How's the Market in Steiner Ranch - 2018 Year-End
In this episode of “How’s the Market in Steiner Ranch,” I review the 2018 sales statistics for Steiner Ranch, find out if my predictions for the year came true, and I make a prediction for the 2019 Steiner Ranch market. Below the video, you can find the same information in chart and text formats.
Extra sales statistics mentioned in the video can be found here:
Price changes for each Steiner Ranch neighborhood.
Complete set of graphs with 5-year comparison data.
To view summary and detailed sales information for all Steiner Ranch neighborhoods, check out the Neighborhood Home Sale Data section of my website. If you are looking to buy or sell a home in Steiner Ranch, contact me via email or at 512-650-7300. Previous editions of How’s the Market in Steiner Ranch are also available. If you prefer to read instead of watch, here are the chart and transcript.Greetings! I’m Craig Smyser with RE/MAX Capital City. Welcome to the 2018 Year End edition of “How’s the Market in Steiner Ranch.
First, I want to remind you that all of these figures are for resale homes only. There are still a few new construction homes in Steiner Ranch, but I am not including them in these statistics. In 2018, 284 homes closed in Steiner Ranch which was down 13.7% from 2017. This drop is directly related to fewer homes being offered for sale, but we’ll discuss that more in a bit. The median price of a resale home increased 2.8% to $508,750, the average price increased 6.5% to $584,024, and the average price per square foot increased 1.1% to $166.17. In real estate, the bellwether measurement for home prices is the median price so when we talk about the price of homes in Steiner Ranch for 2018, the increase was 2.8%.
I do want to point out that prices do not rise at the same level across all of Steiner Ranch. Some neighborhoods were up and some were down. If you would like to see a list of each Steiner neighborhood and its annual price change, there is a link below where you launched this video or simply visit SteinerStats.com.
So I mentioned that our 13.7% drop in home sales was impacted by the number of homes offered for sale in 2018. So how many homes were offered for sale last year? The answer is 357 which was down 23.7% from 2017. That is a big drop. In fact, I was curious as to the last time we had so few homes listed for sale in Steiner Ranch over the course of a year. As it turns out, it was in 2004. Keep in mind, there were far fewer homes in Steiner Ranch at that time – in fact, there were less than 2,000 homes in existence back then as compared to over 4,300 now. Normally, if you have a drop in the number of homes sold, it tends to be a drop in demand. In this case, there was a big drop in supply. So while the 13.7% drop in sales seems bad, keep in mind there was a drop of 23.7% in homes offered for sale. And this is why we saw the prices rise. Now, 2.8% isn’t a big increase, but it is healthy and reflects the market not being as frenzied in 2018 as it was in 2016 and 2017 throughout the Central Texas area.
Last year, the sale prices in Steiner ranged from a low of $304,900 to a high of $5,500,000. This is the first year in Steiner Ranch history in which there were no sales under $300,000. While there haven’t been many sales under $300,000 for the past couple of years, I will point that in 2012 when we really started to see the local housing market recover, there were 85 sales under $300,000 in Steiner Ranch which accounted for more than one in every four home sales. Back to 2018 numbers, the average sales price to list price ratio was 98.4% For homes that closed, the average days on market was 49, down ever so slightly from 50 in 2017.
As always, my website allows you to look at summary and detailed data for each home that sold in Steiner Ranch. Simply go to RealEstateInAustin.com and click on the big red ‘Search Sold Data’ button which is found towards the bottom of the page.
So it’s time to make 2019 predictions. But first, let’s see how I did with my 2018 prognostications. About a year ago, I predicted that the number of resale homes sold in Steiner Ranch would increase by 0.5%, but we saw a 13.7% drop instead. I also predicted that prices would increase by 1.1%, while the actual increase was 2.8% So really, I’m not good at forecasting the market. But I am good at analyzing the current conditions and positioning homes for their maximum value in any given market. While it seems to be a fool’s errand for me, I will go ahead and give my predictions for 2019. I believe the number of homes offered for sale will remain low, therefore the sales will follow suit. I’ll go with an increase of 3.2% which is still quite low compared to the last 6 or 7 years. Given the low inventory, I believe prices will continue to rise at a rate of 2.5%.
I do have some more detailed statistics and graphs making comparisons back five years. You will find them on the blog post that accompanies this video and on SteinerStats.com.
If you are thinking of buying or selling in Steiner Ranch in 2019, I would love the opportunity to earn your business. To find out why I am consistently one of the top real estate agents serving Steiner Ranch and how you can use that to your advantage, call me at 512-650-7300 or email me at [email protected]. Thanks for watching “How’s The Market in Steiner Ranch.”
If you have any real estate related questions, please don’t hesitate to call me at 512-650-7300 or email me at [email protected]. Thanks for reading “How’s The Market in Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.