Volume No. 15
Residential Properties in Austin $1 Million and above
Number of Luxury homes closed between
November 8 to November 14, 2020
There were 39 contracts closed last week at $1 million and above. 30 were single-family homes not located on lakefront property, 9 were lakefront property, and there were 0 condos in this week’s total. The total sales volume was $69,306,500.
Last week proved the market in Austin is very much alive and well. We saw a mixed bag of news on a national level, that by conventional standards would alarm most. First, we saw Joe Biden being declared the winner of the presidential election, then Trump claimed he was in fact the winner and promised to take the results to court. Then we saw what appeared to be record-breaking COVID cases on a daily basis. Some anxiety over COVID may have been tempered by the promising vaccine data out of Pfizer, but with cold and flu season here, it’s likely going to be a long winter. If I had read this last paragraph five years ago I would have bet all my money that the markets would in freefall and that housing would be taking an absolute beating. Yet, here we are.
I was curious about the contracts signed last week too and was happy to see that 37 contracts were inked at $1 million and above. This shows that the luxury market in Austin, and its surrounding areas, is doing very well.
To summarize it, very smart people with lots of money are continuing to buy real estate in Austin
This week’s notable closing was 1606 Buffalo Gap. The home is by no means at the top of the list however it was on the market for only 4 days, and sold for $300,000 over the listing price. The home is located on Lake Travis featuring 3,898 square feet of living space, four bedrooms, five bathrooms, on a 1.65-acre lot. The seller was represented by Ryan Rodgers of Sotheby’s and the buyer was represented by Michelle Jones from the Grossman & Jones Group at Compass Real Estate.