Austin Luxury Real Estate Statistics on Setember 10, 2008

Austin luxury real estate is herein defined as single family homes priced over $1 million.  The number of luxury homes sold in Austin has been on the rise since 1999 when 56 luxury homes were sold.  Fast forward to 2007 and you will find that 276 luxury homes were sold, a 493% increase or an average increase of 62% per year since 1999.  So far in 2008 there have been 137 luxury homes sold in Austin, which puts us on track for there to be approximately 183 luxury homes sold during all of 2008.  While this is a 34% decline compared to 2007 and a 35% decline compared to 2006, it is still 8% higher than 2005 and 27% higher than 2004.  Austin luxury home prices are up 2.8% and the number of homes sold is down 34% when comparing 1/1/08-9/10/08 to the same period of time in 2007.  There is a 13% difference between the current median list price and the median sale price ($335.45 per square foot list price versus $292.19 per square foot sold price) for Austin luxury homes. 

Statistics:

Active: At 8pm on September 10, 2008 there were 385 active luxury homes listed for sale in Austin Texas, 86% of which are listed in the $1,000,000-$2,999,999 range.  These 385 homes average 149 days on the market with a median list price of $335.45 per square foot ($1,599,999) and with a median of 5,015 square feet, 4 bedrooms, and 4 bathrooms. 

Sold: Between January 1, 2008 and September 10, 2008 there were 137 luxury homes sold in Austin.  These homes average 127 days on the market with a median sold price of $292.19 per square foot ($1,331,000) and with a median of 4,810 square feet, 5 bedrooms, and 4 bathrooms.  96% of these homes sold for between $1,000,000 and $2,999,999.  These homes average 143 days on the market with a median sold price of $319.18 per square foot ($1,495,000) and with a median of 4,874 square feet, 4 bedrooms, and 4 bathrooms.  Between January 1, 2007 and September 10, 2007 there were 207 luxury homes sold in Austin.  These homes averaged 100 days on the market with a median sold price of $283.87 per square foot ($1,380,000) and with a median of 5,014 square feet, 5 bedrooms, and 4 bathrooms. 

Withdrawn:  Between January 1, 2008 and September 10, 2008 there were 151 luxury homes withdrawn from the Austin real estate market with a median list price of $325.23 per square foot ($1,600,000) and with a median of 5,155 square feet, 5 bedrooms, and 4 bathrooms. 

Raw data provided by the Austin Board of Realtors but analyzed by Brian Talley of Regent Property Group.