Elgin One Minute Tour by ALEX.realestate

Elgin is about 26 miles east northeast of Downtown Austin. In about a minute know more about Elgin 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 – Repairs – Seller Contributions to Closing Costs.)

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

JULY 2023 INSIGHTS

Summary: While there are positive signs of growth on a month-to-month basis in Elgin, year-over-year figures indicate a softer market compared to 2022.
Seasonal Trends: July often sees a surge in real estate activity due to the summer season. However, even with the increase from June to July 2023, the market is slower compared to the same period in 2022.
Significant Changes: The large spike in cumulative days on the market indicates that properties in Elgin are taking longer to sell. This might be due to several factors such as pricing, property conditions, or market dynamics.
Net Sale Price Discount from List Price: The disparity between the net sale price and list price shows that properties are generally selling close to or below their list prices. The average discount from the list price was -3.2% in July 2023, a drastic change from the prior month.

JULY 2023 SOLD STATISTICS

Number of Sales: There was a slight increase in the number of sales, with a 6% increase from the previous month (month-over-month or MOM), totaling 36 sales. There was a slight 3% reduction in the number of sales from the same month last year (year-over-year or YOY).
Total Net Sales amounted to $12,656,765, reflecting an 11% MOM growth. Total Net Sales showed a decline by 16% YOY.
Days From Listing to Escrow: The 18.5 median days were down by 35% MOM. Properties in July 2023 spent an average of 51.47 days on the market, a 7% MOM increase.
Net Sale Price: The median net sale price showed a decline both monthly (-2%) and annually (-20%), landing at $307,495. The average net sale price for properties was $344,538 in July 2023, a 5% growth from June 2023 but a decline of 15% YOY.
Highest Net Sale Price: The highest recorded net sale price was $782,500, reflecting a 15% growth from the previous month and a slight increase of 1% from July 2022.
Highest List Price of Homes Sold: The highest list price noted was $799,900, a 16% increase from the previous month and a 3% increase year-over-year.
List Price:The median list price decreased by 3% from June 2023 and showed a larger decrease of 24% when compared to July 2022.The average list price was $355,122, up by 5% from June 2023 but down by 12% year-over-year.

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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! Diane

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Diane Hart Alexander, MBA, MHA, CEO, Broker
Alexander Tiffany Southwest dba ALEX.realestate
Chairman, ALEX Cares
v 713.591.9902
o 713.918.9951
e diane@alex.realestate

PS – If you are an Agent or Broker in Elgin 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! Diane

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