The Austin TX luxury home market was active in 2010. In Travis County, sales of homes priced over $1 million increased 5% vs. 2009. Just under 200 Austin luxury homes were sold in 2010 while the average size of homes sold decreased slightly, as did the time it took to sell a luxury home. On average, high end properties spent 130 days on the market.
Price per square foot paid was up 2% vs 2009 but is down 5% when compared to 2008 and down 10% when compared to 2007. Although sales were up 5% in 2010 vs. 2009, the number of $1 million + properties sold in Austin/ Travis County were 35% lower than in 2007. I think that 35% number tells the bigger story. Compared to 3 years ago, sales have dropped and so have prices for luxury homes. By no means has the bottom fallen out as is the story in some US cities, but clearly there are fewer sales, with lower prices.
Looking back over the past 5 years, 2007 was the peak in prices and sales numbers for Austin luxury homes. The number of 2010 sales looks like 2005, while the prices look more like 2006. Every neighborhood has its own story to tell and these figures are a broad look at single family home sales in Central and West Austin, Westlake Hills and Western Travis County.
If you are thinking of buying or selling an Austin luxury home, contact me or visit www.trueaustinluxury.com for a more detailed market report or to search Austin luxury homes for sale.
Jeff Harris
Broker
Jeff Harris
Realtor/ Mortgage Broker
True Austin Properties
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