Plenty of $1 million+ home sales under contract in Austin

AUSTIN – Million dollar homes sales are on pace to eclipse the 570 mark, which would top 2013 when 525 such homes were sold.

There is no shortage of options — more than 500 homes priced at more than $1 million are for sale in the Austin market.

As of Nov. 15, 61 are under contract, according to multiple listing data provided by Brian Talley, owner and broker of Regent Property Group LLC in West Lake Hills.

The average price for $1 million-plus homes sold thus far in 2014 was $1,617,000, or $352 per sf, an 8 percent increase compared with last year. The median price is $1,350,000, or $343 per sf, a 14.7 percent increase compared with 2013.

Even though luxury home sales have been fluid and steady all year, the sweet spot for Talley has been in the $400,000-$600,000 range.

His primary buyers this year "tend to buy in Lake Travis, west and southwest Austin with some in central Austin. My observation is that people either want to be in the Hill Country suburbs for privacy and family reasons or as close to downtown as possible for lifestyle reasons."