How's the Market in Steiner Ranch - November 2019
The November 2019 edition of How’s the Market in Steiner Ranch is available. In it, I review the October sales stats and take a look at the sales figures for 2019 as a whole. 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 1835 Realty. Welcome to the November 2019 edition of "How's the Market in Steiner Ranch."
In October, 17 resale homes closed in Steiner Ranch which was down 19.0% from October 2018. The median price increased 4.7% to $445,000. The average price of a home decreased 10.7% to $494,209. The average price per square foot increased by 3.1% to $160.46. Now, lets take a look at the year-to-date sales data to get a better overview of the market since one month’s worth of data doesn’t tell the whole story. The number of resale homes that sold so far in 2019 is 244, down 3.6% from last year. The median price of a resale home has decreased 5.7% to $495,000. The average price decreased by 5.0% to $567,682. The average price per square foot increased 3.9% to $173.76. As I have saying for much of the year, I don’t believe the prices are really falling in Steiner Ranch, but instead it is the difference in the types of homes that sold last year versus this year. Since the median price for a while has generally been around half a million dollars, I used that as a key number. In 2018, we had more higher end homes sell, thus raising the numbers. In 2019, we’ve had more entry level homes sell so when compared to last year, the numbers are weaker. Let me show you what I mean. Last year, we had more than twice as many homes over $1 million sell. That is why the average price has dropped so much this year – if I exclude homes over $1 million the average price this year is almost flat compared to last year. As for the median price, which is the primary number used when quoting housing prices, it is because of this distribution change right here.
The number of available resale homes at the end of October was 38, up 2.7% from last October. This is the first time all year that the number of homes for sale is higher than last year and it was greatly impacted by the 19 homes that came to the market in October because that’s a high number. As we head into the traditionally slower real estate selling season, remember that homes sell all year long and the timing of when you should sell has more to do with your personal circumstances than it does trying to time the market.
Across Steiner, the October sales ranged from a low of $348,553 to a high of $865,000. The average sales price to list price ratio was 98.9%. For homes that closed in October, the average days on market was 43, down from 76 last October. As you can see, even though prices show a decline, the market is tight with homes selling quickly and for a high percentage of their list price.
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.”
Statistics based upon information from ACTRIS for the periods cited.