Million-dollar home sales see double-digit growth in major metro areas in 2013

Texas Association of REALTORS® releases 2014 Texas Luxury Home Sales Report

FOR IMMEDIATE RELEASE—
CONTACT: Stacy Armijo - Pierpont Communications, 512-448-4950

Jan 06 2014 — Austin

Luxury home sales are one of the fastest-growing segments within the Texas housing market according to the 2014 Texas Luxury Home Sales Report. Released today by the Texas Association of REALTORS®, the report shows double-digit growth in luxury home sales among Texas’s four major markets.

According to the report, Austin, the Dallas-Fort Worth area, Houston, and San Antonio experienced an average 35% jump in luxury home sales between January and October 2013. Individually, Austin luxury home sales jumped 55%, followed by Houston at 46%, Dallas-Fort Worth at 19%, and San Antonio at 18%.

Dan Hatfield, chairman of the Texas Association of REALTORS®, commented: “Data from the Texas Luxury Home Sales Report shows that million-dollar homes are playing an increasingly important role in the Texas housing market. The housing slump is behind us and as Texas’s economy and population continue to accelerate, we’re going to see increasing development and demand in larger, higher-priced homes with luxury amenities.”

Based on data from the Real Estate Center at Texas A&M University, the Texas Luxury Home Sales Report analyzes 2013 year-to-date sales data of homes $1 million and higher in Austin, Dallas-Fort Worth, Houston, and San Antonio through October 2013. Luxury home sales during this time equaled or exceeded those of single-family home sales across Texas, with double-digit increases in all four major markets.

Jim Gaines, Ph.D., economist with the Real Estate Center at Texas A&M University, said, “It’s common for luxury homes to have a significantly longer sell time and higher housing inventory than the average home simply because the pool of interested homebuyers is so much smaller. However, this data still indicates strong demand, particularly in Austin, where homes of $1 million or higher are close to 10% of all active listings and are selling in less than six months, and in Houston, where housing inventory is only 7.4 months.”

In Austin, 439 luxury homes were sold between January and October 2013. Luxury home sales made up 1.9% of the total housing market, but were the fastest-growing price class by far with a 55% increase from the same period in 2012. This is more than double the 20% year-over-year increase of the Austin housing market as a whole. As of October 2013, there were 453 active luxury home listings, 8.2% of all active listings on the market. The estimated number of days to sell a luxury home was 157 days, 77% longer than the average 36 days to sell a home in Austin.

In Houston, 1,060 luxury homes were sold between January and October 2013. Luxury home sales made up 1.7% of the total housing market, but were the second fastest-growing price class with a 46% increase from the same period in 2012. This is more than double the 19% year-over-year increase of the Houston housing market as a whole. As of October 2013, there were 756 active luxury home listings, 4.1% of all active listings on the market. The housing inventory for a luxury home was 7.4 months, 4.3 additional months than that of the Houston housing market at large.

In the Dallas-Fort Worth area, 809 luxury homes were sold between January and October 2013. Luxury home sales made up 1.1% of the total housing market and experienced a 22% increase in sales compared to the same period in 2012. This is slightly higher than the 19% year-over-year increase of the Dallas-Fort Worth housing market as a whole. As of October 2013, there were 922 active luxury home listings, 4.1% of all active listings on the market. The housing inventory for a luxury home was 11.4 months, 8.4 additional months than that of the Dallas-Fort Worth housing market at large.

In San Antonio, 86 luxury homes were sold between January and October 2013. Luxury home sales made up 0.1% of the total housing market and experienced an 18% increase in sales compared to the same period in 2012. This is equal to the 18% year-over-year increase of the San Antonio housing market as a whole. As of October 2013, there were 259 active luxury home listings, 3% of all active listings on the market. The estimated days to sell a luxury home was 550, which is 88% longer than the average 67 days to sell a home in San Antonio.


About the Texas Luxury Home Sales Report

The Texas Luxury Home Sales Report is based on data from the Real Estate Center at Texas A&M University and analyzes sales data of homes priced at $1 million and higher from January through October 2013 for Austin, Dallas-Fort Worth, Houston, and San Antonio. The Texas Association of REALTORS® distributes insights about the Texas housing market each month, including quarterly market statistics, trends among homebuyers and sellers, condominium and townhome sales, international trends, and more. To view these reports, visit TexasRealEstate.com.

About the Texas Association of REALTORS®

With approximately 90,000 members, the Texas Association of REALTORS® is a professional membership organization that represents all aspects of real estate in Texas. We advocate on behalf of Texas REALTORS® and private-property owners to keep homeownership affordable, protect private-property rights, and promote public policies that benefit homeowners. Visit TexasRealEstate.com to learn more.

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