Steiner Ranch Housing Report November 2023
We’ve got a good mix of homes that sold from entry-level, mid-range, and high-end neighborhoods.
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.
Welcome to the November 2023 edition of "How's the Market in Steiner Ranch.” No surprising numbers this month, but let’s dive in to see how it was.
In October, 9 resale homes closed in Steiner Ranch which was down 25% from October 2022. The median price increased 10% to $895,000. The average price of a home decreased 14%to $889,790. The average price per square foot decreasedby 12% to $285.38. I will generally say that the monthly numbers don’t reflect a good cross section of Steiner, but this month they do. We’ve got a good mix of homes that sold from entry-level, mid-range, and high-end neighborhoods. It’s also unusual to have the average and median prices so close together. As usual, I also like to take a look at a longer time frame, so let’s consider the year-to-date stats. The number of resale homes sold during the first ten months of the year is 142 down 8% from this same time frame last year. The median price of a home has decreased 12% to $847,500. The average price decreased by 11% to $1,011,351. The average price per square foot decreased 12% to $300.93.
The number of available resale homes at the end of October was 35, down 19% from last October. Typically, the seasonality of the market says this number will decline over the next few months as fewer homes are offered for sale, but this is up from 32 last month meaning we just aren’t selling homes as fast. The number of homes put on the market in October was 12, down 40% from last year, so that just demonstrates how the buying side has weakened.
Across Steiner, the October sales ranged from a low of $568,108 to a high of $1,450,000. The average sales price to list price ratio was 99.7% which was the highest we’ve seen since August of 2022. For homes that closed in October, the average days on market was 40 down slightly from 46 last October.
Last month, a total of 8 homes went under contract compared to 10 in 2022. It’s also the lowest number of any month this year, again demonstrating the weakening on the buying side.
Interest rates moved higher very fast in October briefly reaching 8%. We’ve settle back down to the mid 7’s, but interest rates continue to be a driver of the market. If you have any real estate related questions, please don’t hesitate to call or text me at 512-650-7300 or email me at [email protected]. If you are thinking of buying or selling soon, let’s get the conversation started. Thanks for watching “How’s The Market in Steiner Ranch.”