According to the 2014 Texas Luxury Home Sales Report published by The Texas Association of Realtors on January 6, 2014, the luxury real estate market saw double digit sales growth in all four major Texas metros they evaluated: Austin, San Antonio, Dallas and Houston. The report defined a luxury home as a $1 million home or above and they used January – October 2013 luxury home sales data versus January – October 2012 luxury home sales data.
55% Increase in Luxury Homes Sold in the Austin Luxury Real Estate Market
From January 2013 – October 2013, the Austin metro area saw 439 luxury home sales, marking a 55% increase in year over year numbers. The luxury segment made up 1.9% of the total market that saw 23,472 home sales in the same period. These figures translated to a 20% growth in the Austin luxury market in 2013 versus 2012.
Takes 77% Longer to Sell a Luxury Home in Austin
According to the report, it took, on average, 157 days to sell a luxury home in the Austin area from January – October 2013 compared to 36 days for homes priced below $1 million.
Austin Luxury Home Sellers Taking Advantage of Increased Demand
Though the luxury market only made up 1.9% of the total sales from January – October 2013, luxury homes made up 8.2% of homes that were actively for sale in October 2013 (453 out of 5,540) in the Austin metro area. Homeowners looking to sell homes priced at $1 million or above are sensing the growing demand for luxury homes in the Austin area and getting their homes listed.
Download a Copy of the 2014 Texas Luxury Home Sales Report
Interested in the full report? Download it here.
Digging Deeper – Austin Luxury Home Sales
We thought we’d pull some additional facts about the data to dig down a bit deeper. All of the data below was pulled from ACTRIS, the Austin/Central Texas Realty Information Service or MLS as most know it as. We used the same time period (January – October 2013).
- 58% (256) of Luxury Home Buyers Got Loans
- 30% (134) of Luxury Homes Sold Were in Gated Communities
- 63% (275) of Luxury Homes Sold Had Pools
- 57% (248) of Luxury Homes Sold were in Homeowner’s Associations
- 0% of Luxury Homes Sold were Foreclosures (Bank Owned)
- 4% (19) of Luxury Homes Sold allowed Horses
- 16% (69) of Luxury Homes Sold were Waterfront
- 3% (14) of Luxury Homes Sold backed to a Golf Course
- 48% (209) of Luxury Homes Sold had 1 Acre+ Lots
- 5% (26) of Luxury Homes Sold had 5 Acre+ Lots
- 3% (13) of Luxury Homes Sold had 10 Acre+ Lots
- 82% (358) of Luxury Homes Sold were in the city of Austin
- 2% (9) of Luxury Homes Sold were in the city of Lakeway
- 1% (4) of Luxury Homes Sold were in the city of Leander
- 1% (3) of Luxury Homes Sold were in the city of Georgetown
Want to Keep Up with the Austin Market for Luxury Homes?
We have two tools that will assist you. If you are a home seller (or know a specific neighborhood/address) you’re most interested in, our Austin Home Values tool would be most helpful. This report will show you all market activity within a mile radius of your home or neighborhood. If you are a home buyer, or someone interested in a larger segment of the market, check out our Austin Real Estate Market Reports. These reports are run geographically and break the data down price price so you can see how the luxury market fits.
Ready to Buy or Sell An Austin Luxury Home?
We’re here to help! We know the luxury market and can help you interpret the market and make a smart real estate decision. Call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.
Austin Luxury Homes for Sale