqft. The average price per square foot for a multi family property that sold in Austin in January 2019 was $205.76 with the lowest being $111.72/sqft and the highest being $432.41/sqft. It took, on average, 37 days to sell a multi family property in Austin and sellers received, on average, 94.67% of their original list prices.
|Unit Count||SqFt||List Price||LP/SqFt||Sold Price||SP/SqFt||SP/LP||SP/OLP||ADOM|
|Property Type||Multi Family||Number Sold||33|
|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 supply up 58% and demand only up 24%, buyers have an opportunity to negotiate with a motivated seller. Though prices are up, we’re only looking at a 6% increase from last year’s figures. And, rents are also on the rise, so that should help offset that cost to purchase.
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.
Looking to sell? Make your property 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.
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.