Austin Texas Luxury Real Estate Statistics
published on July 16, 2008
Luxury home sales, herein defined as homes priced over $1 million, have been on a steady rise since 1999 in Austin Texas. From 2005 to 2006, the number of luxury homes that sold increased by a whopping 40%. Home sales leveled out in 2007 with 276 luxury homes sold. So far in 2008 we are on track to have a 37% decrease in the number of luxury homes sold in Austin compared to 2007 with 95 luxury homes sold so far this year through 7/16/08. While the number of luxury homes sold has decreased in 2007 compared to 2008, prices have just slightly decreased by 3.9% from $279 to $268 per square foot while days on market have actually decreased 13% from 107 to 93.
There are currently 424 active luxury homes listed for sale in Austin Texas, 87% of which are listed in the $1 million to $3 million dollar range. There are 31 listed in the $3 million to $4 million range, 12 in the $4 million to $5 million range, and 13 active listings priced above $5 million. These active listing have been on the market for a median of 139 days with the $3 million to $4 million homes sitting the longest at 331 days. It is worth noting that the higher the price-bracket of the home, the higher the listing and sale price per square foot. On average, luxury home prices per square foot increase more than 20% from each million dollar bracket above $1M starting at around $320 per square foot and rising to $732 per square foot for the most expensive luxury listings on the market right now.
Raw data provided by the Austin Board of Realtors but analyzed by Brian Talley of Regent Property Group.
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