In the video above, Jennifer from GoodLife Luxury reports on the most up-to-date market stats for the Austin Luxury Real Estate market.
Good news this month! The average price of a luxury home has gone up from $1.5 million in July of 2016 to almost $1.7 million this July. With 63 homes closing last year and 92 homes closing this year, you may be asking yourself, what's going on isn’t everyone away for the summer? These were all homes that closed in July, so they were sold earlier.
2 of those 92 luxury homes that sold were between $3 and $4 million, 82 of those homes fell between $1 and $2 million, and 1 of the homes sold for for $21.7 million!
What we're seeing here is a very competitive luxury market! Here’s what’s interesting: 60 of those 82 luxury homes that sold, fell within only 7 zip codes. So, if you’re in the market to buy or sell your home, here is where the competition is!
You’re going to want someone who knows the competition. If you’re ready to sell, there was a time when we could specialize in a single area, but right now your neighborhood is not the only door that people are looking at for luxury homes. In fact, your next door neighbor is not your only competition any longer!
If you’re looking in any of these markets and you’re going to buy, what you need is to have someone with you who knows how to negotiate. And if you’re going to sell your house then what you really need is someone who knows how to price your house to ensure you are really in the competition.