Lago Vista One Minute Tour by ALEX.realestate

Lago Vista is about 41 driving miles west northwest of Downtown Austin. In about a minute know more about Lago Vista 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 Lago Vista real estate market data for July 2023.

SUMMARY

Lago Vista’s real estate market in July 2023 saw robust sales activity with higher sales volume and total net sales. Properties were selling faster than the previous month (month-over-month or “MOM”) but slower than a year ago (year-over-year or “YOY”.). The average sales prices increased from June but dropped when compared to last year, indicating some price corrections or shifts in market demand. The large discrepancy between the list and sale prices suggests that sellers might be listing their homes at aspirational prices or that there’s room for negotiation.

JULY 2023 INSIGHTS

Seasonal Trends: The jump from June to July in both sales volume and total net sales is indicative of a typical summer boost. Summer, especially between May to August, is often the peak selling season in many U.S. markets. Families tend to relocate during this period to avoid interrupting the school year.
Price Corrections: The decrease in average and median sale prices from the previous year (-8% and -15% respectively) indicates a market cooling off or adjusting to more sustainable levels after the previous surge.
High Sale Price Increase: The 153% increase in the highest net sale price from both the previous month and year suggests luxury or high-end property sales might be becoming more frequent, or a few premium properties might have skewed the average
Potential Overpricing: The increase in days on the market and the growing gap between list and sale prices suggest that properties might be overpriced. Overpricing can deter potential buyers, especially if there are similar options available at a lower price point.
Burgeoning Luxury Market: The sharp increase in the highest net sale price suggests that the luxury market might be thriving, attracting high-end buyers to Lago Vista

JULY 2023 SOLD STATISTICS

Number of Sales: July 2023 saw 36 sales. This is a surge of 29% from June 2023, and a notable 44% increase when compared to July 2022 .
Total Net Sales: The total net sales amounted to $19,040,543 in July 2023. This is an increase of 35% from June 2023 and 34% from July 2022.
Time from Listing to Escrow: The median number of days was 42.50, a 34% reduction from June 2023 and a 431% increase from July 2022. On average, properties stayed 107.67 days on the market in July 2023, which is a decrease of 14% from the previous month.
Net Sale Price: The average net sale price in July 2023 was $526,096 – a 5% growth from June 2023 but a -8% drop from July 2022. The highest net sale reached $2,530,000, seeing a massive boost of 153% from the previous month and the same jump year over year.
Net Sale Price Per Square Foot (SF): The average net sale price per SF was $239, a 3% increase from June 2023 but a -12% dip from July 2022. The highest net sale price per SF stood at $603, a 105% increase month-over-month, and a 55% boost from last year.
Net Sale Price Discount from List Price: The median difference between net sale and list prices was -3.2%, a decline of 27% from the prior month, but no change from July 2022. On average, properties sold for 10.4% less than their listing price in July 2023. This is a -5% change from June 2023.

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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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Alexander Tiffany Southwest dba ALEX.realestate
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PS – If you are an Agent or Broker in Lago Vista 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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