How's the Market in Steiner Ranch - October 2019
The October 2019 installment of How's the Market in Steiner Ranch is now available. I review the monthly numbers and take a look at the sales figures for 2019 so far. If you watch regularly, it's going to sound familiar because it's been the same for much of the year. 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 October 2019 edition of "How's the Market in Steiner Ranch."
First of all, let me say that I’m happy to announce that I opened my own real estate brokerage,1835 Realty. I love Texas so the name comes from the year in which the War for Texas Independence began. In fact, it started at the Battle of Gonzales on October 2nd, which was the day 1835 Realty opened.
But you tuned in for the stats, so let’s get to it. In September, 20 resale homes closed in Steiner Ranch which was up 42.9% from September 2018. The median price decreased 15.6% to $445,000. The average price of a home decreased 5.8% to $534,921. The average price per square foot decreased by 0.9% to $171.74. Why such big drops? The median price in Steiner generally hovers around $500,000. In September 2018, 43% of the homes sold under that price. This year, 75% of September’s sales were under the median. Are prices dropping big time? No, it’s just that this year we had a lot of entry level homes sell in September so an almost 16% drop in prices is the result. Now, lets take a look at the year-to-date sales data to get a better overview of the market. The number of resale homes that sold so far in 2019 is 227, down 2.2% from last year. The median price of a resale home has decreased 7.7% to $495,000. The average price decreased by 4.7% to $573,185. The average price per square foot increased 3.9% to $174.76. For those who regularly watch, you know that the median price has been down all year long. The reason is simply that in 2018, we had more higher-end homes sell than is typical. This year, it’s the opposite. Therefore, when you compare the two years, we have overall price declines in Steiner. However, when you look at the sub neighborhoods within Steiner, most have price increases so the overall market stats are creating an illusion of decline. And the numbers are going to move even further apart next month. I usually don’t talk about pending sales which are the homes that are currently under contract and likely to close within 30 days. But I will tell you that right now, 88% of the pending homes are priced under $500,000.
The number of available resale homes at the end of September was 45, down 13.5% from last September. This number continues to be low and is a direct result of fewer homes being offered for sale in Steiner Ranch. In fact, so far this year, 5.3% fewer homes have been put on the market. 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 September sales ranged from a low of $335,000 to a high of $1,845,000. The average sales price to list price ratio was 99.5%. For homes that closed in September, the average days on market was 28, down from 35 last September. 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.”