How's the Market in Steiner Ranch - March 2018
In this installment of “How’s the Market in Steiner Ranch,” I review the February sales statistics for Steiner Ranch and once again explain how a few high priced home sales distort the figures. 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 March 2018 edition of "How's the Market in Steiner Ranch." Before we get started, I want to announce that this year’s workshop on protesting your property tax appraisal will be held earlier than in past years. Travis county expects to release appraisals towards the end of March so the workshop is on April 3rd at 7:00pm at Towne Square. In the workshop, I will review the protesting process, deadline, and expectations for success. There are a few changes this year so if you have attended before, it might be a good year for a refresher.
In February, 19 resale homes closed in Steiner Ranch which was up 18.8% from February 2017. For pricing, we are going to cover a lot of different stats this month because distortion from higher end homes is causing havoc for the overall numbers. Let’s start by comparing homes sold in February to homes sold in February 2017. The median price increased 4.6% to $465,000. The average price of a home increased 33.8% to $634,579. The average price per square foot increased by 7.6% to $172.05. The drastic increase in the average price is the result of a $3 million-dollar sale this February. If I remove homes sold at $1 million or higher, the average price increases 5.6% to $500,945. 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 105, up 2.9% from the same time period the year prior. The median price of a resale home has decreased 0.1% to $467,150. The average price decreased by 6.2% to $539,376. The average price per square foot decreased 4.1% to $159.41. While these longer-term numbers are more realistic, there is still some 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 1.2% to $462,500, the average sales price decreases 3.1% to $490,575 and the average price per square foot decreases 3.5% to $154.51. Because the homes at $1 million and higher represent less than 5% of our market, I think this last set of number gives us the best indicator of the overall Steiner market.
The number of available resale homes at the beginning of February was 40, down 2.4% from last February. For this time of year, the inventory is currently lower than it has been for last four years. We usually see an inventory increase in March so we will check back on this key stat again next month. Across Steiner, the February sales ranged from a low of $326,780 to a high of $3,040,000. The average sales price to list price ratio was 97.9% For homes that closed in February, the average days on market was 47, up from 46 last February.
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 we head into spring. If you are thinking of selling your home this spring or summer, call me today, I’d love the opportunity to earn your business.
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.