Deep Dive – Lago Vista – June 2023 – Real estate market

In just a few minutes you will know more about Lago Vista real estate than almost anyone! ALEX Labs and ALEX Studios provide ALEX Partners (Agents and Brokers) and their clients with resources like this to have deep intelligence and have genius real estate knowledge.

LAGO VISTA DEEP DIVE SUMMARY

Overall, the real estate market in Lago Vista, TX, in June 2023 experienced a downturn compared to both the previous month and the same month the previous year, with fewer sales, lower prices, and properties spending longer on the market.

Number of Sales: In June 2023, there were 28 sales, a decrease of 13% from May 2023, and a significant decrease of 22% from June 2022.
Total Net Sales* Volume : The total Net Sales* Volume for June 2023 was $14,115,854, a drop of 15% from May 2023 and a stark decrease of 41% from June 2022.
Average Net Sale Price*: The average Net Sale Price* in June 2023 was $503,219, a minor decrease of 2% from the previous month, but a significant decrease of 24% from June 2022.
Median Net Sale Price*: The median Net Sale Price* was $449,453, which decreased by 7% from May 2023 and was down by 19% compared to June 2022.
Highest Net Sale Price*: The highest Net Sale Price* for a home in June 2023 was $1,000,000, which dropped by 7% from May 2023 and a large decrease of 50% from June 2022.
Average and Median Listing Price: The average listing price was $514,574, and the median listing price was $454,000, both of which had a downward trend compared to the previous month and the same month the previous year.
Days on the Market: Properties in June 2023 took an average of 125.32 days to sell (2% less than May 2023) and a median of 64.50 days, which was 18% less than the previous month. However, compared to June 2022, these figures increased massively, showing properties took much longer to sell.
Price Negotiation: The average and median percentages for sales prices above or below the listing price were -11.0% and -4.4% respectively, meaning on average, properties were sold for less than their listing price.