Lakeway One Minute Tour by ALEX.realestate

Lakeway is about 22 miles west of Downtown Austin. In about a minute know more about Lakeway real estate than almost anyone! ALEX provides agents, brokers and their clients with deep intelligence and genius real estate knowledge. ALEX is the only source of Net Sale Price Statistics (Net Sale Price = Sale Price LESS Repairs LESS Seller Contributions to Closing Costs.)

Let’s dive into the Lakeway real estate market data for July 2023.

SUMMARY

While the Lakeway TX market is showing signs of slowing down in terms of sales velocity, the value of the properties remains strong. And property values are appreciating. Buyers are negotiating harder, leading to increased discounts from list prices.

JULY 2023 INSIGHTS

Summer Slowdown: While summer usually sees increased real estate activity, the statistics suggest a slowdown in the Lakeway market for July 2023. A 27% decrease in sales month over month during this peak period could imply external factors affecting the market or a shift in buyer sentiment.
Property Value Appreciation: Despite the slowdown in sales, there’s a silver lining for sellers. Both list and net sale prices have seen a rise compared to last year. The average net sale price grew by 8%, and average listing prices were up by 10% year over year. This suggests that the overall property value in Lakeway is appreciating, which is positive news for homeowners and investors.
Reduced Time on Market from June: While year-over-year data showed an increase in days on the market, there was a 17% reduction in the average cumulative days on the market compared to June 2023. This indicates a slight acceleration in sales pace month over month.
Increased Discounts: One concerning trend for sellers is the increase in discounts from list prices. On average, properties were sold for 9.2% less than their list price, a significant 111% increase compared to the same month the previous year. This could indicate that properties might be initially overpriced or that buyers have gained more negotiating power.
Drop in Sales: The 10% year-over-year decrease in sales can’t be overlooked.

JULY 2023 SOLD STATISTICS

Sales: Sales dropped to 27 properties, a 27% decrease. Year over year (YOY), there was a 10% decrease in the number of sales.
Net Sales Volume: The total net sales for July was $31,787,326, marking a 15% decline from the previous month. The YOY total net sales value saw a slight decline of 2%.
Days From Listing to Escrow: The median days on market remained unchanged at 39 days. On average, properties stayed on the market for 63.19 days, showing a decrease of 17%.
Net Sale Price: The median values showed an uptrend, with net sale prices rising by 13% to $940,896 and $305 per square foot, which is a 4% increment. The average net sale price increased by 16% to $1,173,249 and average sale price per square foot went up by 9% to $338. The average net sale price rose by 8% YOY. Notably, the sale price per square foot reduced by 3% YOY.
Net Sale Price Discount from List Price: The median discount was 6.6%, up 55% from June. On average, properties sold for 9.2% less than their listing price, a significant 12% increase in the discount from the prior month. The median discount more than doubled, increasing by 155%.
List Price: The median listing price increased 9% to $984,990 and a modest 1% rise in price per square foot to $314. Average listing prices followed suit, growing by 15% to reach $1,212,364. The average listing price per square foot was $348 a 7% hike. Average list prices were 10% higher YOY.

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ALEX currently publishes 36 Stat Packs in the Greater Austin area. If you are interested in area we are not currently publishing or have any question, contact me. I’m always available! Aaron

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Aaron Alexander, BA, CLHMS
Senior Partner ALEX.realestate
Board Member ALEX Cares
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PS – If you are an Agent or Broker in Lakeway and want to be one of the few armed with the best research, analysis, marketing and White Glove Service for your clients and for you contact me! Aaron

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