Deep Dive – Cedar Park – July 2023 – Real estate market

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CEDAR PARK JULY 2023 SUMMARY

Overall, the Cedar Park real estate market seems stable with a slight increase in average median sales and listing prices compared to the previous year. Sellers appear to be optimistic, with listing prices increasing. The market also seems to be competitive, with minimal discounts provided from the listing price.

CEDAR PARK JULY 2023 INSIGHTS

1. Stable Pricing: The relatively minor change in the net sale price per square foot (SF) (from $243 in June 2023 to $242 in July 2023) signifies that the per square foot value of properties has remained stable month-over-month. This indicates a market where prices are neither skyrocketing nor plummeting dramatically.
2. Seller Optimism: The increase in average median list prices from June 2023 to July 2023, combined with the slight decrease in the average median net sale price during the same period, suggests sellers are growing more optimistic. They are listing their properties at higher prices, hoping to capitalize on a potential upward trend in the market.
3. High-End Property Stability: The highest net sale prices and the net sale prices per SF have remained constant from June 2023 to July 2023 ($2,400,000 in both months and $473/SF). This indicates that while there may be fluctuations in the median range of properties, the luxury or high-end segment of the market is stable.
4. Decreased Discounting: The percent of discount from the list price has decreased slightly from June 2023 to July 2023 (from 5% in June to 4% in July). This reduced need for discounting suggests a market where buyers are willing to pay closer to the list prices, which may point to a more competitive market environment.
5. Year-Over-Year Growth: With a 4% growth in the average median net sale price from July 2022 to July 2023, the Cedar Park real estate market is showing positive year-over-year growth. This can be attributed to various factors such as increased demand, better infrastructure, and development in the area or broader economic growth.
6. List Price Caution: Despite the year-over-year optimism indicated by the median list prices, there’s a decrease in the average median list price per SF by 9% from July 2022 to July 2023. This might suggest sellers are being slightly more cautious about the price points they choose, perhaps due to awareness of market limits or external economic concerns.
   

CEDAR PARK JULY 2023 SOLD STATISTICS 

Number of Sales: 70
DOWN 18% from June 2023
DOWN 24% from July 2022
Comment: Both expected based on seasonal trend and economy

Total Net Sales* Volume: $43,684,770
DOWN 15% from June 2023
DOWN 24% from July 2022
Comment: Both expected based on seasonal trend and economy

Median Cumulative Days on Market: 9.5
UP 19% from June 2023
Comment: Expected based on economy
DOWN 14% from July 2022
Comment: Unexpected

Median Net Sale Price*: $544,486
DOWN 4% from June 2023
Comment: Expected based on economy
UP 2% from July 2022
Comment: Expected based on inflation

Median Net Sale Price* Per SF: $245
NO CHANGE from June 2023
DOWN 10% from July 2022
Comment: Both expected based on economy

Median Net Sale Price*: $544,486
DOWN 4% from June 2023
DOWN 10% from July 2022
Comment: Both expected based on economy

Median List Price per SF: $245
NO CHANGE from June 2023
DOWN 10% from July 2022
Comment: Both expected based on economy

Median List Price: $522,000
DOWN 6% from June 2023
DOWN 4% from June 2023
Comment: Both expected based on economy

Median Discount Net Sale Price* from List Price: 1.7%
UP 170% from June 2023
UP 39% from July 2023
Comment: Unexpected

* Net Sale Price = Sale Price
LESS Seller Paid Repairs to Meet Buyer Demands
LESS Seller Paid Buyer Closing Costs like interest rate buydowns

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If you have any questions, I am always here. Just call, text or email me

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 and want to be a Cedar Park real estate genius, contact me! Best. Diane

CEDAR PARK SUMMARY TABLE

CUMULATIVE DAYS ON MARKET

NET SALE PRICE* PERCENT DISCOUNT FROM LIST PRICE

TOTAL NUMBER OF SALES

TOTAL NET SALES* VOLUME

NET SALE PRICE* PER SF

NET SALE PRICE* PER HOME

LIST PRICE PER SF

LIST PRICE PER HOME

HIGH LIST PRICE & HIGH NET SALE PRICE* PER SF

HIGH LIST PRICE & HIGH NET SALE PRICE*

STATISTICS LINKS

Cedar Park Current Statistics

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PROJECT TEAM

Teale Miller, Consulting Analyst
Janez Novak, Senior Consulting Analyst
George Alexander, Project Lead