Eleven Oaks Realty is proud to present their May 2017 Austin Luxury Real Estate Price Report measuring market activity in the Austin area single family home market priced at $1 million or over. The May 2017 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 29%
In May 2017, there were 198 luxury homes introduced to the market compared to 154 in May 2016, marking a 29% (44 home) increase in year over year numbers.
Austin Luxury Homes Under Contract Up 76%
In May 2017, 120 luxury homes went pending in the Austin area compared to 68 in May 2016, marking a 76% (52 home) increase in year over year numbers. This month saw the most luxury home sales in the past year by nearly double, making it one of the most active segments of the Austin real estate market.
13% Increase in the Number of Luxury Home Sales in Austin
In May 2017, 85 luxury homes sold compared to 75 luxury homes in May 2016, marking a 13% increase in year over year numbers.
36% Decrease in Austin Luxury Housing Inventory
In May 2017, there was 6.5 months of inventory on the Austin luxury real estate market compared to 10.1 months in May 2016. This marked a 36% (3.6 month) decrease in year over year numbers. This is the lowest we’ve seen luxury inventory since March 2013.
Time to Sell Luxury Home in Austin Up 9%
In May 2017, it took 77 days to sell a luxury home in Austin, on average, compared to 71 days in May 2016, marking a 9% increase in year over year numbers. Even though we had a lot of sales, buyers are still taking a little bit more time to make a decision.
Austin Median Luxury Home Price Up 6%
This month, we saw a 6% increase in the median home sale price of a luxury home in the Austin area. The median home price in May 2017, when you consider homes that sold for $1 million or more, was $1,419,110 compared to $1,335,000 in May 2016.
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 May 2017, there were 943 luxury homes for sale in the Austin area, compared to 802 in May 2016, marking an 18% increase in year over year numbers.
No Change in the Number of Luxury Homes Taken Off the Market
In May 2017 there were 46 luxury homes taken off the market compared to 46 in May 2016, showing no change 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 18% – Luxury Demand Up 13%
This month we saw an 18% increase in luxury housing supply (number of properties for sale) and a corresponding increase in luxury demand (number of sold properties), up 13%.
Median for Sale Price Saw a 3% Decrease vs 6% Increase in Median Sold Price
In the Austin area, we saw a 3% decrease in the median for sale price of a luxury home and a 6% increase in the median sold price of a luxury home in year over year numbers. The median for sale price of a luxury home was $1,599,000 in May 2017 compared to $1,650,000 in May 2016 marking a $51,000 decrease in year over year numbers. The median sold price of a luxury home was $1,419,110 in May 2017 versus $1,335,000 in May 2016, marking an $84,110 increase in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
May 2017 Austin Luxury Home Sales Map
All of the Austin luxury single family homes that sold in May 2017 were west of 35, south of 2222 (with the exception of 2) and north of 290 (with the exception of 4). Here is a map of the 86 Austin luxury homes that sold in May 2017.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in May 2017
More Data on Austin Luxury Home Sales May 2017
Here is some additional data on the 86 luxury homes that sold in Travis, Williamson and Hays Counties in May 2017. These 86 homes sold for $1 million or more.
- 0 luxury homes that sold were Foreclosures (Bank Owned)
- 9 luxury homes were Waterfront
- 39 luxury homes were in the Austin ISD
- 3 luxury homes were in the Dripping Springs ISD
- 25 luxury homes were in the Eanes ISD
- 1 luxury home was in the Hays ISD
- 13 luxury homes were in the Lake Travis ISD
- 3 luxury homes were in the Leander ISD
- 0 luxury homes were in the Round Rock ISD
- 2 luxury homes were in the Wimberley ISD
- 21 luxury homes were in Gated Communities
- 48 luxury homes were in HOA’s
- 52 luxury homes had Pools
- 24 luxury homes were on Septic Systems
- 79 luxury homes that sold were located in Travis County
- 1 luxury home that sold was located in Williamson County
- 6 luxury homes that sold were located in Hays County
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in May 2017
Luxury Homes for Sale Around Austin
Here is a map view of the 745 luxury homes currently for sale in the Austin area as of June 14, 2017. 672 are located in Travis County, 22 are located in Williamson County and 51 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays Counties
May 2017 Luxury Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve listed the figures for May 2017 Austin area luxury home sales below. The most expensive luxury home that sold in May 2017 sold for $6,750,000 and the least expensive luxury home sold for $1,025,000. Austin luxury homes ranged in size from 2,304 sqft – 10,828 sqft with an average size of 4,811 sqft. The average price per square foot for a luxury home that sold in Austin in May 2017 was $370.59 with the lowest being $136.53 /sqft and the highest being $673.18 /sqft. It took, on average, 102 days to sell a luxury home in Austin and sellers received, on average, 91.94% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 2 | 2,304 | $995,000 | $154.04 | $1,025,000 | $136.53 | 75.00% | 36.84% | 2 |
| Max | 7 | 9 | 10,828 | $7,750,000 | $805.26 | $6,750,000 | $673.18 | 120.60% | 120360.00% | 859 |
| Avg | 4 | 5 | 4,811 | $1,852,620 | $389.32 | $1,746,425 | $370.59 | 95.38% | 91.94% | 102 |
| Median | 4 | 5 | 4,470 | $1,499,950 | $361.85 | $1,415,805 | $352.68 | 96.18% | 95.49% | 42 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | May-17 |
| Property Type | Single Family Homes $1MM+ | Number Sold | 86 |
| 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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