Austin’s million-dollar-plus homes take longer to sell

AUSTIN – Luxury homes in Austin priced above $1 million are staying on the market longer but more are selling at higher prices than a year ago, according to Jonathan Boatwright, co-founder of Realty Austin.

Realty Austin data indicates that total volume of million-dollar homes sold in June was $116.2 million — up slightly from May, which had $115.1 million. But that’s way more than earlier in 2014. In March, total volume was $52.8 million and it was just $38.2 million in February.

In June, the median value for luxury homes sold was nearly $1.4 million — $35,000 higher than in June 2013. The average value was more than $1.6 million, or $14,528 than in June 2013.

The number of active listings — 654 — has remained fairly constant for months. In June, 71 properties sold — up from 67 in May and 18 more than June 2013. The average price per sf was $347, $36 more per sf than in 2013.

Be sure to check out the Aug. 22 print edition of the Austin Business Journal for a cover story about the wealthiest ZIP codes in Austin and see some of the priciest homes on the market by ZIP code.

Million-dollar-plus properties spend an average of 98 days on the market, 11 more days than in June 2013, but there is less inventory than a year ago.