Austin Luxury Real Estate
Eleven Oaks Realty is proud to present their April 2015 Austin Luxury Real Estate Price Report measuring market activity in the Austin area single family home market priced at $1 million or over. The April 2015 Austin Luxury Real Estate Price Report covers the luxury market in the following Austin metro area counties: Travis, Williamson and Hays.
Number of Luxury Homes Listed for Sale Up 40%
In April 2015, there were 190 luxury homes introduced to the market compared to 136 in April 2014, marking a 40% increase in year over year numbers. It seems more sellers are confident with the direction of the Austin luxury real estate market and are looking to make a move.
In April 2015, 74 luxury homes went pending in the Austin area compared to 68 in April 2014, marking a 9% increase in year over year numbers. Though not as significant an increase in year over year numbers as last month, we did see a significant jump from March to April, showing how strong the Austin luxury real estate market continues to be.
22% Increase in the Number of Luxury Home Sales in Austin
In April 2015, 55 luxury homes sold compared to 45 luxury homes in April 2014, marking a 22% (10 home) increase in year over year numbers.
Austin Luxury Housing Inventory Up 17%
In April 2015, there was 7.9 months of inventory on the Austin luxury real estate market compared to 6.8 months in April 2014. This marked a 17% increase in year over year numbers. With such a significant increase in new luxury homes listed on the market, we would expect to also see an increase in inventory, which should be good news for luxury home buyers.
Time to Sell Luxury Home in Austin Up 49%
In April 2015, it took 84 days to sell a luxury home in Austin, on average, compared to 56 days in April 2014, marking a 49% increase in year over year numbers. Though this seems like a significant increase, there was one luxury home that sold last month that took over 1, 500 days to sell, which really increased the average. I would expect this figure to decrease significantly next month.
Austin Median Luxury Home Price Up 6%
This month, we saw a 6% increase in the median home sale price of a luxury home in the Austin area. The median home price in April 2015, when you consider homes that sold for $1 million or more, was $1, 345, 200 compared to $1, 269, 000 in April 2014. The median home price is going up in all segments of the Austin real estate market.
Median home price helps us see the distribution of homes sold and does not really give us an indication of the increase or decrease in a particular home’s market value. To analyze market value, we’d have to take an in depth look at a neighborhood. If you’re looking for something like that, please check out our Austin Home Values Report.
25% More Homes on the Luxury Market
In April 2015, there were 702 luxury homes for sale in the Austin area, compared to 563 in April 2014, marking a 25% increase in year over year numbers. It seems more sellers are confident in the direction of the market and are putting their homes up for sale.See also:
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How is the Brazilian Real Estate market. Specifically luxury real estate in Rio?
Its giving no clues of going down anytime soon. Probably it will continue to go up at least until 2016 (Rio Olympics)