Eleven Oaks Realty is proud to present their March 2016 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 2016 Austin Luxury Real Estate Price Report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
Number of Luxury Homes Listed for Sale Up 41%
In March 2016, there were 205 luxury homes introduced to the market compared to 145 in March 2015, marking a 41% (60 home) increase in year over year numbers. Again this month, luxury home owners are confident in the direction of the luxury real estate market, even though we are in a buyer’s market.
Austin Luxury Homes Under Contract Up 7%
In March 2016, 60 luxury homes went pending in the Austin area compared to 56 in March 2015, marking a 7% increase in year over year numbers. With a 41% increase in new listings, buyers have more choices and are not hesitant to pull the trigger.
20% Decrease in the Number of Luxury Home Sales in Austin
In March 2016, 43 luxury homes sold compared to 54 luxury homes in March 2015, marking a 20% decrease in year over year numbers. This Spring is starting a bit slower than last.
Austin Luxury Housing Inventory Up 16%
In March 2016, there was 10.2 months of inventory on the Austin luxury real estate market compared to 8.8 months in March 2015. This marked a 16% increase in year over year numbers. With more sellers putting their homes on the market and fewer sales, we should continue to see inventory levels rise.
Time to Sell Luxury Home in Austin Down 41%
In March 2016, it took 60 days to sell a luxury home in Austin, on average, compared to 101 days in March 2015, marking a 41% decrease in year over year numbers. This month buyers are choosing homes that were recently listed rather than homes that have been sitting for several months.
Austin Median Luxury Home Price Down 3%
This month, we saw a 3% decrease in the median home sale price of a luxury home in the Austin area. The median home price in March 2016, when you consider homes that sold for $1 million or more, was $1,470,000 compared to $1,512,500 in March 2015.
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.
25% More Homes on the Luxury Market
In March 2016, there were 718 luxury homes for sale in the Austin area, compared to 574 in March 2015, marking a 25% increase in year over year numbers.
78% Increase in the Number of Luxury Homes Taken Off the Market
In March 2016 there were 48 luxury homes taken off the market compared to 27 in March 2015, showing a 78% (21 home) 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 25% and Luxury Demand Down 20%
This month we saw a 25% increase in luxury housing supply (number of properties for sale) and a 20% decrease in luxury demand (number of sold properties).
Median for Sale Price Up 6% vs Median Sold Price Down 3%
In the Austin area, we saw a 6% increase in the median for sale price of a luxury home and a 3% decrease in the median sold price of a luxury home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
March 2016 Austin Luxury Home Sales Map
All of the Austin luxury single family homes that sold in March 2016 were west of 35, south of 2222 (with the exception of 1) and north of 290 (with the exception of 3). Here is a map of the 43 Austin luxury homes that sold in March 2016.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in March 2016
More Data on Austin Luxury Home Sales March 2016
Here is some additional data on the 43 luxury homes that sold in Travis, Williamson and Hays Counties in March 2016. These 43 homes sold for $1 million or more.
- 1 luxury home that sold was a Foreclosure (Bank Owned)
- 4 luxury homes were Waterfront
- 19 luxury homes were in the Austin ISD
- 1 luxury home was in the Dripping Springs ISD
- 12 luxury homes were in the Eanes ISD
- 5 luxury homes were in the Lake Travis ISD
- 6 luxury homes were in the Leander ISD
- 0 luxury homes were in the Round Rock ISD
- 0 luxury homes were in the Wimberley ISD
- 9 luxury homes were in Gated Communities
- 27 luxury homes were in HOA’s
- 28 luxury homes had Pools
- 18 luxury homes were on Septic Systems
- 42 luxury homes that sold were located in Travis County
- 0 luxury homes that sold were located in Williamson County
- 1 luxury home that sold was located in Hays County
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in March 2016
Luxury Homes for Sale Around Austin
Here is a map view of the 660 luxury homes currently for sale in the Austin area as of April 25, 2016. 616 are located in Travis County, 13 are located in Williamson County and 31 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays Counties
March 2016 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 2016 Austin area luxury home sales below. The most expensive luxury home that sold in March 2016 sold for $5,600,000 and the least expensive luxury home sold for $1,025,000. Austin luxury homes ranged in size from 2,621 sqft – 12,264 sqft with an average size of 4,942 sqft. The average price per square foot for a luxury home that sold in Austin in March 2016 was $355.71 with the lowest being $127.69/sqft and the highest being $756.76/sqft. It took, on average, 61 days to sell a luxury home in Austin and sellers received, on average, 94.21% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 3 | 2,621 | $1,089,000 | $137.04 | $1,025,000 | $127.69 | 73.84% | 76.62% | 0 |
| Max | 8 | 10 | 12,264 | $6,200,000 | $810.63 | $5,600,000 | $756.76 | 110.05% | 110.05% | 345 |
| Avg | 4 | 5 | 5,084 | $1,848,512 | $372.09 | $1,728,691 | $351.11 | 94.86% | 94.21% | 61 |
| Median | 4 | 5 | 4,527 | $1,525,000 | $341.73 | $1,470,000 | $316.82 | 95.89% | 93.97% | 42 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | March 2016 |
| Property Type | Single Family Homes $1MM+ | Number Sold | 43 |
| Source: | ABoR Sales Data | Area | Travis, Hays, Williamson Counties |
What is Your Austin Luxury Home Worth?
The Austin Luxury Real Estate Market Report is great for someone who is looking for overall trends in the luxury market. If you’re looking for a better idea of the market in your neighborhood, our Market Snapshot Tool is for you. With just your zip code, we’ll email you a detailed market report for your neighborhood including what homes actually sold for, how long it took for them to find a buyer and trends. Simply put in your zip code and the report will be emailed to you instantly!
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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