We ran the Austin luxury home sale statistics and the results are quite interesting and noteworthy. Please note that we are defining luxury home sales as residential properties of all types (single-family, condos, townhomes, etc.) that sold for $1M or above. We are comparing Jan 1 to June 15 of 2017 compared to the same time frame in 2018 using MLS data (not including private sales). We are using the median sold prices not the average.
- There was a 25% increase in luxury homes sold in the greater Austin area (all the ABOR MLS) with a 3% decrease in sold price and a 3% increase in sold price per sq ft
- 45% of those sales were in Austin ISD, 23% were in Eanes ISD, and 13% were in Lake Travis ISD
- There was a 26% increase in the number of homes sold in Austin ISD with a 4% increase in sold price and a 1.5% decrease in sold price per sq ft
- There was a 13% increase in homes sold in Eanes ISD with a 15% decrease in median sold price and no increase in sold price per sq ft
- There was a 7% increase in homes sold in Lake Travis ISD with a 4% decrease in median sold price and a 4% decrease in sold price per sq ft.
So there has been a huge increase in luxury sales this year in the greater Austin area with a net decrease in sold price and a net increase in sold price per sq ft. Surprisingly sold prices have decreased 15% in Eanes ISD, which is sizable with sold price per sq ft remaining steady. Austin ISD saw sales increase a whopping 26% with sold prices increasing a more modest 4%. Lake Travis ISD saw more solid sales growth of 7% yet sold prices declined 4%.
To conclude, luxury home sales are on fire this year in the Austin area but prices have actually declined overall and especially in Eanes. It appears people are trending towards slightly smaller more efficient luxury homes and are looking for a more substantial discounts for the larger more traditional homes needing some updating. Most luxury homes are sold within Austin ISD followed by Eanes ISD and then Lake Travis ISD.