Realty Austin co-owner, Jonathan Boatwright, discussed the luxury market in Austin, Texas with the Austin Business Journal.
Austin’s luxury market, which saw a considerable increase in sales in 2013 compared to 2012, had nearly $883 million in sales of homes sold at $1 million or more. Upon crunching numbers, Jonathan found that 555 homes were sold – a 49 percent increase from 2013, when just 373 were sold. This statistic does not include luxury homes that were not listed in MLS.
The average price per square foot was $326, a $3 increase from the previous year. Average days on the market for luxury homes was also reduced by 33 days from 2012.
The downside to the dynamic sales of 2013 is that the average price of luxury homes sold was $1,581,098 and the median price was $1,338,069. These are substantial decreases from 2012 when the average price was $77,059 higher and the median was $19,478 higher.
The ABJ article was also pushed to Inman News, a leading source of independent real estate news, information, advice, research, opinion and commentary for industry professionals and consumers alike.
Austin Luxury Real Estate Market Analysis
2012 vs 2013 Home and Condo Sales Over $1,000,000
- $882,828,813 – Total dollar volume of $1M+ properties sold in 2013
- $1,581,098 – Average price for $1M+ properties in 2013, $77,059 lower than 2012
- $1,338,069 Median price for $1M+ properties, $19,478 lower than 2012
- 598 – Active $1M+ homes and condos for sale in the Austin MLS
- 555 – $1M+ properties sold in 2013, 182 more than 2012
- $326 – Average price per square foot for $1M+ properties sold, $3 more than 2012
- 106 – Average number of days that $1M+ properties spent on the market, 33 days less than 2012
- 10 – Months of inventory of $1M+ properties, 5 months less than 2012
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