Eleven Oaks Realty is proud to present their March 2015 Austin Luxury Real Estate Price Report measuring market activity in the Austin area single family home market priced at $1 million or over. The March 2015 Austin Luxury Real Estate Price Report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
Austin Luxury Homes Under Contract Up 19%
In March 2015, 62 luxury homes went pending in the Austin area compared to 52 in March 2014, marking a 19% increase in year over year numbers. Though not as significant an increase as last month, we are still seeing steady growth in the Austin luxury real estate market.
69% Increase in the Number of Luxury Home Sales in Austin
In March 2015, 54 luxury homes sold compared to 32 luxury homes in March 2014, marking a 69% (22 home) increase in year over year numbers. With February’s strong pending sale figures, we expected to see more luxury homes sell in March, which we did.
Number of Luxury Homes Listed for Sale Up 13%
In March 2015, there were 159 luxury homes introduced to the market compared to 141 in March 2014, marking a 13% increase in year over year numbers.
Austin Luxury Housing Inventory Saw No Change
In March 2015, there was 8.2 months of inventory on the Austin luxury real estate market compared to 8.2 months in March 2014. This marked no change in year over year numbers. Though demand is getting stronger, the luxury market is still leaning towards a buyer’s market, giving luxury buyers some room to negotiate.
Time to Sell Luxury Home in Austin Up 31%
In March 2015, it took 99 days to sell a luxury home in Austin, on average, compared to 76 days in March 2014, marking a 31% increase in year over year numbers.
Austin Median Luxury Home Price Up 8%
This month, we saw an 8% increase in the median home sale price of a luxury home in the Austin area. The median home price in March 2015, when you consider homes that sold for $1 million or more, was $1,512,500 compared to $1,398,250 in March 2014. It is clear luxury homes in Austin are worth more today than they were last year.
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.
21% More Homes on the Luxury Market
In March 2015, there were 599 luxury homes for sale in the Austin area, compared to 494 in March 2014, marking a 21% increase in year over year numbers. It seems more sellers are confident in the direction of the market and are putting their homes up for sale.
93% Increase in the Number of Luxury Homes Taken Off the Market
In March 2015 there were 29 luxury homes taken off the market compared to 15 in March 2014, showing a 93% increase in year over year numbers. This month the conventional market saw a significant increase in number of homes taken off the market as well. This is unusual at this time of year and will be interesting to see what next month’s numbers show.
Did your home expire? Check out our Austin Home Not Selling resources page to find out why.
Luxury Supply is Up 21% and Luxury Demand is Up 69%
This month we saw a 21% increase in luxury housing supply (number of properties for sale) and a 69% increase in luxury demand (number of sold properties). With more demand than supply, we should see inventory numbers inch down as we head deeper into Spring.
Median for Sale Price Down 5% vs Median Sold Price Up 8%
In the Austin area, we saw a 5% decrease in the median for sale price of a luxury home and an 8% increase in the median sold price of a luxury home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 2015 Austin Luxury Home Sales Map
All of the Austin luxury single family homes that sold in March 2015 were west of 35, south of 2222 (with the exception of 3) and north of 290 (with the exception of two in Southwest Austin). Here is a map of the 55 Austin luxury homes that sold in March 2015.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in March 2015
More Data on Austin Luxury Home Sales March 2015
Here is some additional data on the 55 luxury homes that sold in Travis, Williamson and Hays Counties in March 2015. These 55 homes sold for $1 million or more.
- 0 luxury homes that sold were Foreclosures (Bank Owned)
- 6 luxury homes were Waterfront
- 23 luxury homes were in the Austin ISD
- 1 luxury home was in the Dripping Springs ISD
- 16 luxury homes were in the Eanes ISD
- 10 luxury homes were in the Lake Travis ISD
- 4 luxury homes were in the Leander ISD
- 1 luxury home was in the Round Rock ISD
- 0 luxury homes were in the Wimberley ISD
- 12 luxury homes were in Gated Communities
- 32 luxury homes were in HOA’s
- 25 luxury homes had Pools
- 11 luxury homes were on Septic Systems
- 54 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 March 2015
Luxury Homes for Sale Around Austin
Here is a map view of the 532 luxury homes currently for sale in the Austin area as of April 13, 2015. 482 are located in Travis County, 15 are located in Williamson County and 35 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays County
March 2015 Luxury Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve listed the figures for March 2015 Austin area luxury home sales below. The most expensive luxury home that sold in March 2015 sold for $7,410,000 and the least expensive luxury home sold for $1,000,000. Austin luxury homes ranged in size from 2,106 sqft – 10,633 sqft with an average size of 4,846 sqft. The average price per square foot for a luxury home that sold in Austin in March 2015 was $373.36 with the lowest being $195.57/sqft and the highest being $886.99/sqft. It took, on average, 104 days to sell a luxury home in Austin and sellers received, on average, 94.19% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 2 | 2,016 | $949,000 | $195.57 | $1,000,000 | $195.57 | 86.28% | 72.95% | 1 |
| Max | 7 | 9 | 10,633 | $6,995,000 | $934.41 | $7,410,000 | $886.99 | 114.29% | 114.29% | 370 |
| Avg | 5 | 5 | 4,846 | $1,901,221 | $384.08 | $1,849,041 | $373.36 | 97.03% | 94.19% | 104 |
| Median | 4 | 5 | 4,852 | $1,559,900 | $351.31 | $1,575,000 | $342.75 | 97.02% | 96.00% | 49 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | March 2015 |
| Property Type | Single Family Homes $1MM+ | Number Sold | 55 |
| Source: | ABoR Sales Data | Area | Travis, Hays, Williamson Counties |
Considering Buying or Selling a Luxury Home in Austin?
Our team of Austin luxury real estate market specialists know the market well and can help you get the best deal possible. For more info about our team and how we work, check out our Austin Home Buyers and our Austin Home Sellers sections. Then, call us at (512) 872-8323 or email us at info@11OaksRealty.com to schedule a consultation.
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.
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