Eleven Oaks Realty is proud to present their November 2014 Austin Luxury Real Estate Price Report measuring market activity in the Austin area single family home market priced at $1 million or over. The November 2014 Austin Luxury Real Estate Price Report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
37% Decrease in the Number of Luxury Home Sales in Austin
In November 2014, 26 luxury homes sold compared to 41 luxury homes in November 2013, marking a 37% decrease in year over year numbers. Last month we saw a 58% increase in home sales, while this month we saw a 37% decrease, showing even the luxury market is experiencing a market downturn.
Austin Luxury Homes Under Contract Up 3%
In November 2014, 37 luxury homes went pending in the Austin area compared to 36 in November 2013, marking a 3% increase in year over year numbers. With this small uptick in November’s pending figures, December might be a stronger month than last year.
Number of Luxury Homes Listed for Sale Up 50%
In November 2014, there were 63 luxury homes introduced to the market compared to 42 in November 2013, marking a 50% increase in year over year numbers. Again this month, luxury home sellers are confident in their ability to get their homes sold compared to last year. Given this renewed confidence is happening during the slowest period, it is a testament to just how strong the Austin luxury real estate market is being perceived by sellers.
Austin Luxury Housing Inventory Up 12%
In November 2014, there was 11.4 months of inventory on the Austin luxury real estate market compared to 10.2 months in November 2013. This marked a 12% increase in year over year numbers. Even though we saw an increase in inventory, we saw a pretty significant increase in number of new luxury listings, which is more of a contributing factor on the increase than decreased demand.
Time to Sell Luxury Home in Austin Down 31%
In November 2014, it took 94 days to sell a luxury home in Austin, on average, compared to 137 days in November 2013, marking a 31% decrease in year over year numbers. The most interesting trend is the month over month trend from October 2014 to November 2014. Last month it took nearly 150 days to sell a luxury home in the Austin area compared to around 90 days this month. Buyers who are in the market are making faster decisions.
Austin Median Luxury Home Price Up 30%
This month, we saw a 30% increase in the median home sale price of a luxury home in the Austin area. The median home price in November 2014, when you consider homes that sold for $1 million or more, was $1,725,000 compared to $1,325,000 in November 2013. It seems many more multi million dollar luxury homes sold compared to last year, which moved the median price up significantly. The median price for the past 12 months has hovered somewhere between $1.2 and $1.4 million and this month we saw a $400k jump.
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 November 2014, there were 528 luxury homes for sale in the Austin area, compared to 456 in November 2013, marking a 16% increase in year over year numbers.
28% Increase in the Number of Luxury Homes Taken Off the Market
In November 2014 there were 69 luxury homes taken off the market compared to 54 in November 2013, showing a 28% increase in year over year numbers. It seems more sellers this year are taking their homes off the market for the Holidays. It will be interesting to see how many sellers re-list their properties after the 1st of the year, or if they will simply give up and stay put.
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 37%
This month we saw a 16% increase in luxury housing supply (number of properties for sale) and a 37% decrease in luxury demand (number of sold properties). It seems sellers who reacted to the increased demand we saw last month got their homes ready and listed, only to be met with decreased demand as we head into December. But, given the predictions for next year’s housing market, I don’t think this decreased demand will last too much past January.
Median for Sale Price Up 3% vs Median Sold Price Up 30%
In the Austin area, we saw a 3% increase in the median for sale price of a luxury home and a 30% increase in the median sold price of a luxury home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
November 2014 Austin Luxury Home Sales Map
Most of the Austin luxury single family homes that sold in November 2014 were west of 35 (with the exception of 1), south of Lake Austin (with the exception of 1) and north of 290 (with the exception of 3). Here is a map of the 26 Austin luxury homes that sold in November 2014.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in November 2014
More Data on Austin Luxury Home Sales November 2014
Here is some additional data on the 26 luxury homes that sold in Travis, Williamson and Hays Counties in November 2014. These 26 homes sold for $1 million or more.
- 0 luxury homes that sold was a Foreclosures (Bank Owned)
- 3 luxury homes were Waterfront
- 13 luxury homes were in the Austin ISD
- 1 luxury homes were in the Dripping Springs ISD
- 8 luxury homes were in the Eanes ISD
- 2 luxury homes were in the Lake Travis ISD
- 7 luxury homes were in Gated Communities
- 13 luxury homes were in HOA’s
- 17 luxury homes had Pools
- 10 luxury homes were on Septic Systems
- 24 luxury homes that sold were located in Travis County
- 2 luxury homes 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 November 2014
Luxury Homes for Sale Around Austin
Here is a map view of the 406 luxury homes currently for sale in the Austin area as of December 8, 2014. 363 are located in Travis County, 11 are located in Williamson County and 32 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays County
November 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 November 2014 Austin area luxury home sales below. The most expensive luxury home that sold in November 2014 sold for $3,500,000 and the least expensive luxury home sold for $1,030,000. Austin luxury homes ranged in size from 1,910 sqft – 10,879 sqft with an average size of 5,107 sqft. The average price per square foot for a luxury home that sold in Austin in November 2014 was $396.26 with the lowest being $213.59/sqft and the highest being $656.70/sqft. It took, on average, 125 days to sell a luxury home in Austin and sellers received, on average, 91.23% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 2 | 1,910 | $1,080,000 | $242.72 | $1,030,000 | $213.59 | 82.48% | 76.11% | 1 |
| Max | 7 | 7 | 10,879 | $3,750,000 | $678.01 | $3,500,000 | $656.70 | 100% | 100% | 323 |
| Avg | 5 | 5 | 5,107 | $2,078,227 | $422.88 | $1,937,096 | $396.26 | 93.84% | 90.60% | 125 |
| Median | 5 | 5 | 4,909 | $1,665,000 | $389.87 | $1,650,000 | $361.63 | 94.98% | 91.23% | 116 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Nov 2014 |
| Property Type | Single Family Homes $1MM or More | Number Sold | 26 |
| Source: | ABoR Sales Data | Area | Travis, Hays, Williamson Counties |
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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