Eleven Oaks Realty is proud to present their June 2014 Austin Luxury Real Estate Price Report measuring market activity in the Austin area single family home market priced at $1 million or over. This report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
33% Increase in the Number of Luxury Home Sales in Austin
In June 2014, 68 luxury homes sold compared to 51 luxury homes in June 2013, showing a 33% increase in year over year numbers. It seems both luxury home buyers and luxury home sellers have more confidence in the direction of the market in Austin. With sales and new inventory on the rise, Austin’s luxury market is heating up faster than the under $1 million market.
Number of Luxury Homes Listed for Sale Up 40%
In June 2014, there were 120 luxury homes introduced to the market compared to 86 in June 2013, marking a 40% increase in year over year numbers. The past four months we have seen an increased number of sellers who have decided to list their luxury homes. It seems sellers are recognizing buyer demand and trying to take advantage.
Austin Luxury Housing Inventory Down 18%
In June 2014, there was 8 months of inventory on the Austin luxury real estate market compared to 9.8 months in June 2013. This marked an 18% decrease in year over year numbers. Luxury home sales in Austin usually hit a seasonal lull in August, while parents get their kids ready for school, so it will definitely be interesting to see how inventory is affected in next month’s report.
Time to Sell Luxury Home in Austin Up 7%
In June 2014, it took 96 days to sell a luxury home in Austin, on average, compared to 90 days in June 2013, marking a 7% increase in year over year numbers.
Austin Luxury Homes Under Contract Up 29%
In June 2014, 62 luxury homes went pending in the Austin area compared to 48 in June 2013, marking a 29% increase in year over year numbers. Confidence in the luxury sector does not appear to be waning just yet. If you’re looking to sell a luxury home, now is the time.
Austin Median Luxury Home Price Up 3%
This month, we saw a 3% increase in the median home sale price of a luxury home in the Austin area. The median home price in June 2014, when you consider homes that sold for $1 million or more, was $1,392,500 compared to $1,350,000 in June 2013. Buyers are confident in the direction of the market and are willing to pay a little bit more for luxury homes 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.
7% More Homes on the Luxury Market
In June 2014, there were 605 luxury homes for sale in the Austin area, compared to 567 in June 2013, marking a 7% increase in year over year numbers. Sellers have observed what is going on in the luxury real estate market, read the signs of increased buyer demand and more of them have decided to sell this year than last year. This shows more sellers have confidence in their ability to get their homes sold than they did last year.
4% Decrease in the Number of Luxury Homes Taken Off the Market
In June 2014 there were 46 luxury homes taken off the market compared to 48 in June 2013, showing a 4% decrease 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 Up 7% and Luxury Demand is Up 33%
This month we saw a 7% increase in luxury housing supply (number of properties for sale) and a 33% increase in luxury demand (number of sold properties). This matches our experience working in the Austin luxury real estate market.
Median for Sale Price Up 2% vs Median Sold Price Up 3%
In the Austin area, we saw a 2% increase in the median for sale price of a luxury home and a 3% increase in the median sold price of a luxury home in year over year numbers. It appears sellers think their luxury homes are worth a little bit more than they were last year and buyers are willing to pay a little bit more for homes that meet their search parameters.
Source: Clarus Market Metrics, ACTRIS Sold Data
June 2014 Austin Luxury Home Sales Map
Most of the Austin luxury single family homes that sold in June 2014 were west of 35, south of 2222 and north of 290. This month, we did see more luxury home sales in Hays county than we have in previous months. Here is a map of the 68 Austin luxury homes that sold in June 2014.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in June 2014
More Data on Austin Luxury Home Sales June 2014
Here is some additional data on the 68 luxury homes that sold in Travis, Williamson and Hays Counties in June 2014. These 68 homes sold for $1 million or more.
- None of the luxury homes that sold were Foreclosures (Bank Owned)
- 11 luxury homes were Waterfront
- 29 luxury homes were in the Austin ISD
- 1 luxury home was in the Dripping Springs ISD
- 19 luxury homes were in the Eanes ISD
- 10 luxury homes were in the Lake Travis ISD
- 23 luxury homes were in Gated Communities
- 39 luxury homes were in HOA’s
- 44 luxury homes had Pools
- 24 luxury homes were on Septic Systems
- 64 luxury homes that sold were located in Travis County
- 4 luxury home that sold was located in Hays County
- 0 luxury home that sold were located in Williamson County
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in June 2014
Luxury Homes for Sale Around Austin
Here is a map view of the 477 luxury homes currently for sale in the Austin area as of July 16, 2014. 437 are located in Travis County, 11 are located in Williamson County and 29 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays County
June 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 June 2014 Austin area luxury home sales below. The most expensive luxury home that sold in June 2014 sold for $6,750,000 and the least expensive luxury home sold for $1,000,000. Austin luxury homes ranged in size from 2,392 sqft – 8,572 sqft with an average size of 4,748 sqft. The average price per square foot for a luxury home that sold in Austin in June 2014 was $374.07 with the lowest being $139.43/sqft and the highest being $864.94/sqft. It took, on average, 74 days to sell a luxury home in Austin and sellers received, on average, 91/42% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 2 | 3 | 2,392 | 899000 | 152.3 | 1000000 | 139.43 | 85.25% | 63.13% | 0 |
| Max | 7 | 9 | 8,572 | 7250000 | 929.01 | 6750000 | 864.94 | 112.43% | 112.43% | 391 |
| Avg | 4 | 5 | 4,748 | 1746199 | 374.07 | 1648491 | 353.95 | 95.12% | 91.42% | 74 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | June 2014 |
| Property Type | Luxury Homes ($1MM+) | Number Sold | 68 |
| Source: | ABoR Sales Data | Area | Austin |
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.
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