2015 was a stellar year for the luxury market in Austin. Home sales were up, prices improved, inventory was low, and the market was healthy....but what happened in 2016?
Virtually the same number of home sold in 2015 and 2016.
696 homes sold in 2016 vs while 666 home sold in 2015. The market is up ever so slightly.
The selling cycle was exactly the same!
Average Days On Market (DOM): Homes averaged 102 on market prior to selling.
The Average Price Point was down in 2016.
In 2016, the Average Sales Price was $1.590MM which was down from $1.6291MM in 2015.
$1.106 Billion dollars of luxury property was sold in Austin in 2016.
The Austin luxury market total property sales was $21MM+ more than 2015! While the average price of Austin luxury homes was slightly lower, the total volume of property sold was higher. Many neighborhoods saw double digit valuation growth. Your home equity may be up significantly.
The Not So Good News:
it would appear that several home owners and Realtors listed homes above market values and 1530 luxury property listings expired in Austin. Why?
There are a number of reasons and we do a deeper dive on the “why” in our video. With 96+% of Buyers beginning their home search online, there is nothing more important than working with professionals who are committed to the "3 P’s” and a strategic online campaign to get your home sold.
What was the most expensive home sold in Austin Texas in 2016?
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