Eleven Oaks Realty is proud to present their November 2020 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 November 2020.
Austin Multi Family Properties Under Contract Up 8%
In November 2020, 39 multi-family properties went pending (under contract) in Austin compared to 36 in November 2019, showing an 8% (3 property) increase in year over year numbers. Though we saw a dip in multi-family sales last month, it seems we are seeing more buyers back in the market with numbers higher than they have been in a year.
Austin Multi Family Property Median Price Saw a 10% Decrease
The median home price of a multi-family property in Austin in November 2019 was $487,500 compared to $437,500 in November 2020, marking a 10% ($50,000) 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.
53% Decrease in Austin Multi Family Property Inventory
In November 2020, we saw 1.2 month of inventory on the market, compared to 2.6 months of inventory in November 2019, showing a 53% (1.4 month) decrease in year over year numbers. We are in extreme seller’s market territory.
Time to Sell Multi Family Property in Austin Down 60%
In November 2020, it took 16 days to sell a multi family property in Austin, on average, compared to 40 days in November 2019, marking a 60% (24 day) decrease in year over year numbers. With very low inventory, buyers who see a property that meets their criteria are snatching it up much faster than they did this time last year.
Number of Multi Family Properties Taken Off the Market Saw a 31% Decrease
In November 2019, there were 13 multi family properties taken off the market compared to 9 in November 2020, marking a 31% (4 property) decrease 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 45%
In November 2020, Austin saw a 45% decrease in the number of multi family properties sold in year over year numbers. In November 2020 there were 22 multi family properties that sold versus 40 in November 2019, marking a 45% (18 home) decrease in year over year numbers. Though the number of sold properties are down, it has more to do with the decreased level of supply than lack of interested buyers.
Number of Multi Family Properties on the Market Down 33%
In November 2020, we had 95 multi-family properties for sale in Austin, compared to 141 in November 2019, showing a 33% (46 property) decrease in year over year numbers.
41% Increase in the Number of Multi Family Properties Listed for Sale
In November 2020, we saw 45 multi family properties introduced to the market compared to 32 in November 2019, showing a 41% (13 property) increase in year over year numbers.
Supply Down 33% and Demand Down 45%
This month we saw a 33% decrease in supply (number of properties for sale) and a 45% increase in demand (number of sold properties).
Median for Sale Up 20% vs Median Sold Price Down 10%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw a 20% increase in the median for sale price and a 10% 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 $495,000 in November 2019 to 595,000 in November 2020, showing a $100,000 increase. The median sold price of a multi-family property in Austin went from $487,500 in November 2019 to $437,500 in November 2020, showing a $50,000 decrease.
Source: Clarus Market Metrics, ACTRIS Sold Data
November 2020 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 November 2020 Austin multi family sales below. The most expensive property that sold in November 2020 sold for $750,000 and the least expensive multi family property sold for $246,000. Multi family properties ranged in size from 1,524 sqft – 4,048 sqft with an average size of 2,301 sqft. The average price per square foot for a multi family property that sold in Austin in November 2020 was $217.71 with the lowest being $144.86/sqft and the highest being $385.17/sqft. It took, on average, 11 days to sell a multi family property in Austin and sellers received, on average, 99.23% 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||22|
|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 sell. With inventory at just over 1 month, we are in a strong sellers market. Combine that with a 33% decrease in supply and an 8% increase in the number of multi-family properties and we have extremely favorable market conditions for sellers. Though we are seeing median price down 10% and we are seeing multiple offers and overbids in highly desirable areas. Get your properties listed now and take advantage of the increase in demand and decrease in supply.
Looking to sell? We sold the duplex that was the highest over list price in July 2020 (108.04% of the original list price), so we know how to get top dollar. If you want the same result, 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.