Eleven Oaks Realty is proud to present their August 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 August 2014 Austin Luxury Real Estate Price Report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
9% Decrease in the Number of Luxury Home Sales in Austin
In August 2014, 49 luxury homes sold compared to 54 luxury homes in August 2013, showing a 9% decrease in year over year numbers. The luxury segment of the Austin real estate market is definitely the hottest again 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 22%
In August 2014, there were 84 luxury homes introduced to the market compared to 69 in August 2013, marking a 22% increase in year over year numbers. Again this month, we see 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 7%
In August 2014, there was 13 months of inventory on the Austin luxury real estate market compared to 13.9 months in August 2013. This marked a 7% decrease in year over year numbers. The increase in inventory from June and July is typical as we head into the expected seasonal slow down in August.
Time to Sell Luxury Home in Austin Down 20%
In August 2014, it took 91 days to sell a luxury home in Austin, on average, compared to 114 days in August 2013, marking an 20% decrease in year over year numbers. Though we are seeing more inventory on the market, buyers tend to be more decisive in a shorter period of time than they were last year.
Austin Luxury Homes Under Contract Up 19%
In August 2014, 38 luxury homes went pending in the Austin area compared to 32 in August 2013, marking a 19% increase in year over year numbers.
Austin Median Luxury Home Price Up 7%
This month, we saw a 7% increase in the median home sale price of a luxury home in the Austin area. The median home price in August 2014, when you consider homes that sold for $1 million or more, was $1,400,000 compared to $1,308,750 in August 2013. Even though we have over 13 months of inventory on the Austin luxury real estate market, buyers are still willing to pay more for homes than they were last year. The increase in median price and my experience working in the luxury market tells me buyers who find the right home are willing to pay more to ensure they are the owners.
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 August 2014, there were 579 luxury homes for sale in the Austin area, compared to 542 in August 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.
27% Decrease in the Number of Luxury Homes Taken Off the Market
In August 2014 there were 47 luxury homes taken off the market compared to 64 in August 2013, showing a 27% decrease 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 Down 9%
This month we saw a 7% increase in luxury housing supply (number of properties for sale) and a 9% decrease in luxury demand (number of sold properties).
Median for Sale Price Up 3% vs Median Sold Price Up 7%
In the Austin area, we saw a 3% increase in the median for sale price of a luxury home and a 7% increase in the median sold price of a luxury home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
August 2014 Austin Luxury Home Sales Map
Most of the Austin luxury single family homes that sold in August 2014 were west of 35, south of 2222 and north of 290. Here is a map of the 49 Austin luxury homes that sold in August 2014.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in August 2014
More Data on Austin Luxury Home Sales August 2014
Here is some additional data on the 49 luxury homes that sold in Travis, Williamson and Hays Counties in August 2014. These 49 homes sold for $1 million or more.
- None of the luxury homes that sold were Foreclosures (Bank Owned)
- 9 luxury homes were Waterfront
- 18 luxury homes were in the Austin ISD
- 0 luxury homes were in the Dripping Springs ISD
- 13 luxury homes were in the Eanes ISD
- 13 luxury homes were in the Lake Travis ISD
- 16 luxury homes were in Gated Communities
- 25 luxury homes were in HOA’s
- 30 luxury homes had Pools
- 14 luxury homes were on Septic Systems
- 47 luxury homes that sold were located in Travis County
- 0 luxury homes that sold was located in Hays County
- 2 luxury homes that sold were located in Williamson County
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in August 2014
Luxury Homes for Sale Around Austin
Here is a map view of the 478 luxury homes currently for sale in the Austin area as of September 16, 2014. 430 are located in Travis County, 12 are located in Williamson County and 36 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays County
August 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 August 2014 Austin area luxury home sales below. The most expensive luxury home that sold in August 2014 sold for $3,450,000 and the least expensive luxury home sold for $1,000,000. Austin luxury homes ranged in size from 2,159 sqft – 11,195 sqft with an average size of 4,529 sqft. The average price per square foot for a luxury home that sold in Austin in August 2014 was $329.13 with the lowest being $147.39/sqft and the highest being $526.48/sqft. It took, on average, 81 days to sell a luxury home in Austin and sellers received, on average, 94.09% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 2 | 2,159 | $599,000 | $160.34 | $1,000,000 | $147.39 | 84.85% | 80.43% | 2 |
| Max | 12 | 9 | 11,195 | $3,800,000 | $578.74 | $3,450,000 | $526.48 | 129.60% | 135.63% | 338 |
| Avg | 5 | 5 | 4,910 | $1,636,850 | $342.66 | $1,556,150 | $329.13 | 96.13% | 94.09% | 81 |
| Median | 5 | 5 | 4,529 | $1,475,000 | $343.80 | $1,400,000 | $328.20 | 95.32% | 93.32% | 62 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | August 2014 |
| Property Type | Homes that Sold for $1MM or More | Number Sold | 49 |
| 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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