Austin Economy Matures: Luxury Home Sales on Track to Increase 365%
Posted by Regent Property Group on Friday, October 12th, 2012 at 5:56pm. 1,191 Views
While Austin may be perceived as a hip, laidback city, this nature is what draws out the creativity and startup/business success that has pumped large amounts of money into our local economy. That foundation for dynamic possibilities, coupled with friendliness toward music, nature, and people in general, attracts individuals and companies from around the world. While many Austin residents love living in “a small town within a big city,” the truth is, we’ve grown up, and that is evident in the growing number of high-dollar real estate transactions. Austin luxury real estate now comprises a sizeable segment of Austin home sales, and, these days, that “Average Joe” or “Average Jane” we see at the coffee shop just might be a multi-millionaire startup mogul, an entrepreneurial genius, or even a celebrity.
Austin luxury properties generally are located in Central Austin, Westlake, and in areas with lakefront access and water or Hill Country views, and are priced from about $1 million to close to $20 million. When we look at the sales of luxury properties in Austin over the past decade plus, we see a marked increase in sales.
1999: 56 luxury homes sold
2012: 225 luxury homes sold, as of 10/12 (which puts us on track for approximately 260 total in 2012)
When compared to data from 1999, projected 2012 luxury home sales in Austin translate to an almost 365% increase over the past 13 years!
Luxury home sales show recent improvements, also:
- 18.4% increase over 2011, when 190 luxury homes were sold in this same time period in Austin.
Looking specifically at Central Austin data, the number of luxury homes sold shows recent increases:
- 39% increase in Central Austin luxury homes sold in 2012, compared to 2011 in this same time period.
- 29% increase in Central Austin luxury homes sold in 2011, compared to 2010 in this same time period.
It’s obvious there are record amounts of money pumping into the local economy. In addition to residential real estate, billions of dollars of commercial and civic projects are underway in downtown Austin – plus there is the astounding and growing economic impact of tourist events to consider, such as Circuit of the Americas races, Austin City Limits, SXSW, University of Texas football, and more.
Maybe all those hipsters and tech nerds are on to something, eh? Are you on the edge of purchasing your own Austin luxury home? Check out our Luxury Home Lingo primer to learn about some of the fun options available to reward your success.
Looking for the lowdown on high-dollar homes in Austin? Here are the stats:
Active: As of October 12, 2012, there were 318 active luxury homes listed for sale in Austin. These homes average 160 days on the market with a median list price of $336.85 per square foot ($1,797,000) and with a median of 5,347 square feet, 5 bedrooms, and 4 bathrooms.
Sold to-date 2012: Between January 1, 2012 and October 12, 2012, there were 225 luxury homes sold in Austin. These homes average 127 days on the market with a median sold price of $276.45 per square foot ($1,300,000) and with a median of 4,933 square feet, 4 bedrooms, and 4 bathrooms.
Sold 2011: Between January 1, 2011 and October 12, 2011, there were 190 luxury homes sold in Austin. These homes averaged 136 days on the market with a median sold price of $275.62 per square foot ($1,331,875) and with a median of 5,163 square feet, 5 bedrooms, and 4 bathrooms.
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