Lockhart One Minute Tour by ALEX.realestate

Lockhart is about 33 miles southeast of Downtown Austin. In about a minute know more about Lockhart 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 Lockhart real estate market data for July 2023.

SUMMARY

In July 2023, the Lockhart real estate landscape showcased a mix of trends. There was an uptick in the number of sales and total net sales value from the prior month. However, on an annual scale, these figures show a decrease compared to July 2022. The noticeable lengthening in the time properties spent on the market, combined with significant shifts in high-end property sales, points to a market in flux. Additionally, a rise in the gap between listing and sale prices indicates increased buyer negotiation power.

JULY 2023 INSIGHTS

Seasonal Trends: Historically, summer is a bustling period for real estate. But the subtle increase in sales from June to July contrasts with a year-on-year decrease, hinting at a less predictable market behavior this year.
Significant Changes: Properties lingered longer on the market, suggesting either a cautious buyer’s market or overpriced listings. The increase in the gap between list and sale prices reinforces this analysis.
Positive Highlights: Despite facing challenges, the market shows some resilience with minor monthly growth in both average and median sale prices, potentially indicating stabilization.
Areas of Concern: The high-end market seems to be facing headwinds, with notable declines in the highest sale prices and square footage rates. These stats suggest challenges in this segment.

JULY 2023 SOLD STATISTICS

1. Market Overview

Total Sales: 26 sales, marking an increase of 4% from June 2023 but a decline of 13% from July 2022.
Total Net Sales Volume: $8,070,385, witnessing an increase of 8% month-over-month (MOM) but a reduction of 7% year-over-year (YOY).

2. Days from Listing to Sale

Median Cumulative Days on Market: 28.50 days, showing a sharp rise of 217% from June 2023 and a dramatic 375% hike from July 2022.
Average Cumulative Days on Market: 40.58 days, an increase of 30% from the prior month and up by an astounding 265% compared to July 2022.

3. Net Sale Price

Median Net Sale Price: $289,143, reflecting a 7% growth from the prior month but a decrease of 17% YOY.
Median Net Sale $ per Square Foot: $185, down by 2% MOM and a 5% dip from July 2022.
Average Net Sale Price: $305,969, a 4% growth MOM, but a reduction of 18% YOY.
Average Net Sale $ per Square Foot: $186, showing a 3% drop MOM and a decline of 11% year-over-year.

4. High-End Market

Highest Net Sale Price: $593,000, marking a decrease of 9% from June 2023 and a decline of 23% YOY.
Highest Net Sale $ per Square Foot: $242, with a considerable decrease of 24% MOM and a significant dip of 33% YOY.

5. List Prices

Median List Price: $297,490, indicating a 4% rise MOM, but a 14% decrease YOY.
Median List Price per Square Foot: $190, a minor 2% growth MOM, but a 4% decrease YOY.
Average List Price: $313,884, marking a 2% growth from the prior month and a 18% reduction YOY.
Average List Price per Square Foot: $191, witnessing a 4% drop MOM and a 9% decline compared to July 2022.

6. Discount from List Price to Net Sale Price

Median % Discount from List Price: 3.1%, showing a rise of 27% compared to June 2023.
Average % Discount from List Price: 3.8%, marking a 15% increase from June 2023.

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