Lots over $1m in Austin are in good supply right now, which is great news for land buyers. Here are a few statistics I pulled from the Austin MLS for lots that were listed for sale since the start of 2010:

Under contract: 2 lots

For sale: 38 lots

Sold lots: 14 (within 23 months of listing)

Failed to sell: 43 lots (ones that have been taken off the market)

If we look at lots on the market since 2005 we see that the average time on market is 6 months.

So what does this mean for a seller of a valuable lot? If you look at the lots that are currently selling, one is a foreclosed multi-family lot, and another is a huge lot just South of Downtown. There are a fair number of choices currently available for large estate home building, so it’s a tough market, with perhaps 5+ years of inventory.

austinLotsForSale

If you look at sold listings, the bulk take 4+ months to sell. The sales prices have reflected seller optimism and perhaps some market fatigue.

This analysis doesn’t take into account all of the tear-down homes that an agent hasn’t listed as a lot in the MLS, though at this price point, one would hope that the listing agent would have the presence of mind to do that.

Check out all lots in Austin over $100k for sale, and all Austin lots over $1m to see what’s happening in the market right now.

Categories: Land

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