Eleven Oaks Realty is proud to present their October 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 October 2014 Austin Luxury Real Estate Price Report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
58% Increase in the Number of Luxury Home Sales in Austin
In October 2014, 41 luxury homes sold compared to 26 luxury homes in October 2013, marking a 58% increase in year over year numbers. This sizable increase in luxury home sales shows luxury home buyers are very confident in the direction of the Austin real estate market. Again this month, the luxury segment of the Austin real estate market is the hottest compared to last year.
Austin Luxury Homes Under Contract Down 7%
In October 2014, 39 luxury homes went pending in the Austin area compared to 42 in October 2013, marking an 7% decrease in year over year numbers. Though October was a bit slower in pending contracts, we saw nearly 60% more homes close escrow, which again shows the strength of the luxury housing market.
Number of Luxury Homes Listed for Sale Up 34%
In October 2014, there were 90 luxury homes introduced to the market compared to 67 in October 2013, marking a 34% increase in year over year numbers. Though they’ve been slow to list their luxury homes the past few months, it seems luxury sellers are gaining confidence in their ability to sell with the increase in luxury buyer demand.
Austin Luxury Housing Inventory Up 19%
In October 2014, there was 11.7 months of inventory on the Austin luxury real estate market compared to 9.9 months in October 2013. This marked a 19% increase in year over year numbers. Though this stat alone would suggest a slower market, I would argue it is a result of the increase in luxury homes listed this month.
Time to Sell Luxury Home in Austin Up 73%
In October 2014, it took 137 days to sell a luxury home in Austin, on average, compared to 79 days in October 2013, marking a 73% increase in year over year numbers. Again, this stat is contrary to what we’ve seen in the market. As buyer demand increases, buyers are choosing luxury homes that have been on the market for several months, thus increasing the average days on market for luxury homes that sold. In slower markets, these luxury homes might sit on the market. But, with limited choices for buyers, they’re negotiating better deals on homes that have been on the market for a while.
Austin Median Luxury Home Price Down 3%
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 October 2014, when you consider homes that sold for $1 million or more, was $1,335,000 compared to $1,379,950 in October 2013. Though there is increased buyer activity, these buyers are still price sensitive. They’re negotiating better deals and sellers are obliging them.
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.
10% More Homes on the Luxury Market
In October 2014, there were 563 luxury homes for sale in the Austin area, compared to 512 in October 2013, marking a 10% increase in year over year numbers. The increase in new listings this month were canceled out by the increase in home sales, thus only creating a 10% increase in the number of luxury homes for sale in Austin.
18% Increase in the Number of Luxury Homes Taken Off the Market
In October 2014 there were 66 luxury homes taken off the market compared to 56 in October 2013, showing an 18% decrease in year over year numbers. This sudden increase looks suspicious if you don’t factor in seasonality. Most luxury home sellers don’t want to deal with the inconvenience of having their homes for sale over the Holidays. When their homes don’t sell by Halloween, many of them take them off the market and try again during Spring. It seems more sellers decided to take a break this year than last year.
Did your home expire? Check out our Austin Home Not Selling resources page to find out why.
Luxury Supply is Up 10% and Luxury Demand is Up 58%
This month we saw a 10% increase in luxury housing supply (number of properties for sale) and a staggering 58% increase in luxury demand (number of sold properties). It seems luxury buyers are not letting the Holidays stop them from looking for their dream homes. And, they’re pretty smart to do so. Historically, buyers have been able to negotiate better deals in Winter than in Spring. If you’re looking to get a great deal on an Austin luxury home, take advantage of the Winter slowdown and you could be in your new home by Christmas.
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
October 2014 Austin Luxury Home Sales Map
Most of the Austin luxury single family homes that sold in October 2014 were west of 35, south of 183 (with the exception of 2) and north of 290 (with the exception of 3). Here is a map of the 41 Austin luxury homes that sold in October 2014.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in October 2014
More Data on Austin Luxury Home Sales October 2014
Here is some additional data on the 41 luxury homes that sold in Travis, Williamson and Hays Counties in October 2014. These 41 homes sold for $1 million or more.
- 1 luxury home that sold was a Foreclosures (Bank Owned)
- 7 luxury homes were Waterfront
- 19 luxury homes were in the Austin ISD
- 2 luxury homes were in the Dripping Springs ISD
- 7 luxury homes were in the Eanes ISD
- 5 luxury homes were in the Lake Travis ISD
- 16 luxury homes were in Gated Communities
- 23 luxury homes were in HOA’s
- 24 luxury homes had Pools
- 15 luxury homes were on Septic Systems
- 36 luxury homes that sold were located in Travis County
- 3 luxury homes that sold was located in Hays County
- 2 luxury homes that sold were located in Williamson County
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in October 2014
Luxury Homes for Sale Around Austin
Here is a map view of the 446 luxury homes currently for sale in the Austin area as of November 7, 2014. 404 are located in Travis County, 10 are located in Williamson County and 32 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays County
October 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 October 2014 Austin area luxury home sales below. The most expensive luxury home that sold in October 2014 sold for $4,231,561 and the least expensive luxury home sold for $1,015,000. Austin luxury homes ranged in size from 2,581 sqft – 9,900 sqft with an average size of 5,017 sqft. The average price per square foot for a luxury home that sold in Austin in October 2014 was $352.86 with the lowest being $174.96/sqft and the highest being $782.46/sqft. It took, on average, 110 days to sell a luxury home in Austin and sellers received, on average, 90.01% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 3 | 2 | 2,581 | $1,050,000 | $174.96 | $1,015,000 | $174.96 | 78.27% | 72.33% | 9 |
| Max | 12 | 12 | 9,800 | $4,750,000 | $878.33 | $4,231,561 | $782.46 | 105.20% | 110.81% | 562 |
| Avg | 5 | 5 | 5,017 | $1,864,556 | $377.55 | $1,748,860 | $352.86 | 94.03% | 90.01% | 110 |
| Median | 4 | 5 | 5,052 | $1,524,900 | $368.28 | $1,335,000 | $355.53 | 94.88% | 89.15% | 71 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Oct 2014 |
| Property Type | Single Family Homes $1MM or More | Number Sold | 41 |
| 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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