Eleven Oaks Realty is proud to present their August 2015 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 2015 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 28%
In August 2015, there were 100 luxury homes introduced to the market compared to 78 in August 2014, marking a 28% (22 home) increase in year over year numbers. It seems more luxury home sellers are confident in their ability to get an offer than they were last year. And, with good reason. 2015 has been a strong year for Austin luxury real estate and it doesn’t seem to be slowing down.
Austin Luxury Homes Under Contract Up 68%
In August 2015, 57 luxury homes went pending in the Austin area compared to 34 in August 2014, marking a 68% increase in year over year numbers. The Austin real estate market as a whole hasn’t seen the usual back to school slow down this year and it seems the luxury market is no different.
2% Increase in the Number of Luxury Home Sales in Austin
In August 2015, 50 luxury homes sold compared to 49 luxury homes in August 2014, marking an 2% (1 home) increase in year over year numbers.
Austin Luxury Housing Inventory Down 24%
In August 2015, there was 10.9 months of inventory on the Austin luxury real estate market compared to 14.3 months in August 2014. This marked a 24% decrease in year over year numbers. With an increase in the number of new listings, the decrease in inventory shows demand is up.
Time to Sell Luxury Home in Austin Down 8%
In August 2015, it took 93 days to sell a luxury home in Austin, on average, compared to 100 days in August 2014, marking an 8% decrease in year over year numbers. The luxury segment of the Austin real estate market is about the only segment that saw a significant decrease in time to sell in August. It seems luxury home buyers are taking advantage of market conditions and making decisions faster.
Austin Median Luxury Home Price Down 11%
This month, we saw an 11% decrease in the median home sale price of a luxury home in the Austin area. The median home price in August 2015, when you consider homes that sold for $1 million or more, was $1,248,375 compared to $1,400,000 in August 2014.
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.
31% More Homes on the Luxury Market
In August 2015, there were 736 luxury homes for sale in the Austin area, compared to 560 in August 2014, marking a 31% increase in year over year numbers. It seems luxury sellers are looking to capitalize on the increase in demand for luxury homes in Austin.
50% Increase in the Number of Luxury Homes Taken Off the Market
In August 2015 there were 60 luxury homes taken off the market compared to 40 in August 2014, showing a 50% increase in year over year numbers. We would typically expect to see a significant increase from July to August expired numbers. It seems this year luxury sellers are giving it a little bit more time before pulling the plug.
Did your home expire? Check out our Austin Home Not Selling resources page to find out why.
Luxury Supply is Up 31% and Luxury Demand is Up 2%
This month we saw a 31% increase in luxury housing supply (number of properties for sale) and a 2% increase in luxury demand (number of sold properties). Again this month luxury home buyers will have more choices and less competition.
Median for Sale Price Down 3% vs Median Sold Price Down 11%
In the Austin area, we saw a 3% decrease in the median for sale price of a luxury home and an 11% decrease in the median sold price of a luxury home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
August 2015 Austin Luxury Home Sales Map
All of the Austin luxury single family homes that sold in August 2015 were west of 35, south of 2222 (with the exception of 1) and north of 290 (with the exception of 1). Here is a map of the 50 Austin luxury homes that sold in August 2015.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in August 2015
More Data on Austin Luxury Home Sales August 2015
Here is some additional data on the 50 luxury homes that sold in Travis, Williamson and Hays Counties in August 2015. These 50 homes sold for $1 million or more.
- 0 luxury homes that sold were Foreclosures (Bank Owned)
- 6 luxury homes were Waterfront
- 23 luxury homes were in the Austin ISD
- 2 luxury homes were in the Dripping Springs ISD
- 11 luxury homes were in the Eanes ISD
- 8 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
- 10 luxury homes were in Gated Communities
- 19 luxury homes were in HOA’s
- 23 luxury homes had Pools
- 13 luxury homes were on Septic Systems
- 47 luxury homes that sold were located in Travis County
- 2 luxury homes that sold were 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 August 2015
Luxury Homes for Sale Around Austin
Here is a map view of the 593 luxury homes currently for sale in the Austin area as of September 8, 2015. 542 are located in Travis County, 17 are located in Williamson County and 34 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays Counties
August 2015 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 2015 Austin area luxury home sales below. The most expensive luxury home that sold in August 2015 sold for $4,126,870 and the least expensive luxury home sold for $1,000,000. Austin luxury homes ranged in size from 2,575 sqft – 8,840 sqft with an average size of 4,592 sqft. The average price per square foot for a luxury home that sold in Austin in August 2015 was $343.24 with the lowest being $194.57/sqft and the highest being $726.82/sqft. It took, on average, 98 days to sell a luxury home in Austin and sellers received, on average, 91.15% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 3 | 2,575 | $987,500 | $207.45 | $1,000,000 | $194.57 | 76.27% | 66.97% | 0 |
| Max | 6 | 7 | 8,840 | $4,650,000 | $818.95 | $4,126,870 | $726.82 | 101.77% | 105.26% | 345 |
| Avg | 4 | 5 | 4,592 | $1,627,610 | $363.62 | $1,525,121 | $343.24 | 94.56% | 91.15% | 98 |
| Median | 4 | 5 | 4,243 | $1,297,000 | $330.67 | $1,248,375 | $309.88 | 95.30% | 92.67% | 69 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | August 2015 |
| Property Type | Single Family Homes $1MM+ | Number Sold | 50 |
| Source: | ABoR Sales Data | Area | Austin |
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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