Georgetown One Minute Tour by ALEX.realestate

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Georgetown is about 30 miles north of Downtown Austin. In about a minute know more about Georgetown 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 Georgetown real estate market data for July 2023.

JULY 2023 INSIGHTS

Summary: Georgetown’s real estate market in July 2023 seems to be undergoing some shifts, especially when considering the growing discounts from listing prices. It will be essential for sellers to adjust their strategies, possibly by setting more realistic initial prices or by enhancing the appeal of their properties. Buyers, on the other hand, might find this an opportune time to enter the market and negotiate for favorable prices, especially in the luxury segment.
Positive Insights: The high-end market segment has shown positive growth, with the highest net sale price and list price both increasing significantly compared to the previous month and year.
Areas of Concern: The dramatic increase in the average discount from the list price compared to last year indicates that sellers might be overpricing their properties, leading to larger negotiations on the final sale price.
Transition to a Buyer’s Market? The increasing discount from the listing price, especially when compared year-over-year, suggests sellers are becoming more flexible in their pricing. This flexibility is often an indication of a shift towards a buyer’s market, where buyers have more negotiation power and can push for lower prices.
Stabilization in Price Per Square Foot: The average median net sale price per square foot saw a modest increase month-over-month, but when compared to the highest values, there was a notable decrease. This trend suggests a stabilization or even a potential saturation point in price per square foot, especially in the luxury market segment.
Luxury Market Dynamics: The highest median net sale price remained almost unchanged from June to July 2023. Still, the price per square foot for this segment saw a substantial decrease. This discrepancy could mean that buyers are now getting more space (bigger properties) for their money in the luxury segment. The increased discounts for luxury properties further suggest that this market segment is currently facing challenges, possibly due to oversupply or reduced demand.

JULY 2023 SOLD STATISTICS

1. Market Overview:

Number of Sales: There were 222 sales in July 2023, which is a decrease of 25% from June 2023 (month-over-month or MOM) and 10% less than July 2022 (year-over-year or YOY.)
Total Net Sales: The total net sales amounted to $119,789,606, marking a 25% MOM drop and a 13% decline YOY.

2. Days from Listing to Escrow:

Median Days on Market: The median days on market was 42.50, a 7% MOM decrease.
Average Cumulative Days on Market: Properties stayed on the market for an average of 73.56 days, which is 13% less than the previous month.

3. Net Sale Prices:

Average Net Sale Price: The average net sale price was $534,843, a slight 1% decrease from June 2023 and 4% less than July 2022.
Median Net Sale Price: The median net sale price stood at $444,000, which is 6% less than the previous month and 9% less than the same month last year.

4. List Prices:

Median List Price: The median list price was $464,990, showing a 5% MOM decrease and a 5% YOY decrease.
Average List Price: The average list price was $555,432, a minor 1% decrease from June 2023 and remained almost unchanged from July 2022.

5. Net Sale Price % Discount from List Price:

Median Discount: The median discount from the list price was 5.5%, a 3% decrease from the previous month. This rate remained unchanged from July 2022.
Average Discount: On average, properties sold for 7.8% less than their list price, which is a 10% decrease in discount from June 2023. Interestingly, this discount rate has increased by 6,322% compared to July 2022.

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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
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e diane@alex.realestate

PS – If you are an Agent or Broker in Georgetown 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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