In the past 7 days we had 152 properties go under contract ranging from $63,000 to $1,875,000. The average price was $367,816 and the median price was $253,000. As you can see, an unusually high number of properties over $1M went under contract and most of those homes had a significant price drop averaging 10.32%. This unusual number of $1M+ homes drove the average price up quite a bit. We see that happening often so when you read that the average price went up make sure you analyze the data to see exactly why.
The average sold price in July went from $238,589 to $279,134, a + 17.0% increase but once again, that’s mainly because we had a good bit of $1M+ homes sell and that’s driving the overall average price up. There are quite a bit of people wanting to purchase $1M + homes that have been waiting on the “sideline” to see what will happen to prices. Now that we are seeing price drops averaging 10% ($100,000 – on a $1M home) and rates at 4.00% to 4.125% those buyers are getting back into the market and making those purchases.
20 homes over $1M sold in the past 30 days and the average sold price compared to the original list price as 88.2%… on a $2.5M home that translates to a price reduction of almost $300k!
Pending Homes over $1M
$2,500,000 to $1,875,000 | ($625,000) :: 2618 Wooldridge Dr Austin TX 78703
$2,100,000 to $1,850,000 | ($250,000) :: 8210 Chalk Knoll Dr Austin TX 78735
$1,795,000 to $1,795,000 | $0 :: 2008 Robinhood Trl Austin TX 78703
$1,590,000 to $1,490,000 | ($100,000) :: 4225 Hidden Canyon Cv Austin TX 78746
$1,450,000 to $1,450,000 | $0 :: 3004 Sparkling Brook Ln Austin TX 78746
$1,240,000 to $1,240,000 | $0 :: 105 Shore Oaks Ct Austin TX 78738
$1,260,000 to $1,165,000 | ($95,000) :: 2511 Harris Blvd Austin TX 78703
$1,250,000 to $1,150,000 | ($100,000) :: 704 Garner Ave Austin TX 78704
$1,193,060 to $1,086,350 | ($106,710) :: 2700 Maravillas Cv Austin TX 78735
$1,097,000 to $1,047,000 | ($50,000) :: 8621 Navidad Dr Austin TX 78735
$1,550,000 to $1,550,000 | $0 :: 1101 Blackacre Trl West Lake Hills TX 78746
| Price Range |
Quantity |
Average DOM |
| $149,999 or under |
26 |
74 |
| $150,000 – $199,999 |
30 |
48 |
| $200,000 – $249,999 |
18 |
58 |
| $250,000 – $299,999 |
21 |
83 |
| $300,000 – $349,999 |
7 |
47 |
| $350,000 – $399,999 |
15 |
75 |
| $400,000 – $449,999 |
5 |
69 |
| $450,000 – $499,999 |
7 |
54 |
| $500,000 – $549,999 |
4 |
47 |
| $550,000 – $599,999 |
0 |
0 |
| $600,000 – $699,999 |
1 |
7 |
| $700,000 – $799,999 |
3 |
75 |
| $800,000 – $899,999 |
4 |
333 |
| $900,000 – $999,999 |
0 |
0 |
| $1,000,000 or over |
11 |
136 |
| Total |
152 |
76 |
