How's the Market in Steiner Ranch - May 2019
In this month's How's the Market in Steiner Ranch report I discuss the April sales stats and look at the past six-months of sales to get the full story on the sales statistics. Watch the full video to get the complete explanation because a high price sale causes a few skewed statistics. 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.
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Greetings! I'm Craig Smyser with RE/MAX Capital City. Welcome to the May 2019 edition of "How's the Market in Steiner Ranch."
In April, 24 resale homes closed in Steiner Ranch which was down 22.6% from April 2018. The median price increased 5.2% to $533,750. The average price of a home increased a whopping 39.5% to $728,856. The average price per square foot increased by 9.4% to $176.61. The big change in the average price is based on the sale of just one house which sold for over $4 million. Excluding that home, the median price was up 3.4%, the average up 9.8%, and average price per square foot is up just 4.2%. This is another great example of why I always prefer to look 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 95, down 19.5% from the same time period the year prior. The median price of a resale home has decreased 7.8% to $458,000. The average price increased by 1.7% to $551,217. The average price per square foot increased 3.3% to $166.86. You may be a bit curious about an almost 8% drop in prices after I just told you longer-term numbers produce better results. Are values really falling in Steiner? The answer is no. Let me explain – though if you’ve watched any of the past couple of monthly videos, you already know the answer. The issue we have is simply the distribution of the homes that are selling in Steiner. For homes under $500,000, we’ve sold about the same number of homes over the past six months as we did in the corresponding period the year before. However, we’ve sold far fewer homes above $500,000 in the previous six months (39) than the corresponding period the year before (56) – that’s one-third less. It’s not that these homes aren’t selling, its that we don’t have many listed for sale in the first place. So when we have this year’s bucket of home sales including far less higher end homes than last year’s bucket, the prices in this year’s bucket appear lower. So, once again, what I see actually happening in the market is not a decline in prices, but sometimes the stats can show a deceptive picture.
The number of available resale homes at the end of April was 36, down 30.8% from last April. This number continues to be extraordinarily low and is a direct result of the few homes that are being offered for sale in Steiner Ranch. In April, 47 homes were listed for sale compared to 57 in April 2018 – a drop of 17.5%. In the last six months, 159 homes were listed compared to 178 in the six-month period the year prior – a drop of 10.7%. If you have any thoughts of selling your home, please contact me today so we can evaluate whether or not now is a good time to get on the market. Across Steiner, the April sales ranged from a low of $379,500 to a high of $4,300,000. The average sales price to list price ratio was 99.2%. For homes that closed in April, the average days on market was 43, down from 56 last April.
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 reading “How’s The Market in Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.