Eleven Oaks Realty is proud to present their February 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 February 2015 Austin Luxury Real Estate Price Report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
Austin Luxury Homes Under Contract Up 48%
In February 2015, 46 luxury homes went pending in the Austin area compared to 31 in February 2014, marking a 48% increase in year over year numbers. The luxury market in Austin seems to be picking up faster than the conventional market. This segment is by far the most improved from last year.
10% Increase in the Number of Luxury Home Sales in Austin
In February 2015, 22 luxury homes sold compared to 20 luxury homes in February 2014, marking a 10% increase in year over year numbers.
Number of Luxury Homes Listed for Sale Up 22%
In February 2015, there were 105 luxury homes introduced to the market compared to 86 in February 2014, marking a 22% increase in year over year numbers. Increased seller confidence seems to be the theme for 2014 and 2015.
Austin Luxury Housing Inventory Down 16%
In February 2015, there was 6.9 months of inventory on the Austin luxury real estate market compared to 8.2 months in February 2014. This marked a 16% decrease in year over year numbers. As we approach 6 months of inventory, we are getting closer to a balanced market. It will be interesting to see if the luxury market dips into a seller’s market in Spring 2015. At the rate it is going now, there is a good chance.
Time to Sell Luxury Home in Austin Up 11%
In February 2015, it took 92 days to sell a luxury home in Austin, on average, compared to 83 days in February 2014, marking an 11% increase in year over year numbers.
Austin Median Luxury Home Price Up 2%
This month, we saw a 2% increase in the median home sale price of a luxury home in the Austin area. The median home price in February 2015, when you consider homes that sold for $1 million or more, was $1,503,473 compared to $1,475,000 in February 2014. Though not statistically significant, still a good indicator that buyers are willing to pay more for a house this year 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.
25% More Homes on the Luxury Market
In February 2015, there were 377 luxury homes for sale in the Austin area, compared to 302 in February 2014, marking a 25% increase in year over year numbers. Sellers are coming out strong in 2015.
6% Decrease in the Number of Luxury Homes Taken Off the Market
In February 2015 there were 15 luxury homes taken off the market compared to 16 in February 2014, showing a 6% decrease in year over year numbers. The conventional market saw a significant increase in number of homes taken off the market, showing just how strong the luxury market in Austin is.
Did your home expire? Check out our Austin Home Not Selling resources page to find out why.
Luxury Supply is Up 25% and Luxury Demand is Up 10%
This month we saw a 25% increase in luxury housing supply (number of properties for sale) and a 10% increase in luxury demand (number of sold properties). With more supply than demand, it seems there is an opportunity for buyers to get more choices with less competition.
Median for Sale Price Down 6% vs Median Sold Price Up 2%
In the Austin area, we saw a 6% decrease in the median for sale price of a luxury home and a 2% increase in the median sold price of a luxury home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
February 2015 Austin Luxury Home Sales Map
All of the Austin luxury single family homes that sold in February 2015 were west of 35, south of 2222 and north of 290 (with the exception of one luxury home in Georgetown). Here is a map of the 25 Austin luxury homes that sold in February 2015.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in February 2015
More Data on Austin Luxury Home Sales February 2015
Here is some additional data on the 25 luxury homes that sold in Travis, Williamson and Hays Counties in February 2015. These 25 homes sold for $1 million or more.
- 0 luxury homes that sold were Foreclosures (Bank Owned)
- 3 luxury homes were Waterfront
- 10 luxury homes were in the Austin ISD
- 1 luxury home was in the Dripping Springs ISD
- 8 luxury homes were in the Eanes ISD
- 3 luxury homes were in the Lake Travis ISD
- 2 luxury homes were in the Leander ISD
- 0 luxury homes were in the Round Rock ISD
- 0 luxury homes were in the Wimberley ISD
- 7 luxury homes were in Gated Communities
- 12 luxury homes were in HOA’s
- 15 luxury homes had Pools
- 10 luxury homes were on Septic Systems
- 23 luxury homes that sold were located in Travis County
- 1 luxury home that sold was located in Hays County
- 1 luxury home that sold was located in Williamson County
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in February 2015
Luxury Homes for Sale Around Austin
Here is a map view of the 463 luxury homes currently for sale in the Austin area as of March 11, 2015. 419 are located in Travis County, 12 are located in Williamson County and 32 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays County
February 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 February 2015 Austin area luxury home sales below. The most expensive luxury home that sold in February 2015 sold for $5,800,000 and the least expensive luxury home sold for $1,000,000. Austin luxury homes ranged in size from 2,403 sqft – 8,567 sqft with an average size of 5,192 sqft. The average price per square foot for a luxury home that sold in Austin in February 2015 was $381.48 with the lowest being $169.25/sqft and the highest being $1,330.32/sqft. It took, on average, 106 days to sell a luxury home in Austin and sellers received, on average, 94.36% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 3 | 2,403 | $999,000 | $169.25 | $1,000,000 | $158.40 | 86.56% | 72.58% | 2 |
| Max | 6 | 8 | 8,567 | $6,000,000 | $1,330.32 | $5,800,000 | $1,278.45 | 106.53% | 106.53% | 635 |
| Avg | 5 | 5 | 5,192 | $1,858,640 | $381.48 | $1,788,958 | $367.69 | 96.29% | 94.36% | 106 |
| Median | 5 | 5 | 5,248 | $1,410,000 | $334.04 | $1,357,000 | $317.10 | 97.14% | 95.50% | 59 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Feb 2015 |
| Property Type | Single Family Homes $1MM+ | Number Sold | 25 |
| 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.
Leave a Reply