How's the Market in Steiner Ranch - September 2019

The September 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.  Welcome to the September 2019 edition of "How's the Market in Steiner Ranch."

In August, 29 resale homes closed in Steiner Ranch which was up 7.4% from August 2018.  This is only the third month this year that showed a year-over-year gain in number of sales which is reflective of our low inventory this year.  The median price decreased 17.9% to $475,000.  Usually I don’t stop to explain this stat right now, but it is worth doing so this time because it is a big drop.  The median price in Steiner hovers around $500,000.  In September 2018, 64% of the homes sold were above this point.  In September 2019, it was just 48%.  It simply implies that this month, the homes that sold skewed towards the lower end, not that prices dropped that much.  The average price of a home decreased 3.7% to $593,119.  The average price per square foot increased by 3.7% to $176.43.  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 207, down 5.0% from last year.  The median price of a resale home has decreased 4.6% to $512,000.  The average price decreased by 4.4% to $576,882.  The average price per square foot increased 4.2% to $175.05.  We’ve seen this all year long and I’m running out of different ways to explain it.  It just happens that last year, the homes listed for sale and bought by buyers tended to be the higher end homes.  I don’t know why that was, but it was.  This year, is a very typical year in the distribution across price ranges of the homes listed for sale and selling.  So when you compare last year’s pool of homes that was heavily weighted with higher end homes to this year’s pool of a pretty even split, this year’s numbers look like they are declining.  However, my observation is that in any given price point across Steiner, we see home prices increasing.  As for the picture, obviously that isn’t the pool of homes, it’s just a pool.  And it isn’t even a pool from Steiner – it’s on the north side of Lake Travis but it’s a pool I really like.  Actually, it’s the view that I like so maybe I should have used a different picture.

The number of available resale homes at the end of August was 53, down 22.1% from last August. 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, 7.9% fewer homes have been listed for sale.  As we head into the traditionally slower real estate selling season, remember that homes sell all year long and the timing of when should sell has more to do with your personal circumstances than it does trying to time the market.

Across Steiner, the August sales ranged from a low of $338,000 to a high of $1,400,000.   The average sales price to list price ratio was 98.2%.  For homes that closed in August, the average days on market was 32, down from 52 last August.

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.”