Eleven Oaks Realty is proud to present their December 2014 Austin Luxury Real Estate Price Report measuring market activity in the Austin area single family home market priced at $1 million or over. The December 2014 Austin Luxury Real Estate Price Report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
19% Decrease in the Number of Luxury Home Sales in Austin
In December 2014, 34 luxury homes sold compared to 42 luxury homes in December 2013, marking a 19% decrease in year over year numbers. Though luxury home sales are down from last year, December 2014 was the first month we saw an increase in sales from the previous month since June 2014.
Austin Luxury Homes Under Contract Up 55%
In December 2014, 31 luxury homes went pending in the Austin area compared to 20 in December 2013, marking a 55% increase in year over year numbers. This sizable increase is hopefully a sign of a stronger market as we start 2015.
Number of Luxury Homes Listed for Sale Up 67%
In December 2014, there were 50 luxury homes introduced to the market compared to 30 in December 2013, marking a 67% increase in year over year numbers. It seems sellers are much more confident in their ability to sell their luxury homes over the Holidays than they were last year.
Austin Luxury Housing Inventory Down 23%
In December 2014, there was 12.2 months of inventory on the Austin luxury real estate market compared to 15.7 months in December 2013. This marked a 23% decrease in year over year numbers. This year bucks the usual trend of December being the month with the most inventory on the market.
Time to Sell Luxury Home in Austin Up 58%
In December 2014, it took 121 days to sell a luxury home in Austin, on average, compared to 77 days in December 2013, marking a 58% increase in year over year numbers. This year it seems it is taking luxury buyers longer to make a decision. Either that, or they are choosing homes that have been on the market for a while to have a stronger position in negotiations.
Austin Median Luxury Home Price Up 7%
This month, we saw a 7% increase in the median home sale price of a luxury home in the Austin area. The median home price in December 2014, when you consider homes that sold for $1 million or more, was $1,400,000 compared to $1,312,000 in December 2013. We saw median sold price peak in November 2014 at over $1.7MM. December 2014 numbers trended back towards the $1.3-$1.4MM we have seen over the rest of 2014.
Median home price helps us see the distribution of homes sold and does not really give us an indication of the increase or decrease in a particular home’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 Home Values Report.
22% More Homes on the Luxury Market
In December 2014, there were 483 luxury homes for sale in the Austin area, compared to 396 in December 2013, marking a 22% increase in year over year numbers.
21% Increase in the Number of Luxury Homes Taken Off the Market
In December 2014 there were 75 luxury homes taken off the market compared to 62 in December 2013, showing a 21% increase in year over year numbers. We’ve seen a steady increase of luxury homes taken off the market since October 2014, which is a seasonal trend we would expect.
Did your home expire? Check out our Austin Home Not Selling resources page to find out why.
Luxury Supply is Up 22% and Luxury Demand is Down 19%
This month we saw a 22% increase in luxury housing supply (number of properties for sale) and a 19% decrease in luxury demand (number of sold properties). Sellers seem to be a bit more confident about the market than buyers. If you’re looking to buy a luxury home in Austin, now is the time. With more choices and less competition, you’ll be in a better position to negotiate a better deal.
Median for Sale Price Down 3% vs Median Sold Price Up 7%
In the Austin area, we saw a 3% decrease in the median for sale price of a luxury home and a 7% increase in the median sold price of a luxury home in year over year numbers. It seems sellers who want to get their homes sold are pricing their homes more competitively and buyers are willing to pay more for homes they see are a value.
Source: Clarus Market Metrics, ACTRIS Sold Data
December 2014 Austin Luxury Home Sales Map
Most of the Austin luxury single family homes that sold in December 2014 were west of 35, south of 2222 (with the exception of 1) and north of 290 (with the exception of 1). Here is a map of the 35 Austin luxury homes that sold in December 2014. One sale in Wimberley TX is outside the scope of this map.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in December 2014
More Data on Austin Luxury Home Sales December 2014
Here is some additional data on the 35 luxury homes that sold in Travis, Williamson and Hays Counties in December 2014. These 35 homes sold for $1 million or more.
- 0 luxury homes that sold was a Foreclosures (Bank Owned)
- 1 luxury home was Waterfront
- 14 luxury homes were in the Austin ISD
- 0 luxury homes were in the Dripping Springs ISD
- 13 luxury homes were in the Eanes ISD
- 4 luxury homes were in the Lake Travis ISD
- 2 luxury homes were in the Leander ISD
- 1 luxury home was in the Round Rock ISD
- 1 luxury home was in the Wimberley ISD
- 8 luxury homes were in Gated Communities
- 20 luxury homes were in HOA’s
- 22 luxury homes had Pools
- 9 luxury homes were on Septic Systems
- 34 luxury homes that sold were located in Travis County
- 1 luxury home that sold was located in Hays County
- 0 luxury homes that sold were located in Williamson County
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in December 2014
Luxury Homes for Sale Around Austin
Here is a map view of the 377 luxury homes currently for sale in the Austin area as of January 7, 2015. 337 are located in Travis County, 9 are located in Williamson County and 31 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays County
December 2014 Luxury Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve listed the figures for December 2014 Austin area luxury home sales below. The most expensive luxury home that sold in December 2014 sold for $5,500,000 and the least expensive luxury home sold for $1,000,000. Austin luxury homes ranged in size from 2,569 sqft – 10,157 sqft with an average size of 4,801 sqft. The average price per square foot for a luxury home that sold in Austin in December 2014 was $377.13 with the lowest being $209.64/sqft and the highest being $1,161.32/sqft. It took, on average, 80 days to sell a luxury home in Austin and sellers received, on average, 93.58% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 3 | 2,569 | $1,025,000 | $231.98 | $1,000,000 | $209.64 | 71.43% | 65.79% | 1 |
| Max | 6 | 9 | 10,157 | $6,500,000 | $1,372.47 | $5,500,000 | $1,161.32 | 113.20% | 113.20% | 701 |
| Avg | 4 | 5 | 4,801 | $1,901,997 | $403.46 | $1,768,276 | $377.13 | 94.19% | 92.59% | 80 |
| Median | 4 | 5 | 4,536 | $1,595,000 | $369.82 | $1,400,000 | $343.04 | 95.68% | 93.58% | 40 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Dec 2014 |
| Property Type | Single Family Homes $1MM or More | Number Sold | 35 |
| Source: | ABoR Sales Data | Area | Travis, Hays, Williamson Counties |
Questions About the Austin Luxury Real Estate Price Report?
Do you have questions about this Austin Luxury 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 an Austin luxury home, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
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