Eleven Oaks Realty is proud to present their April 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 April 2014 Austin Luxury Real Estate Price Report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
Austin Luxury Housing Inventory Down 20%
In April 2014, there was 6.3 months of inventory on the Austin luxury real estate market compared to 7.9 months in April 2013. This marked a 20% decrease in year over year numbers. About 1.5 months worth of inventory was taken off the market in the past month, showing the strength of the luxury real estate market.
Time to Sell Luxury Home in Austin Down 44%
In April 2014, it took 61 days to sell a luxury home in Austin, on average, compared to 109 days in April 2013, marking a 44% decrease in year over year numbers.
Austin Homes Under Contract Up 24%
In April 2014, 72 luxury homes went pending in the Austin area compared to 58 in April 2013, marking a 24% 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 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 April 2014, when you consider homes that sold for $1 million or more, was $1,269,000 compared to $1,407,000 in April 2013. Though buyers are confident in the direction of the market, they are negotiating great deals with sellers.
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.
6% More Homes on the Market
In April 2014, there were 567 luxury homes for sale in the Austin area, compared to 536 in April 2013, marking a 6% increase in year over year numbers.
36% Decrease in the Number of Luxury Home Sales in Austin
In April 2014, 45 luxury homes sold compared to 70 luxury homes in April 2013, showing a 36% decrease in year over year numbers.
Number of Luxury Homes Listed for Sale Up 10%
In April 2014, there were 140 luxury homes introduced to the market compared to 127 in April 2013, marking a 10% increase in year over year numbers.
117% Increase in the Number of Luxury Homes Taken Off the Market
In April 2014 there were 39 luxury homes taken off the market compared to 18 in April 2013, showing a 117% increase in year over year numbers. It seems sellers who are unrealistic about how much their homes are worth decided to take their homes off the market in April 2014.
Did your home expire? Check out our Austin Home Not Selling resources page to find out why.
Luxury Supply is Up 6% and Luxury Demand is Down 36%
This month we saw a 6% increase in luxury housing supply (number of properties for sale) and a 36% decrease in luxury demand (number of sold properties).
Median for Sale Price Up 3% vs Median Sold Price Down 10%
In the Austin area, we saw a 3% 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. It appears sellers think their luxury homes are worth a little bit more than they were last year. Buyers, on the other hand, recognize there is a plentiful supply of luxury homes on the Austin market and are negotiating tough deals.
Source: Clarus Market Metrics, ACTRIS Sold Data
April 2014 Austin Luxury Home Sales Map
Most of the Austin luxury single family homes that sold in April 2014 were west of S 1st St, south of 2222 and north of 290. Here is a map of the 47 Austin luxury homes that sold in April 2014. There was one that sold in Kyle that was outside the scale of this map.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in April 2014
More Data on Austin Luxury Home Sales April 2014
Here is some additional data on the 47 luxury homes that sold in Travis, Williamson and Hays Counties in April 2014. These 47 homes sold for $1 million or more.
- None of the luxury homes that sold were Foreclosures (Bank Owned)
- 5 luxury homes were Waterfront
- 19 luxury homes were in the Austin ISD
- 1 luxury home was in the Dripping Springs ISD
- 16 luxury homes were in the Eanes ISD
- 8 luxury homes were in the Lake Travis ISD
- 13 luxury homes were in Gated Communities
- 27 luxury homes were in HOA’s
- 32 luxury homes had Pools
- 18 luxury homes were on Septic Systems
- 45 luxury homes that sold were located in Travis County
- 2 luxury homes 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 April 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 May 12, 2014. 430 are located in Travis County, 18 are located in Williamson County and 23 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays County as of 03/21/2014
April 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 April 2014 Austin area luxury home sales below. The most expensive luxury home that sold in April 2014 sold for $5,350,000 and the least expensive luxury home sold for $1,000,000. Austin luxury homes ranged in size from 2,165 sqft – 12,736 sqft with an average size of 4,801 sqft. The average price per square foot for a luxury home that sold in Austin in April 2014 was $350.04 with the lowest being $188.82/sqft and the highest being $996.30/sqft. It took, on average, 66 days to sell a luxury home in Austin and sellers received, on average, 93.93% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 3 | 2,165 | 995000 | 190.88 | 1000000 | 188.82 | 0.8511 | 0.7834 | |
| Max | 8 | 11 | 12,736 | 6000000 | 1060.05 | 5350000 | 996.3 | 1.1055 | 110.55% | 494 |
| Avg | 5 | 5 | 4,801 | 1700850 | 369.89 | 1602672 | 350.04 | 0.9515 | 93.93% | 66 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | April 2014 |
| Property Type | Luxury Homes ($1MM+) | Number Sold | 47 |
| 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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