Austin Luxury Report
Volume No. 6
Residential Properties in Austin $1 Million and above
Number of Luxury homes marked pending
August 17th to August 23rd, 2020
There were 34 contracts signed last week at $1 million and above. 31 were single-family homes not located on the lakefront, 1 was a single-family on the lakefront, and there were 2 condos in the mix.
Nerd Alert: Contracts signed were noticeably down for this week, a -38% total from the previous week. This is likely because of the labor day weekend and the first week of the NFL. Speaking to numerous agents at open houses on Sunday many said traffic was down considerably compared to just the day before, Saturday, a likely indicator that people were staying home to watch football.
The #1 contract was at 8717 Acuarela CT, asking $3,350,000. The home is a spec home in Barton Creek currently under construction. The home offers 5261 square feet, 4 bedrooms, 4.5 baths and is due to be completed in 2021. It will further feature a swimming pool, 3 car garage. Listed by Timothy Heyl of Keller the home was on the market for 8 days before entering into a contract.
The #2 contract was at 2406 Pemberton PKWY, asking $3,225,000. The home located in Old West Austin features 4,874 square feet, 5 bedrooms, 4 bathrooms, and a two-car garage that has 2 lifts. The home was originally listed with Moreland Properties and most recently with Kevin Burns of Urbanspace, and was on the market for a cumulative 192 days.
The luxury market in Austin and the market, in general, is showing remarkable strength compared to other markets across the country. The biggest complaint I find with my clients is that inventory is too low. It's making some prospective sellers nervous to sell because they're concerned about finding something else to buy and move-in to. I generally like to stay away from cliche realtor one-liners, but honestly, if you are a seller NOW is a fantastic time to go to market.