Austin Luxury Home Market Gaining Steam in 2017

Austin luxury home sales gained momentum in February 2017, a positive indicator going into the new year, following what market analysts and real estate agents and brokers considered a “sluggish” 2016 in the high-end Austin real estate market. In February 2017, 41 luxury homes sold in the Austin area, 13 more homes than the previous February, according to a report in the Austin Business Journal and as reported by the Real Estate Center at Texas A&M University.  This was an approximately 32 percent increase in the upscale market sold properties. For homes that sold for over $1 million - the relative demarcation of a luxury home in the Austin area - the average price was $1.8 million, which was a 17 percent increase from the previous year. The median sold price was $1.5 million, which is a 12.1 percent increase from the previous year. Price per square foot saw a modest gain, with a three percent increase compared to February 2016, to $375 per square foot. Total dollar volume was perhaps the strongest indicator that the luxury home market in Austin is gaining steam. The total volume of luxury homes sold in February 2017 was $74,005,000, a 71 percent increase over the previous February. The report from the Austin Business Journal says that while prices are up and more Austin luxury homes are selling, time on the market and inventory for this high-end real estate category both also were up in February 2017. What will the spring hold for Austin’s finest homes?