Upscale Austin: Luxury Homes on an Upward Trend in Austin, Texas
Posted by Regent Property Group on Wednesday, January 16th, 2013 at 3:56pm. 1,471 Views
From waterfront homes along Lake Austin to tree-covered estates in Westlake, it is apparent Austin has a sizeable luxury property market. Whether it’s the result of trendy tech or startup success, the wealth of Austin appears here to stay – blended, of course, with our lifestyle-centric living.
As lakefront properties, hill country views, and prime downtown locales abound, there are ample opportunities for those who would like to invest in Upscale Austin. Enjoy this snapshot of the Austin luxury property market:
* For the purposes of this report, luxury homes are defined as homes sold and listed for $1 million and above within the City of Austin.
For the entire year of 2012, 287 luxury homes were sold, with a high price of $7.75 million, an average price of $1.69 million, and a median price of $1.37 million. Luxury homes sold with an average of 126 days on the market and a median 73 days on the market. Sold square foot prices averaged about $324 per square foot.
In comparison, for the entire year of 2011, 221 luxury homes were sold, with a high price of $6 million, an average price of $1.63 million, and a median price of $1.36 million. Luxury homes sold with an average of 131 days on the market and a median 85 days on the market. Sold square foot prices averaged about $309 per square foot.
This year-to-year comparison reveals an increase or improvement across the board in luxury home sales in 2012.
In December 2012, 27 luxury homes sold in the City of Austin, with a high price of $3.15 million and an average price of $1.57 million. In December 2011, 14 luxury homes were sold in the City of Austin, with a high price of $2.13 million and an average price of $1.32 million.
This reveals that December 2012 sales of luxury homes almost doubled those in December 2011.
What does 2013 hold for luxury home sales in Austin?
Early January 2013:
- 227 luxury homes on the market, with a high list price of $15 million, an average list price of $2.44 million, and a median list price of $1.8 million
- 26 homes pending sale, with a high list price of $10.9 million, an average list price of $1.9 million, and a median list price of $1.34 million
These numbers indicate significant upward traction in the pricing of the Austin luxury home market, moving more from sales of entry level luxury homes ($1-2 million) to homes priced in the multi-millions.
Interested in a real estate brokerage attuned to the Austin luxury home market, including experience with multi-million dollar properties? Contact Regent Property Group at 512.554.9714.
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