Eleven Oaks Realty is proud to present their July 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 July 2014 Austin Luxury Real Estate Price Report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
23% Increase in the Number of Luxury Home Sales in Austin
In July 2014, 65 luxury homes sold compared to 53 luxury homes in July 2013, showing a 23% increase in year over year numbers. The luxury segment of the Austin real estate market is definitely the hottest this month. It seems luxury home buyers are confident that Austin is the place for them and are deciding to commit to home ownership.
Number of Luxury Homes Listed for Sale Up 2%
In July 2014, there were 96 luxury homes introduced to the market compared to 94 in July 2013, marking a 2% increase in year over year numbers. This year we’ve seen a significant increase in the number of luxury homes introduced to the market. It seems sellers are finally confident the market will allow them to sell their homes and either move to another luxury home in town, or relocate out of the area.
Austin Luxury Housing Inventory Down 6%
In July 2014, there was 9.2 months of inventory on the Austin luxury real estate market compared to 9.9 months in July 2013. This marked a 6% decrease in year over year numbers.
Time to Sell Luxury Home in Austin Down 18%
In July 2014, it took 83 days to sell a luxury home in Austin, on average, compared to 101 days in July 2013, marking an 18% decrease in year over year numbers. Luxury buyers are snatching up inventory faster than they have in previous years. We typically start to see an increase in days on market when we get to Summer, but this year, we are seeing the opposite. It will be interesting to see if we see the seasonal down tick in August, or if the luxury housing market stays strong.
Austin Luxury Homes Under Contract Up 12%
In July 2014, 54 luxury homes went pending in the Austin area compared to 48 in July 2013, marking a 12% increase in year over year numbers.
Austin Median Luxury Home Price Down 10%
This month, we saw a 10% decrease in the median home sale price of a luxury home in the Austin area. The median home price in July 2014, when you consider homes that sold for $1 million or more, was $1,300,000 compared to $1,450,000 in July 2013. With over 9 months of inventory, the Austin luxury real estate market is a buyer’s market and buyers appear to be negotiating harder 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.
7% More Homes on the Luxury Market
In July 2014, there were 601 luxury homes for sale in the Austin area, compared to 564 in July 2013, marking a 7% increase in year over year numbers. Sellers are responding to the strength of the Austin luxury market and have decided to try to sell their homes this year.
14% Increase in the Number of Luxury Homes Taken Off the Market
In July 2014 there were 48 luxury homes taken off the market compared to 42 in July 2013, showing a 14% increase in year over year numbers.
Did your home expire? Check out our Austin Home Not Selling resources page to find out why.
Luxury Supply is Up 7% and Luxury Demand is Up 23%
This month we saw a 7% increase in luxury housing supply (number of properties for sale) and a 23% increase in luxury demand (number of sold properties).
Median for Sale Price Up 2% vs Median Sold Price Down 10%
In the Austin area, we saw a 2% increase in the median for sale price of a luxury home and a 10% decrease in the median sold price of a luxury home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
July 2014 Austin Luxury Home Sales Map
Most of the Austin luxury single family homes that sold in July 2014 were west of 35, south of 2222 and north of 290. For the previous two months, we’ve seen more luxury home sales in Hays County and this month saw two in Williamson County. Here is a map of the 65 Austin luxury homes that sold in July 2014.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in July 2014
More Data on Austin Luxury Home Sales July 2014
Here is some additional data on the 68 luxury homes that sold in Travis, Williamson and Hays Counties in July 2014. These 68 homes sold for $1 million or more.
- None of the luxury homes that sold were Foreclosures (Bank Owned)
- 5 luxury homes were Waterfront
- 32 luxury homes were in the Austin ISD
- 1 luxury home was in the Dripping Springs ISD
- 19 luxury homes were in the Eanes ISD
- 10 luxury homes were in the Lake Travis ISD
- 21 luxury homes were in Gated Communities
- 34 luxury homes were in HOA’s
- 33 luxury homes had Pools
- 20 luxury homes were on Septic Systems
- 61 luxury homes that sold were located in Travis County
- 2 luxury home that sold was located in Hays County
- 2 luxury home that sold were located in Williamson County
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in July 2014
Luxury Homes for Sale Around Austin
Here is a map view of the 502 luxury homes currently for sale in the Austin area as of August 11, 2014. 460 are located in Travis County, 11 are located in Williamson County and 31 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays County
July 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 July 2014 Austin area luxury home sales below. The most expensive luxury home that sold in July 2014 sold for $4,750,000 and the least expensive luxury home sold for $1,000,000. Austin luxury homes ranged in size from 1,084 sqft – 11,948 sqft with an average size of 4,467 sqft. The average price per square foot for a luxury home that sold in Austin in July 2014 was $354.41 with the lowest being $167.37/sqft and the highest being $1,245.39/sqft. It took, on average, 85 days to sell a luxury home in Austin and sellers received, on average, 94.25% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 1,084 | 925000 | 165.89 | 1000000 | 167.39 | 86.00% | 73.59% | 0 |
| Max | 14 | 14 | 11,948 | 4750000 | 1290.59 | 4150000 | 1245.39 | 114.60% | 115.22% | 925 |
| Avg | 4 | 5 | 4,467 | 1537552 | 367.95 | 1474802 | 354.41 | 96.47% | 94.25% | 85 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | July 2014 |
| Property Type | Luxury Homes ($1MM+) | Number Sold | 65 |
| Source: | ABoR Sales Data | Area | Travis, Williamson, Hays 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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