Eleven Oaks Realty is proud to present their March 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 March 2019.
Austin Multi Family Properties Under Contract Up 30%
In March 2019, 30 multi-family properties went pending (under contract) in Austin compared to 23 in March 2018, showing a 30% increase in year over year numbers.
Austin Multi Family Property Median Price Up 17%
The median home price of a multi-family property in Austin in March 2018 was $347,000 compared to $407,500 in March 2019, marking a 17% ($60,500) 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 March 2019, we saw 2.7 months of inventory on the market, compared to 2.4 months of inventory in March 2018, showing a 12% increase in year over year numbers. Though we did see an increase in inventory, we are still in a seller’s market.
Time to Sell Multi Family Property in Austin Up 140%
In March 2019, it took 39 days to sell a multi family property in Austin, on average, compared to 16 days in March 2018, marking a 140% (23 day) increase in year over year numbers. Again, we see a significant increase in the numbers, but we’re still at a perfectly reasonable period to sell a property when looking at historical figures. Last year was abnormally fast to sell a multi-family home.
Number of Multi Family Properties Taken Off the Market Up 12%
In March 2018, there were 8 multi family properties taken off the market compared to 9 in March 2019, marking a 12% increase in year over year numbers. With only 9 taken off the market, we’re seeing virtually all of the properties sell, which is a good sign for multi family property owners.
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 14%
In March 2019, Austin saw a 14% decrease in the number of multi family properties sold in year over year numbers. In March 2019 there were 30 multi family properties that sold vs. 35 in March 2018, marking a 17% decrease in year over year numbers.
Number of Multi Family Properties on the Market Up 39%
In March 2019, we had 121 multi-family properties for sale in Austin, compared to 87 in March 2018, showing a 39% (34 property) increase in year over year numbers.
26% Increase in the Number of Multi Family Properties Listed for Sale
In March 2019, we saw 48 multi family properties introduced to the market compared to 38 in March 2018, showing a 26% (10 property) increase in year over year numbers.
Supply Up 39% and Demand Down 14%
This month we saw a 39% increase in supply (number of properties for sale) and a 14% decrease in demand (number of sold properties). This was an interesting month for supply and demand trend. As we would expect, we saw an increase in supply as multi family property owners are trying to time the market for peak season. But, buyers didn’t answer the call. With a 14% decrease in demand, buyers aren’t coming out as quickly as they did last year. It will be interesting to see if next month picks up. I imagine it would with a 30% increase in properties under contract, but time will tell.
Median for Sale up 11% vs Median Sold Price Up 17%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw an 11% increase in the median for sale price and a 17% 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 $429,000 in March 2018 to $475,000 in March 2019, showing a $46,000 increase. The median sold price of a multi-family property in Austin went from $347,000 in March 2018 to $407,500 in March 2019, showing a $60,500 increase.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 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 March 2019 Austin multi family sales below. The most expensive property that sold in March 2019 sold for $850,000 and the least expensive multi family property sold for $194,000. Multi family properties ranged in size from 1,452 sqft – 3,968 sqft with an average size of 2,187 sqft. The average price per square foot for a multi family property that sold in Austin in March 2019 was $213.98 with the lowest being $119.75/sqft and the highest being $332.91/sqft. It took, on average, 21 days to sell a multi family property in Austin and sellers received, on average, 96.85% 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||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 buy. With supply up 39% and demand down 14%, buyers have more choices and less competition. And, if you can find a motivated seller, you might just be able to negotiate a great deal. Though we did see a 17% increase in median sales price, that could just be that higher priced units sold. With only 30 sales, it is hard to say prices are going up statistically. We simply don’t have enough date. But, rents are on the rise and Austin continues to grow, so multi family investment property might be the right strategy for certain investors.
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.