Eleven Oaks Realty is proud to present their July 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 July 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 5%
In July 2016, there were 129 luxury homes introduced to the market compared to 123 in July 2015, marking a 5% (6 home) increase in year over year numbers. More luxury sellers are confident at their ability to find a buyer than at this time last year.
Austin Luxury Homes Under Contract Up 22%
In July 2016, 62 luxury homes went pending in the Austin area compared to 51 in July 2015, marking a 22% (11 home) increase in year over year numbers. This Summer has been strong for the Austin luxury real estate market.
19% Decrease in the Number of Luxury Home Sales in Austin
In July 2016, 57 luxury homes sold compared to 70 luxury homes in July 2015, marking a 19% decrease in year over year numbers. Though we saw a decrease in the number of closed sales, the increase in pending sales should mean next month’s sold numbers should be strong.
Austin Luxury Housing Inventory Down 6%
In July 2016, there was 11.4 months of inventory on the Austin luxury real estate market compared to 12.1 months in July 2015. This marked a 6% decrease in year over year numbers. With the increase in the number of under contract and luxury homes taken off the market, we saw a drop off in inventory, despite a decrease in demand and increase in the number of new luxury listings.
Time to Sell Luxury Home in Austin Up 47%
In July 2016, it took 117 days to sell a luxury home in Austin, on average, compared to 80 days in July 2015, marking a 47% increase in year over year numbers. As luxury homes linger on the market, buyers are able to negotiate better deals.
Austin Median Luxury Home Price Saw a 3% Decrease
This month, we saw a 3% decrease in the median home sale price of a luxury home in the Austin area. The median home price in July 2016, when you consider homes that sold for $1 million or more, was $1,250,000 compared to $1,294,500 in July 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.
18% More Homes on the Luxury Market
In July 2016, there were 856 luxury homes for sale in the Austin area, compared to 725 in July 2015, marking an 18% increase in year over year numbers. This year we are seeing more luxury home sellers confident enough in the market to list their homes for sale.
58% Increase in the Number of Luxury Homes Taken Off the Market
In July 2016 there were 90 luxury homes taken off the market compared to 57 in July 2015, showing a 58% increase in year over year numbers. Typically, we see this bigger jump in the number of luxury homes taken off the market in November. It will be interesting to see how many of these homes that were taken off will be re-listed.
Did your home expire? Check out our Austin Home Not Selling resources page to find out why.
Luxury Supply is Up 18% and Luxury Demand Down 19%
This month we saw an 18% increase in luxury housing supply (number of properties for sale) and a 19% decrease in luxury demand (number of sold properties).
Median for Sale Price Up 5% vs Median Sold Price Down 3%
In the Austin area, we saw a 5% increase in the median for sale price of a luxury home and a 3% decrease in the median sold price of a luxury home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
July 2016 Austin Luxury Home Sales Map
All of the Austin luxury single family homes that sold in July 2016 were west of 35, south of 2222 (with the exception of 3) and north of 290. Here is a map of the 82 Austin luxury homes that sold in July 2016.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in July 2016
More Data on Austin Luxury Home Sales July 2016
Here is some additional data on the 57 luxury homes that sold in Travis, Williamson and Hays Counties in July 2016. These 57 homes sold for $1 million or more.
- 0 luxury homes that sold were Foreclosures (Bank Owned)
- 6 luxury homes were Waterfront
- 29 luxury homes were in the Austin ISD
- 0 luxury homes were in the Dripping Springs ISD
- 12 luxury homes were in the Eanes ISD
- 11 luxury homes were in the Lake Travis ISD
- 2 luxury homes were in the Leander ISD
- 1 luxury home was in the Round Rock ISD
- 0 luxury homes were in the Wimberley ISD
- 22 luxury homes were in Gated Communities
- 27 luxury homes were in HOA’s
- 31 luxury homes had Pools
- 20 luxury homes were on Septic Systems
- 56 luxury homes that sold were located in Travis County
- 1 luxury home that sold was 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 July 2016
Luxury Homes for Sale Around Austin
Here is a map view of the 680 luxury homes currently for sale in the Austin area as of August 12, 2016. 612 are located in Travis County, 25 are located in Williamson County and 43 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays Counties
July 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 July 2016 Austin area luxury home sales below. The most expensive luxury home that sold in July 2016 sold for $8,931,679 and the least expensive luxury home sold for $1,000,000. Austin luxury homes ranged in size from 2,174 sqft – 20,117 sqft with an average size of 4,448 sqft. The average price per square foot for a luxury home that sold in Austin in July 2016 was $356.96 with the lowest being $131.48/sqft and the highest being $979.76/sqft. It took, on average, 108 days to sell a luxury home in Austin and sellers received, on average, 90.63% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 2 | 2,174 | $1,000,000 | $144.63 | $1,000,000 | $131.48 | 83.33% | 68.92% | 3 |
| Max | 7 | 14 | 20,117 | $9,900,000 | $1,078.66 | $8,931,679 | $979.76 | 108.16% | 109.36% | 446 |
| Avg | 4 | 5 | 4,448 | $1,603,717 | $374.70 | $1,518,413 | $356.96 | 95.37% | 90.63% | 108 |
| Median | 4 | 4 | 4,222 | $1,295,000 | $350.47 | $1,250,000 | $334.33 | 95.63% | 90.83% | 83 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | July 2016 |
| Property Type | Single Family Homes $1MM+ | Number Sold | 57 |
| 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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