How's the Market in Steiner Ranch - February 2018
In this installment of “How’s the Market in Steiner Ranch,” I review the January sales statistics for Steiner Ranch and explain why it appears the average price of a home dropped more than 50%. Below the video, you can find the same information in chart and text formats.
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 February 2018 edition of "How's the Market in Steiner Ranch."
In January, 9 resale homes closed in Steiner Ranch which was down 18.2% from January 2017. There are some interesting pricing numbers so let me warn you up front that a big disclaimer will come afterward and we’ll dissect the numbers further. The median price decreased 1.2% to $410,000. The average price of a home decreased 54.3% to $440,222. The average price per square foot decreased by 26.4% to $154.10. The numbers seem outrageous because we are comparing just this January to last January and in January 2017, we had two sales over $1 million, including one for over $5 million, so it greatly distorted the average price and average price per square foot. If I remove homes sold at $1 million or higher, the median price increases 5.3%, the average sales price decreases 1.4%, and the average price per square foot decreases 11.3%. It is also a good exercise to at a longer time period to get a more accurate picture of the market. The number of resale homes in the last six months is 116, down 7.2% from the same time period the year prior. The median price of a resale home has increased 4.1% to $494,250. The average price decreased by 7.4% to $536,178. The average price per square foot decreased 4.2% to $158.64. While these longer-term numbers are more realistic, there is still strong distortion because of a few high end homes so let’s remove homes sold at $1 million or higher. In this case, the median price increases 3.5% to $478,000, the average sales price decreases 2.3% to $503,951, and the average price per square foot decreases 2.0% to $156.69.
The number of available resale homes at the beginning of January was 38, up 8.6% from last January. Across Steiner, the January sales ranged from a low of $315,000 to a high of $600,000. The average sales price to list price ratio was 97.8%. For homes that closed in January, the average days on market was 56, up from 40 last January.
As always, my website allows you to look at summary and detailed data for each Steiner Ranch neighborhood. Simply go to RealEstateInAustin.com and click on the big red “Search Sold Data” button towards the bottom of the page.
The number of homes coming to the market in Steiner Ranch will be increasing for the next several months. If you are thinking of selling your home this spring or summer, contact me today and we’ll get the process started.
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.