Eleven Oaks Realty is proud to present their May 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 May 2017.
Austin Multi Family Properties Under Contract Down 7%
In May 2017, 40 multi-family properties went pending (under contract) in Austin compared to 43 in May 2016, marking a 7% decrease in year over year numbers.
Austin Median Multi Family Property Median Price Up 11%
The median home price of a multi-family property in Austin in May 2016 was $345,500 compared to $383,000 in May 2017, marking an 11% ($37,500) 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.
19% Decrease in Austin Multi Family Property Inventory
In May 2017, we saw 1.5 months of inventory on the market, compared to 1.8 months of inventory in May 2016, showing a 19% decrease in year over year numbers. Multi-family inventory is especially low this month. Even though prices are up, investors are seeing the potential and buying the units that are available.
Time to Sell Multi Family Property in Austin Down 2%
In May 2017, it took 25 days to sell a multi family property in Austin, on average, compared to 25 days in May 2016, marking a 2% (0 day) decrease in year over year numbers. Time to sell a multi-family property has hovered below 30 days for most of the last year, which is indicative of an extreme seller’s market.
Number of Multi Family Properties Taken Off the Market Up 11%
In May 2016, there were 9 multi family properties taken off the market compared to 10 in May 2017, marking an 11% 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 Down 3%
In May 2017, Austin saw a 3% decrease in the number of multi family properties sold from May 2016 to May 2017. In May 2017, we saw 35 multi family properties sell in Austin compared to 36 in May 2016 marking a 3% (1 property) decrease in year over year numbers.
Number of Multi Family Properties on the Market Down 16%
In May 2017, we had 109 multi-family properties for sale in Austin, compared to 130 in May 2016, showing a 16% (21 property) decrease in year over year numbers.
21% Decrease in the Number of Multi Family Properties Listed for Sale
In May 2017, we saw 37 multi family properties introduced to the market compared to 47 in May 2016, showing a 21% (10 property) decrease in year over year numbers.
Supply Down 16% and Demand Down 3%
This month we saw a 16% decrease in supply (number of properties for sale) and a 3% decrease in demand (number of sold properties). With supply down more than demand, sellers have a slight advantage in a negotiation.
Median for Sale Up 6% vs Median Sold Price Up 11%
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 an 11% 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 $422,450 in May 2016 to $449,000 in May 2017, showing a $26,550 increase. The median sold price of a multi-family property in Austin went from $345,500 in May 2016 to $383,000 in May 2017, showing a $37,500 increase.
Source: Clarus Market Metrics, ACTRIS Sold Data
May 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 May 2017 Austin multi family sales below. The most expensive property that sold in May 2017 sold for $1,224,000 and the least expensive multi family property sold for $200,000. Multi family properties ranged in size from 1,440 sqft – 4,560 sqft with an average size of 2,304 sqft. The average price per square foot for a multi family property that sold in Austin in May 2017 was $187.01 with the lowest being $95.39/sqft and the highest being $446.18/sqft. It took, on average, 23 days to sell a multi family property in Austin and sellers received, on average, 96.23% of their original list prices.
| Unit Count | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 2 | 1,440 | $199,900 | $96.29 | $200,000 | $95.39 | 81.48% | 68.75% | ||
| Max | 4 | 4,560 | $1,300,000 | $520.14 | $1,224,000 | $446.18 | 117.91% | 117.91% | 126 | |
| Avg | 2 | 2,304 | $434,783 | $193.61 | $419,861 | $187.01 | 97.51% | 96.23% | 23 | |
| Median | 2 | 2,050 | $379,900 | $179.26 | $383,000 | $170.57 | 96.83% | 95.67% | 12 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | May 2017 |
| Property Type | Multi Family | Number Sold | 35 |
| 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! Even though demand is down 3%, supply is down even more. Take advantage of the reduced inventory and make your property stand out as a value. When buyers are excited about the potential of your property, they’re willing to pay more. 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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