Eleven Oaks Realty is proud to present their September 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 September 2014 Austin Luxury Real Estate Price Report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
Austin Luxury Homes Under Contract Up 80%
In September 2014, 54 luxury homes went pending in the Austin area compared to 30 in September 2013, marking an 80% increase in year over year numbers. The luxury housing market in Austin is by far the hottest segment of the real estate market this Fall. We usually expect to see a slight increase from August 2014 numbers, but this year, September’s figures almost reached Spring/Summer numbers. This tells me buyers are very confident in the direction of the real estate market and are looking to get into homes before the end of the year.
22% Increase in the Number of Luxury Home Sales in Austin
In September 2014, 44 luxury homes sold compared to 36 luxury homes in September 2013, showing a 22% increase in year over year numbers.
Number of Luxury Homes Listed for Sale Down 8%
In September 2014, there were 68 luxury homes introduced to the market compared to 74 in September 2013, marking an 8% increase in year over year numbers. It seems luxury home sellers haven’t seen the latest Austin luxury housing market figures. With decreased inventory and increased demand, this market is ideal for a luxury home seller. If you’re considering selling, you might not need to wait until Spring.
Austin Luxury Housing Inventory Down 42%
In September 2014, there was 8.6 months of inventory on the Austin luxury real estate market compared to 14.8 months in September 2013. This marked a 42% decrease in year over year numbers. As with under contract figures, inventory figures are decreasing back to Summer values after the quick slowdown experienced in August. It seems luxury home buyers took August off and then came back in full force in September.
Time to Sell Luxury Home in Austin Down 11%
In September 2014, it took 94 days to sell a luxury home in Austin, on average, compared to 105 days in September 2013, marking an 11% decrease in year over year numbers. With less inventory, buyers aren’t waiting too long to make a decision. When they see something they like, they are jumping on it fairly quickly compared to previous years.
Austin Median Luxury Home Price Down 4%
This month, we saw a 4% decrease in the median home sale price of a luxury home in the Austin area. The median home price in September 2014, when you consider homes that sold for $1 million or more, was $1,287,500 compared to $1,337,500 in September 2013. It seems buyers are negotiating harder than they were last year and more sellers are giving in.
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.
8% More Homes on the Luxury Market
In September 2014, there were 563 luxury homes for sale in the Austin area, compared to 519 in September 2013, marking an 8% increase in year over year numbers. Even though we saw a decrease in the number of new listings, it seems sellers who listed a few months ago are still holding strong hoping for a buyer. With less new inventory for buyers to choose from, they’ll have to pick from existing inventory.
2% Decrease in the Number of Luxury Homes Taken Off the Market
In September 2014 there were 44 luxury homes taken off the market compared to 45 in September 2013, showing a 2% 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 8% and Luxury Demand is Up 22%
This month we saw an 8% increase in luxury housing supply (number of properties for sale) and a 22% increase in luxury demand (number of sold properties). Though supply is up, demand is up more.
Median for Sale Price Up 6% vs Median Sold Price Down 4%
In the Austin area, we saw a 6% increase in the median for sale price of a luxury home and a 4% decrease in the median sold price of a luxury home in year over year numbers.
Source: Clarus Market Metrics, ACTRIS Sold Data
September 2014 Austin Luxury Home Sales Map
Most of the Austin luxury single family homes that sold in September 2014 were west of 35 (with the exception of 1 luxury home), south of 2222 (with the exception of 2) and north of 290 (with the exception of 1). Here is a map of the 44 Austin luxury homes that sold in September 2014.
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in September 2014
More Data on Austin Luxury Home Sales September 2014
Here is some additional data on the 44 luxury homes that sold in Travis, Williamson and Hays Counties in September 2014. These 44 homes sold for $1 million or more.
- None of the luxury homes that sold were Foreclosures (Bank Owned)
- 5 luxury homes were Waterfront
- 20 luxury homes were in the Austin ISD
- 0 luxury homes were in the Dripping Springs ISD
- 10 luxury homes were in the Eanes ISD
- 7 luxury homes were in the Lake Travis ISD
- 15 luxury homes were in Gated Communities
- 25 luxury homes were in HOA’s
- 20 luxury homes had Pools
- 15 luxury homes were on Septic Systems
- 42 luxury homes that sold were located in Travis County
- 1 luxury home that sold was located in Hays County
- 1 luxury home that sold were located in Williamson County
Source: ACTRIS, Home Sales in Travis, Williamson and Hays County Over $1 Million in September 2014
Luxury Homes for Sale Around Austin
Here is a map view of the 465 luxury homes currently for sale in the Austin area as of October 7, 2014. 420 are located in Travis County, 12 are located in Williamson County and 33 are located in Hays County.
Source: ACTRIS, Luxury Homes for Sale in Travis, Williamson and Hays County
September 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 September 2014 Austin area luxury home sales below. The most expensive luxury home that sold in September 2014 sold for $4,800,000 and the least expensive luxury home sold for $1,000,000. Austin luxury homes ranged in size from 2,101 sqft – 10,844 sqft with an average size of 4,826 sqft. The average price per square foot for a luxury home that sold in Austin in September 2014 was $347.38 with the lowest being $149.96/sqft and the highest being $802.45/sqft. It took, on average, 65 days to sell a luxury home in Austin and sellers received, on average, 92.17% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 2 | 2 | 2,101 | $1,000,000 | $167.52 | $1,000,000 | $149.96 | 84.25% | 76.21% | 1 |
| Max | 7 | 9 | 10,844 | $5,627,000 | $782.38 | $4,800,000 | $802.45 | 108.33% | 108.33% | 510 |
| Avg | 4 | 5 | 4,826 | $1,802,947 | $365.55 | $1,707,224 | $347.38 | 94.91% | 92.17% | 65 |
| Median | 4 | 5 | 4,355 | $1,350,000 | $328.46 | $1,275,000 | $309.62 | 95.25% | 92.92% | 32 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | Sept 2014 |
| Property Type | Single Family Homes that Sold for $1MM or More | Number Sold | 44 |
| 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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