Eleven Oaks Realty is proud to present their July 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 July 2019.
Austin Multi Family Properties Under Contract Saw No Change
In July 2019, 31 multi-family properties went pending (under contract) in Austin compared to 31 in July 2018, showing no change in year over year numbers.
Austin Multi Family Property Median Price Saw a 4% Decrease
The median home price of a multi-family property in Austin in July 2018 was $385,000 compared to $368,250 in July 2019, marking a 4% 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.
9% Decrease in Austin Multi Family Property Inventory
In July 2019, we saw 2.8 months of inventory on the market, compared to 3.1 months of inventory in July 2018, showing a 9% decrease in year over year numbers. It appears as though more investors are coming out later in the summer than they did last year.
Time to Sell Multi Family Property in Austin Up 63%
In July 2019, it took 30 days to sell a multi family property in Austin, on average, compared to 18 days in July 2018, marking a 63% (11 day) increase in year over year numbers. Though it is taking longer to sell a multi-family home, it is still a very reasonable time period when you compare other markets. It might feel like a lifetime for sellers who are used to it taking a week or less, but 30 days is still fairly quick.
Number of Multi Family Properties Taken Off the Market Up 56%
In July 2018, there were 9 multi family properties taken off the market compared to 14 in July 2019, marking a 56% increase in year over year numbers. Though 56% sounds like a large increase, it is really only a 5 property increase.
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 24%
In July 2019, Austin saw a 24% decrease in the number of multi family properties sold in year over year numbers. In July 2019 there were 28 multi family properties that sold versus 37 in July 2018, marking a 24% decrease in year over year numbers.
Number of Multi Family Properties on the Market Down 3%
In July 2019, we had 131 multi-family properties for sale in Austin, compared to 135 in July 2018, showing a 3% (4 property) decrease in year over year numbers.
38% Decrease in the Number of Multi Family Properties Listed for Sale
In July 2019, we saw 31 multi family properties introduced to the market compared to 50 in July 2018, showing a 38% (19 property) decrease in year over year numbers.
Supply Down 3% and Demand Down 24%
This month we saw a 3% decrease in supply (number of properties for sale) and a 24% decrease in demand (number of sold properties). Supply and demand numbers have been a very interesting story this year in the multi-family real estate market. Typically we see demand and supply increase in summer months, but this year we have seen investors lay low. It will be interesting to see if this year they are just delayed and we will see an uptick in the fall or if we just won’t have as much activity this year.
Median for Sale Up 6% vs Median Sold Price Down 4%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 6% increase in the median for sale price and a 4% 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 $425,000 in July 2018 to $450,000 in July 2019, showing a $25,000 increase. The median sold price of a multi-family property in Austin went from $385,000 in July 2018 to $368,250 in July 2019, showing a $16,750 decrease.
Source: Clarus Market Metrics, ACTRIS Sold Data
July 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 July 2019 Austin multi family sales below. The most expensive property that sold in July 2019 sold for $1,200,000 and the least expensive multi family property sold for $180,000. Multi family properties ranged in size from 1,290 sqft – 4,048 sqft with an average size of 2,198 sqft. The average price per square foot for a multi family property that sold in Austin in July 2019 was $212.08 with the lowest being $92.78/sqft and the highest being $499.23/sqft. It took, on average, 20 days to sell a multi family property in Austin and sellers received, on average, 97.06% 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||28|
|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 demand down 24% and supply down only 3%, buyers have more choices and less competition. If you can find a motivated seller, you might be able to negotiate a good deal.
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.
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.