March 2014 Austin Luxury Real Estate Price Report

Eleven Oaks Realty is proud to present their March 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.

Austin Luxury Housing Inventory Up 16%

In March 2014, there was 7.2 months of inventory on the Austin luxury real estate market compared to 6.2 months in March 2013. This marked a 16% increase in year over year numbers. About 3.5 months worth of inventory was taken off the market in the past month, showing the strength of the luxury real estate market.

Time to Sell Luxury Home in Austin Up 22%

In March 2014, it took 93 days to sell a luxury home in Austin, on average, compared to 76 days in March 2013, marking a 22% increase in year over year numbers.

Austin Homes Under Contract Down 11%

In March 2014, 59 luxury homes went pending in the Austin area compared to 66 in March 2013, marking an 11% decrease in year over year numbers. Though we saw fewer luxury homes go under contract than we saw in March 2013, March 2014’s pending sales were higher than the numbers we saw over the past 11 months. Luxury buyers seem to have their confidence back.

Austin Median 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 March 2014, when you consider homes that sold for $1 million or more, was $1,398,250 compared to $1,357,500 in March 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.

2% More Homes on the Market

In March 2014, there were 504 luxury homes for sale in the Austin area, compared to 496 in March 2013, marking a 2% increase in year over year numbers.

16% Decrease in the Number of Luxury Home Sales in Austin

In March 2014, 32 luxury homes sold compared to 38 luxury homes in March 2013, showing a 16% decrease in year over year numbers.

Number of Luxury Homes Listed for Sale Up 10%

In March 2014, there were 143 luxury homes introduced to the market compared to 130 in March 2013, marking a 10% increase in year over year numbers.

5% Decrease in the Number of Luxury Homes Taken Off the Market

In March 2014 there were 20 homes taken off the market compared to 21 in March 2013, showing a 5% 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 2% and Luxury Demand is Down 16%

This month we saw a 2% increase in luxury housing supply (number of properties for sale) and a 16% decrease in luxury demand (number of sold properties).

Median for Sale Price Up 4% vs Median Sold Price Up 3%

In the Austin area, we saw a 4% 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 to get what they want.

Source: Clarus Market Metrics, ACTRIS Sold Data

March 2014 Austin Luxury Home Sales Map

Most of the Austin luxury single family homes that sold in March 2014 were west of Lamar Blvd, south of 183 and north of 290. Here is a map of the 34 Austin luxury homes that sold in March 2014. There was one that sold in Marble Falls that was outside the scale of this map.

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

More Data on Austin Luxury Home Sales March 2014

Here is some additional data on the 34 luxury homes that sold in Travis, Williamson and Hays Counties in March 2014. These 34 homes sold for $1 million or more.

• None of the luxury homes that sold were Foreclosures (Bank Owned)
• 3 luxury homes were Waterfront
• 12 luxury homes were in the Austin ISD
• 1 luxury home was in the Dripping Springs ISD
• 10 luxury homes were in the Eanes ISD
• 4 luxury homes were in the Lake Travis ISD
• 12 luxury homes were in Gated Communities
• 17 luxury homes were in HOA’s
• 17 luxury homes had Pools
• 15 luxury homes were on Septic Systems
• 32 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 March 2014

Luxury Homes for Sale Around Austin

Here is a map view of the 486 luxury homes currently for sale in the Austin area as of April 10, 2014. 382 are located in Travis County, 15 are located in Williamson County and 26 are located in Hays County.

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

March 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 March 2014 Austin area luxury home sales below. The most expensive luxury home that sold in March 2014 sold for $3,200,000 and the least expensive luxury home sold for $1,005,000. Austin luxury homes ranged in size from 2,055 sqft – 9,469 sqft with an average size of 4,904 sqft. The average price per square foot for a luxury home that sold in Austin in March 2014 was $340.80 with the lowest being $161.84/sqft and the highest being $790.75/sqft. It took, on average, 65 days to sell a luxury home in Austin and sellers received, on average, 93.74% 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.