Eleven Oaks Realty is proud to present their April 2017 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 April 2017.
Austin Multi Family Properties Under Contract Down 8%
In April 2017, 34 multi-family properties went pending (under contract) in Austin compared to 37 in April 2016, marking a 8 decrease in year over year numbers.
Austin Median Multi Family Property Median Price Up 8%
The median home price of a multi-family property in Austin in April 2016 was $328,500 compared to $355,000 in April 2017, marking a 8% ($26,500) 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.
13% Decrease in Austin Multi Family Property Inventory
In April 2017, we saw 1.9 months of inventory on the market, compared to 2.2 months of inventory in April 2016, showing a 13% decrease in year over year numbers. The spike in multi family property sales over the last few months has caused inventory to severely dip.
Time to Sell Multi Family Property in Austin Up 68%
In April 2017, it took 32 days to sell a multi family property in Austin, on average, compared to 19 days in April 2016, marking a 68% (13 day) increase in year over year numbers. Time to sell a multi-family property has gone from peak to valley and back again in the last few months.
Number of Multi Family Properties Taken Off the Market Up 50%
In April 2016, there were 8 multi family properties taken off the market compared to 12 in April 2017, marking a 50% 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 Up 19%
In April 2017, Austin saw a 19% increase in the number of multi family properties sold from April 2016 to April 2017. In April 2017, we saw 38 multi family properties sell in Austin compared to 32 in April 2016 marking a 19% (6 property) increase in year over year numbers.
Number of Multi Family Properties on the Market Down 12%
In April 2017, we had 112 multi-family properties for sale in Austin, compared to 128 in April 2016, showing a 12% (16 property) decrease in year over year numbers.
7% Decrease in the Number of Multi Family Properties Listed for Sale
In April 2017, we saw 55 multi family properties introduced to the market compared to 59 in April 2016, showing a 7% (4 property) decrease in year over year numbers.
Supply Down 12% and Demand Up 19%
This month we saw an 12% decrease in supply (number of properties for sale) and a 19% increase in demand (number of sold properties). As expected, demand has improved this month and we expect it to continue this trend through the summer months.
Median for Sale Up 8% vs Median Sold Price Up 8%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw an 8% increase in the median for sale price and an 8% 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 $395,000 in April 2016 to $425,000 in April 2017, showing a $30,000 increase. The median sold price of a multi-family property in Austin went from $328,500 in April 2016 to $355,000 in April 2017, showing a $26,500 increase.
Source: Clarus Market Metrics, ACTRIS Sold Data
April 2017 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 April 2017 Austin multi family sales below. The most expensive property that sold in April 2017 sold for $2,663,385 and the least expensive multi family property sold for $170,000. Multi family properties ranged in size from 1,560 sqft – 6,018 sqft with an average size of 2,.376 sqft. The average price per square foot for a multi family property that sold in Austin in April 2017 was $218.60 with the lowest being $104.68/sqft and the highest being $1,564.86/sqft. It took, on average, 18 days to sell a multi family property in Austin and sellers received, on average, 98.50% of their original list prices.
| Unit Count | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 2 | 1,560 | $229,000 | $105.45 | $170,000 | $104.68 | 74.24% | 65.64% | 0 | |
| Max | 4 | 6,018 | $2,800,000 | $1,645.12 | $2,663,385 | $1,564.86 | 110.25% | 110.02% | 148 | |
| Avg | 2 | 2,376 | $500,690 | $221.56 | $494,650 | $218.60 | 99.70% | 98.50% | 18 | |
| Median | 2 | 2,133 | $349,900 | $153.78 | $355,000 | $153.98 | 100.00% | 100.00% | 7 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Apr-17 |
| Property Type | Multi Family | Number Sold | 39 |
| 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 demand up 19%, there is lots of competition for multi-family properties. Take advantage of the increase in demand and you just might be able to negotiate a better deal now. 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.
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.
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