Austin Market Strong for Luxury Homes in 2013
In 2013, Austin has increased luxury homes sales significantly from previous years according to a new report The Real Estate Center at Texas A&M University. This Texas Luxury Home Sales Report, released Monday, shows that Austin a strong force in luxury sales in the state.
Luxury homes are defined as residential properties on the market priced over $1 million. Austin is shown to have increased luxury homes sales approximately 55 percent from January to October last year. This is over twice an increase for all homes sold in that time period.
The report shows that other cities across the state also had healthy luxury home markets this past year. Houston, Dallas, and San Antonio all were included; however none had as impressive a record as Austin last year.
Austin sold 439 luxury homes through October 2013. This market made up 1.9 percent of homes sold during the same time period. In October, there was a recorded 453 homes on the Austin market in $1 million+ price range. This number made up 8.2 percent of all homes listed during that time in the area. The average number of days a luxury home has been on the market was 157 days, which is also approximately 77 percent longer than the average length on market in general.
Cain Realty Group has also noticed an increase in luxury home buyers. The Cain Realty Group team has even contributed to Austin's luxury market this past year. Last month we successfully placed happy buyers in a gorgeous luxury home in the desirable Steiner Ranch community.
If you or anyone you know is interested in buying or selling luxury properties in the Austin area, we would love to reach out and educate them on the process. Luxury homes require different marketing and procedures than the average home on the market, so we would love to explain how the team at Cain Realty Group with Keller Williams Realty can help. Contact our office at 512-794-6601 to discuss the luxury housing market in further detail.