How's the Market in Steiner Ranch - 2020 Year End
2020 was an interesting year for real estate in Steiner Ranch. The year-end edition of How's the Market in Steiner Ranch recaps the full year's stats and I look forward into 2021. 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 1835 Realty. Welcome to the 2020 Year End edition of "How's the Market in Steiner Ranch.” It was certainly a year that saw explosive growth in prices so let’s get right to the numbers.
First, I want to remind you that all of these figures are for resale homes only. There are still some new construction homes in Steiner Ranch, but I am not including them in these statistics. In 2020, 321 homes closed in Steiner Ranch which was up 16.7% from 2019. The median price of a resale home increased 18.8% to $576,250, the average price increased 11.7%. to $658,255, and the average price per square foot increased 9.0% to $193.61. 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 2020, we’ll say that the prices increased by almost 19%.
So what in the world happened this year? The year started off with sales and prices slightly higher, but nothing too exciting. Then, of course, covid reared its ugly head. If you were a viewer back then, you’ll recall that I expected the market to bounce back very quickly after the initial lockdown and that turned out to be absolutely correct. What I didn’t foresee was the dramatic increase in demand. While the number of homes listed for sale, the supply, was actually down 1.8%, the demand went through the roof as people from other states, predominately, of course, California, decided to come to Texas. Many of these folks work for companies who no longer care where they live, so they are leaving the west coast and moving here. With supply low, demand high, and insanely low interest rates, the bidding wars got more intense as the year moved on. Of the Steiner homes that sold in the first half of the year, 41% sold at or above list price. In the second half, 62% sold at or above list price – that’s a 50% increase! For the year, 53% sold at or above list price. Supply continues to be very low. In fact, at the end of the year, we had 4 homes available in Steiner Ranch. To put that in perspective, the prior two years had 23 and 30 homes available at the same time.
Last year, the sale prices in Steiner ranged from a low of $315,000 to a high of $2,435,000. I think it is quite possible that the days of being able to buy a house in Steiner for under $350,000 are gone and that opportunities under $400,000 will be few. The sales price to list price ratio was 99.7% and for homes that closed, the average days on market was 22, down from 37.
Obviously, it is a great time to sell a home in Steiner. If you are leaving the Austin area, it is a phenomenal time to sell because you’ll most likely be going to an area in which the real estate market isn’t as hot. But what if you want to move within Steiner or stay in the Austin area. It’s more difficult to buy, but I’ve been getting my buyers under contract. It requires a different approach in this market. If you are thinking of moving, give me a call and I’ll walk you through what it takes to be a successful buyer in this market.
In addition to the stats we’ve discussed, I do have some more detailed statistics and graphs making comparisons back five years. You will find them at SteinerStats.com.
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.
Now we arrive at the point in the video where I make predictions. First, let’s check to see how I did on my 2020 predictions. The good news is that I am much better at analyzing current and past data and making short-term predictions of market direction. I predicted that the number of resale homes sold in Steiner Ranch would decrease by 2.0 %, but we saw a 16.7% increase instead.. In my defense, the number of homes listed was down by 1.8% so my thinking that fewer people would want to leave Steiner was dead-on. I also predicted that prices would increase by 3.5%, while the prices rose by 18.8%. Just a bit outside. So let’s look at 2021. I believe the tight market will continue. But supply will increase as people like the prices they can get for their homes. I’m going with a 5% increase in the number of homes sold. Prices, on the other hand, will be strong once again. I’m going to say we’ll blow by a median price of $600,000 on our way to a 13% increase in prices, which is very strong given how much prices increased last year.
If you are thinking of buying or selling in Steiner Ranch in 2021, 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, text or call me at 512-650-7300 or email me at [email protected]. Thanks for watching “How’s The Market in Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.