How's the Market in Steiner Ranch - July 2019
The July 2019 edition of How's the Market in Steiner Ranch is available. In it, I review the monthly numbers and take a look at the sales figures for the first half of 2019. Watch the full video to get the complete explanation because it appear that prices are dropping in Steiner but that isn't truly the case. 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.
[table id=HMSR-2019-07 /]
Greetings! I'm Craig Smyser. Welcome to the July 2019 edition of "How's the Market in Steiner Ranch."
In June, 33 resale homes closed in Steiner Ranch which was down 13.2% from June 2018. The median price decreased 4.5% to $530,000. The average price of a home decreased 19.0% to $570,959. The average price per square foot increased by 4.0% to $179.10. The reason for the big drop in average price is that June 2018 had a $5.5 million sale which greatly distorts the average price. Now, lets take a look at the sale data for the first half of 2019 to get a better overview of the market. The number of resale homes that sold so far in 2019 is 133, down 13.6% from the first six months of 2018. The median price of a resale home has decreased 3.4% to $512,000. The average price decreased by 6.4% to $576,473. The average price per square foot increased 3.1% to $174.79. Because it has been happening for a while now, I’m running out of different ways to say that this price drop is not really what is happening in the market, but instead just an illusion of the sale stats. In the first six months of 2018, fewer entry level homes in Steiner sold compared to higher end homes. 67 homes under $500,000 sold while 87 homes sold over $500,000. While there is always some spread, this distribution is much larger than normal. As a result, the sales prices for a good portion of 2018 are skewed toward the higher price range. Throughout much of 2019, though, we’ve seen a much more typical distribution of homes selling. 65 homes sold under $500,000 while 68 sold over $500,000. This difference is why the prices this year look lower than last year. However, we have actually seen prices increasing across all price ranges in Steiner – the stats just mask it.
The number of available resale homes at the end of June was 62, down 16.2% from last June. This number continues to be low and is a direct result of the few homes that are being offered for sale in Steiner Ranch. In fact so far this year, 10.8% fewer homes have been listed for sale. While we are nearing the end of the summer selling season, remember that homes sell year round in Steiner Ranch so contact me today if you are wanting to sell your house.
Across Steiner, the June sales ranged from a low of $359,000 to a high of $1,400,000. The average sales price to list price ratio was 98.9%. For homes that closed in June, the average days on market was 32, down from 48 last June.
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.
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 watching “How’s The Market in Steiner Ranch.”