February 2014 Austin Luxury Real Estate Price Report

Eleven Oaks Realty is proud to present their February 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 February 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 Up 40%

In February 2014, there was 10.6 months of inventory on the Austin luxury real estate market compared to 7.6 months in February 2013. This marked a 40% increase in year over year numbers. It appears more sellers are confident in their ability to successfully sell their homes this year than they were in 2013.

Time to Sell Luxury Home in Austin Down 17%

In February 2014, it took 90 days to sell a luxury home in Austin, on average, compared to 108 days in February 2013, marking a 17% decrease in year over year numbers.

Austin Homes Under Contract Down 29%

In February 2014, 34 luxury homes went pending in the Austin area compared to 48 in February 2013, marking a 29% decrease in year over year numbers. Though luxury homes appear to be selling quicker, less of them are selling as compared to last year. It also appears as though the Austin luxury market hasn’t seen the seasonal Spring uptick the rest of the market saw in February. It will be interesting to see if next month’s numbers show an increase in overall market activity.

Austin Median Home Price Up 17%

This month, we saw a 17% increase in the median home sale price of a luxury home in the Austin area. The median home price in February 2014, when you consider homes that sold for $1 million or more, was $1,400,000 compared to $1,200,750 in February 2013. Buyers appear to be confident in the direction of the Austin luxury real estate market and are willing to pay more for a luxury home 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.

4% Fewer Homes on the Market

In February 2014, there were 421 luxury homes for sale in the Austin area, compared to 438 in February 2013, marking a 4% decrease in year over year numbers.

12% Decrease in the Number of Luxury Home Sales in Austin

In February 2014, 21 homes sold compared to 24 homes in February 2013, showing a 12% decrease in year over year numbers.

Number of Luxury Homes Listed for Sale Down 5%

In February 2014, there were 102 luxury homes introduced to the market compared to 107 in February 2013, marking a 5% decrease in year over year numbers.

4% Increase in the Number of Luxury Homes Taken Off the Market

In February 2014 there were 25 homes taken off the market compared to 24 in February 2013, showing a 4% 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 Down 4% and Luxury Demand is Down 12%

This month we saw a 4% decrease in luxury housing supply (number of properties for sale) and a 12% decrease in luxury demand (number of sold properties).

No Change in Median for Sale Price vs Median Sold Price Up 17%

In the Austin area, we saw no change in the median for sale price of a luxury home and a 17% increase in the median sold price of a luxury home in year over year numbers. It appears sellers think their luxury homes are worth about the same as they did last year. Buyers appear to be more confident in the real estate market and optimistic about where it is headed. Thus, they are making better offers.

Source: Clarus Market Metrics, ACTRIS Sold Data

Feb 2014 Austin Luxury Home Sales Map

Most of the Austin luxury single family homes that sold in February 2014 were west of Lamar Blvd, south of 360 at Lake Austin and north of 290. Here is a map of the 22 Austin luxury homes that sold in February 2014. There was one that sold in Dripping Springs that is outside the scale of this map.

Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in February 2014

More Data on Austin Luxury Home Sales Feb 2014

Here is some additional data on the 22 luxury homes that sold in Travis, Williamson and Hays Counties in February 2014. These 22 homes sold for $1 million or more.

• None of the luxury homes that sold were Foreclosures (Bank Owned)
• 2 luxury homes were Waterfront
• 7 luxury homes were in the Austin ISD
• 1 luxury home was in the Dripping Springs ISD
• 11 luxury homes were in the Eanes ISD
• 3 luxury homes were in the Lake Travis ISD
• 7 luxury homes were in Gated Communities
• 14 luxury homes were in HOA’s
• 11 luxury homes had Pools
• 11 luxury homes were on Septic Systems
• 21 luxury homes that sold were located in Travis County
• 1 luxury home 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 February 2014

Luxury Homes for Sale Around Austin

Here is a map view of the 403 luxury homes currently for sale in the Austin area as of March 21, 2014. 365 are located in Travis County, 15 are located in Williamson County and 24 are located in Hays County.

Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays County as of 03/21/2014

February 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 February 2014 Austin area luxury home sales below. The most expensive luxury home that sold in February 2014 sold for $3,773,000 and the least expensive luxury home sold for $1,017,000. Austin luxury homes ranged in size from 2,255 sqft – 8,831 sqft with an average size of 4,815 sqft. The average price per square foot for a luxury home that sold in Austin in February 2014 was $341.60 with the lowest being $179.94/sqft and the highest being $566.09/sqft. It took, on average, 106 days to sell a luxury home in Austin and sellers received, on average, 92.50% of their original list prices.

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.