Eleven Oaks Realty is proud to present their February 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 February 2017.
Austin Multi Family Properties Under Contract Down 11%
In February 2017, 41 multi-family properties went pending (under contract) in Austin compared to 46 in February 2016, marking a 11% decrease in year over year numbers.
Austin Median Multi Family Property Median Price Up 9%
The median home price of a multi-family property in Austin in February 2016 was $316,000 compared to $345,000 in February 2017, marking a 9% ($29,000) 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.
9% Decrease in Austin Multi Family Property Inventory
In February 2017, we saw 1.3 months of inventory on the market, compared to 1.4 months of inventory in February 2016, showing a 9% decrease in year over year numbers. Even with fewer multi family property sales, inventory is still decreasing.
Time to Sell Multi Family Property in Austin Down 19%
In February 2017, it took 19 days to sell a multi family property in Austin, on average, compared to 23 days in February 2016, marking a 19% (4 day) decrease in year over year numbers. Time to sell a multi-family property saw a high last month, but appears to be recovering in February.
Number of Multi Family Properties Taken Off the Market Up 50%
In February 2016, there were 10 multi family properties taken off the market compared to 15 in February 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 Down 18%
In February 2017, Austin saw a 18% decrease in the number of multi family properties sold from February 2016 to February 2017. In February 2017, we saw 27 multi family properties sell in Austin compared to 33 in February 2016 marking a 18% (6 property) decrease in year over year numbers.
Number of Multi Family Properties on the Market Down 10%
In February 2017, we had 108 multi-family properties for sale in Austin, compared to 120 in February 2016, showing a 10% (12 property) decrease in year over year numbers.
12% Decrease in the Number of Multi Family Properties Listed for Sale
In February 2017, we saw 49 multi family properties introduced to the market compared to 56 in February 2016, showing a 12% (7 property) decrease in year over year numbers.
Supply Down 10% and Demand Down 18%
This month we saw an 10% decrease in supply (number of properties for sale) and a 18% decrease in demand (number of sold properties). Again this month, both supply and demand saw a bit of a dip. It will be interesting to see if demand improves as we head deeper into the Spring market.
Median for Sale Up 27% vs Median Sold Price Up 9%
This chart compares the Median for Sale Price vs the Median Sold Price to show their relationship. In Austin, we saw an 27% increase in the median for sale price and a 9% 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 $349,950 in February 2016 to $443,500 in February 2017, showing a $93,550 increase. The median sold price of a multi-family property in Austin went from $316,000 in February 2016 to $345,000 in February 2017, showing a $29,000 increase.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 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 February 2017 Austin multi family sales below. The most expensive property that sold in February 2017 sold for $737,750 and the least expensive multi family property sold for $225,000. Multi family properties ranged in size from 1,617 sqft – 4,859 sqft with an average size of 2,438 sqft. The average price per square foot for a multi family property that sold in Austin in February 2017 was $163.39 with the lowest being $99.95 /sqft and the highest being $337.84 /sqft. It took, on average, 35 days to sell a multi family property in Austin and sellers received, on average, 99.60% of their original list prices.
| Unit Count | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 2 | 1,617 | $225,000 | $102.43 | $225,000 | $99.95 | 87.32% | 81.65% | 0 | |
| Max | 4 | 4,859 | $767,000 | $337.84 | $737,750 | $337.84 | 106.90% | 106.90% | 269 | |
| Avg | 3 | 2,438 | $384,468 | $166.28 | $378,478 | $163.39 | 98.71% | 97.85% | 35 | |
| Median | 2 | 2,113 | $349,500 | $145.48 | $351,500 | $141.41 | 99.60% | 99.60% | 5 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Feb-17 |
| Property Type | Multi Family | Number Sold | 23 |
| 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 18%, you won’t have as much competition for multi-family properties. Take advantage of the decrease in demand and you just might be able to negotiate a better deal now. If you’re looking to get the best deal, 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 you’re looking to sell, there are still qualified buyers in the market. Though demand is down, inventory levels are also low, which is still a strong seller’s market. Time to sell is up, but the median price is up 9%, making the wait worth it.
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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