Eleven Oaks Realty is proud to present their January 2016 Austin Luxury Real Estate Price Report measuring market activity in the Austin area single family home market priced at $1 million or over. The January 2016 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 22%
In January 2016, there were 104 luxury homes introduced to the market compared to 85 in January 2015, marking a 22% (19 home) increase in year over year numbers. It seems more luxury sellers are confident in their ability to sell their home as we head into Spring even though demand for luxury homes is down.
Austin Luxury Homes Under Contract Up 21%
In January 2016, 41 luxury homes went pending in the Austin area compared to 34 in January 2015, marking a 21% increase in year over year numbers. Luxury buyers are not waiting until the busier Spring months to get something under contract. If you’re looking to sell, you might not need to wait to get a qualified buyer.
42% Decrease in the Number of Luxury Home Sales in Austin
In January 2016, 22 luxury homes sold compared to 38 luxury homes in January 2015, marking a 42% (16 home) decrease in year over year numbers. Coming out of a very strong December, January’s numbers seem pretty low. It should be interesting to see how next month’s numbers shake out given the increase in luxury homes that went pending.
Austin Luxury Housing Inventory Down 3%
In January 2016, there was 11.0 months of inventory on the Austin luxury real estate market compared to 11.4 months in January 2015. This marked a 3% decrease in year over year numbers and a 6 month decrease in inventory from December.
Time to Sell Luxury Home in Austin Up 10%
In January 2016, it took 81 days to sell a luxury home in Austin, on average, compared to 74 days in January 2015, marking a 10% increase in year over year numbers.
Austin Median Luxury Home Price Up 1%
This month, we saw a 1% increase in the median home sale price of a luxury home in the Austin area. The median home price in January 2016, when you consider homes that sold for $1 million or more, was $1,457,500 compared to $1,442,500 in January 2015.
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.
16% More Homes on the Luxury Market
In January 2016, there were 536 luxury homes for sale in the Austin area, compared to 462 in January 2015, marking a 15% increase in year over year numbers.
5% Increase in the Number of Luxury Homes Taken Off the Market
In January 2016 there were 44 luxury homes taken off the market compared to 42 in January 2015, showing a 5% (2 home) increase in year over year numbers. Like with all aspects of the Austin real estate market, we have some sellers who have not prepared their homes for the market or did not price accordingly. Instead of adjusting their marketing or pricing strategy, they give up and decide to try again at a future date.
Did your home expire? Check out our Austin Home Not Selling resources page to find out why.
Luxury Supply is Up 16% and Luxury Demand is Down 42%
This month we saw a 16% increase in luxury housing supply (number of properties for sale) and a 42% decrease in luxury demand (number of sold properties).
Median for Sale Price Up 8% vs Median Sold Price Up 1%
In the Austin area, we saw an 8% increase in the median for sale price of a luxury home and a 1% increase in the median sold price of a luxury home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
January 2016 Austin Luxury Home Sales Map
All of the Austin luxury single family homes that sold in January 2016 were west of 35 (with the exception of 1), south of 2222 (with the exception of 1) and north of 290 (with the exception of 1). Here is a map of the 22 Austin luxury homes that sold in January 2016.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in January 2016
More Data on Austin Luxury Home Sales January 2016
Here is some additional data on the 22 luxury homes that sold in Travis, Williamson and Hays Counties in January 2016. These 22 homes sold for $1 million or more.
- 0 luxury homes that sold were Foreclosures (Bank Owned)
- 5 luxury homes were Waterfront
- 10 luxury homes were in the Austin ISD
- 0 luxury homes were in the Dripping Springs ISD
- 3 luxury homes were in the Eanes ISD
- 7 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
- 4 luxury homes were in Gated Communities
- 9 luxury homes were in HOA’s
- 10 luxury homes had Pools
- 7 luxury homes were on Septic Systems
- 22 luxury homes that sold were located in Travis County
- 0 luxury homes that sold were located in Williamson County
- 0 luxury homes that sold were located in Hays County
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in January 2016
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 February 17, 2016. 434 are located in Travis County, 10 are located in Williamson County and 27 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays Counties
January 2016 Luxury Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve listed the figures for January 2016 Austin area luxury home sales below. The most expensive luxury home that sold in January 2016 sold for $4,503,000 and the least expensive luxury home sold for $1,050,000. Austin luxury homes ranged in size from 2,055 sqft – 9,685 sqft with an average size of 4,859 sqft. The average price per square foot for a luxury home that sold in Austin in January 2016 was $362.67 with the lowest being $223.30/sqft and the highest being $583.94/sqft. It took, on average, 144 days to sell a luxury home in Austin and sellers received, on average, 89.24% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 2 | 2 | 2,055 | $1,095,000 | $227.27 | $1,050,000 | $223.30 | 83.05% | 68.06% | 1 |
| Max | 7 | 10 | 9,685 | $4,695,000 | $630.17 | $4,503,000 | $583.94 | 100.00% | 100.00% | 562 |
| Avg | 4 | 5 | 4,859 | $1,803,500 | $384.97 | $1,692,061 | $362.67 | 94.17% | 89.24% | 144 |
| Median | 4 | 4 | 4,498 | $1,520,000 | $387.43 | $1,457,500 | $360.21 | 95.43% | 91.52% | 105 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | January 2016 |
| Property Type | Single Family Homes $1MM+ | Number Sold | 22 |
| Source: | ABoR Sales Data | Area | Travis, Hays, Williamson Counties |
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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