Eleven Oaks Realty is proud to present their May 2014 Austin Luxury Real Estate Price Report measuring market activity in the Austin area single family home market priced at $1 million or over. This report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
22% Increase in the Number of Luxury Home Sales in Austin
In May 2014, 62 luxury homes sold compared to 51 luxury homes in May 2013, showing a 22% increase in year over year numbers. This month luxury home buyers came out in stronger numbers than they have in the past year, showing the strength of this market. We’re seeing this come from local luxury buyers looking to change location and luxury home buyers relocating from other parts of the country.
Number of Luxury Homes Listed for Sale Up 9%
In May 2014, there were 126 luxury homes introduced to the market compared to 116 in May 2013, marking a 9% increase in year over year numbers. The past three months we have seen an increased number of sellers who have decided to list their luxury homes, another indication of the strength of the Austin real estate market.
Austin Luxury Housing Inventory Down 12%
In May 2014, there was 7.3 months of inventory on the Austin luxury real estate market compared to 8.3 months in May 2013. This marked a 12% decrease in year over year numbers. We did see a slight increase from April 2014’s inventory numbers, but still are operating with much less inventory than we have been for the past year plus. Judging from the conversations we’ve had with other Realtors in this market, as well as our own clients, there is quite a bit of pent up demand who just haven’t found the right house yet. It will be interesting to see how next month’s inventory numbers shape up.
Time to Sell Luxury Home in Austin Down 3%
In May 2014, it took 76 days to sell a luxury home in Austin, on average, compared to 79 days in May 2013, marking a 3% decrease in year over year numbers.
Austin Luxury Homes Under Contract Up 14%
In May 2014, 66 luxury homes went pending in the Austin area compared to 58 in May 2013, marking a 14% increase in year over year numbers. It seems Austin is attracting luxury buyers, confident Austin is the right place for them to live.
Austin Median Luxury Home Price Up 6%
This month, we saw a 6% increase in the median home sale price of a luxury home in the Austin area. The median home price in May 2014, when you consider homes that sold for $1 million or more, was $1,422,500 compared to $1,340,000 in May 2013. Buyers are confident in the direction of the market and are willing to pay more for luxury homes 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.
3% More Homes on the Luxury Market
In May 2014, there were 591 luxury homes for sale in the Austin area, compared to 576 in May 2013, marking a 3% increase in year over year numbers.
13% Increase in the Number of Luxury Homes Taken Off the Market
In May 2014 there were 43 luxury homes taken off the market compared to 38 in May 2013, showing a 13% increase in year over year numbers. This figure isn’t surprising. In strong markets, sellers like to push the envelope and see if they can get a certain price for their house. When they can’t, they simply take their homes off the market.
Did your home expire? Check out our Austin Home Not Selling resources page to find out why.
Luxury Supply is Up 3% and Luxury Demand is Up 22%
This month we saw a 3% increase in luxury housing supply (number of properties for sale) and a 22% increase in luxury demand (number of sold properties). This matches our experience working in the Austin luxury real estate market.
Median for Sale Price Up 3% vs Median Sold Price Up 6%
In the Austin area, we saw a 3% increase in the median for sale price of a luxury home and a 6% increase in the median sold price of a luxury home in year over year numbers. It appears sellers think their luxury homes are worth a little bit more than they were last year. Frustrated buyers who have been looking during the busy Spring months, have gotten tired of waiting and are giving in to paying what the seller wants for their homes.
Source: Clarus Market Metrics, ACTRIS Sold Data
May 2014 Austin Luxury Home Sales Map
Most of the Austin luxury single family homes that sold in May 2014 were west of 35, south of 183 and north of 290. Here is a map of the 62 Austin luxury homes that sold in May 2014.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in May 2014
More Data on Austin Luxury Home Sales May 2014
Here is some additional data on the 62 luxury homes that sold in Travis, Williamson and Hays Counties in May 2014. These 62 homes sold for $1 million or more.
- None of the luxury homes that sold were Foreclosures (Bank Owned)
- 10 luxury homes were Waterfront
- 22 luxury homes were in the Austin ISD
- 1 luxury home was in the Dripping Springs ISD
- 22 luxury homes were in the Eanes ISD
- 11 luxury homes were in the Lake Travis ISD
- 28 luxury homes were in Gated Communities
- 43 luxury homes were in HOA’s
- 38 luxury homes had Pools
- 25 luxury homes were on Septic Systems
- 60 luxury homes that sold were located in Travis County
- 1 luxury home that sold was located in Hays County
- 1 luxury home that sold were located in Williamson County
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in May 2014
Luxury Homes for Sale Around Austin
Here is a map view of the 471 luxury homes currently for sale in the Austin area as of June 19, 2014. 430 are located in Travis County, 13 are located in Williamson County and 28 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays County as of 03/21/2014
May 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 May 2014 Austin area luxury home sales below. The most expensive luxury home that sold in May 2014 sold for $4,640,000 and the least expensive luxury home sold for $1,025,000. Austin luxury homes ranged in size from 2,560 sqft – 14,425 sqft with an average size of 5,138 sqft. The average price per square foot for a luxury home that sold in Austin in May 2014 was $338.92 with the lowest being $100.87/sqft and the highest being $741.08/sqft. It took, on average, 74 days to sell a luxury home in Austin and sellers received, on average, 94.55% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 2 | 2,560 | 1039000 | 97.05 | 1025000 | 100.87 | 82.14% | 73.60% | 0 |
| Max | 10 | 10 | 14,425 | 5595000 | 766.5 | 4640000 | 741.08 | 104.98% | 104.98% | 649 |
| Avg | 5 | 5 | 5,138 | 1755285 | 351.46 | 1690142 | 338.92 | 96.44% | 94.55% | 74 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | May 2014 |
| Property Type | Luxury Homes ($1MM+) | Number Sold | 62 |
| Source: | ABoR Sales Data | Area | Austin |
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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