Steiner Ranch Housing Report - 2014 Year End
In this edition of “How’s the Market in Steiner Ranch,” I discuss the 2014 year end stats and make my predictions for 2015. Below the video, you can find the same information in chart and text formats.
Extra sales statistics mentioned in the video can be found here:
Price changes for each Steiner Ranch neighborhood.
Complete set of graphs with 5-year comparison data.
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 2014 Year End edition of “How’s the Market in Steiner Ranch.” In short, it was another good year for real estate in Steiner Ranch.
All of the stats I will talk about are for resale homes only. I used to mention a few stats for new and resale combined, but with so few new construction homes, I decided to only discuss resale stats in this year’s wrap up. In 2014, 322 homes closed in Steiner Ranch which was down 8.8% from 2013. I believe the reason for the decline is simply the low inventory we talked about all year long. There weren’t as many homes for sale, so there weren’t as many that could be sold. We did not have a situation in which there were a lot of homes for sale that just couldn’t get a buyer after trying for months and months (as a side note, there were a few of those, so if you own one of those homes, contact me and I’ll get it sold for you this year). The average price of a resale home increased 8.6% to $502,043, the median price increased 5.3% to $431,650, and the average price per square foot increased 8.3% to $150.16. In real estate, the most widely used measure of home values is the median price. So while the average price increased more, you will hear me talk about an increase this past year of about 5%. These are good numbers and the rate of increase is just slightly behind the previous year. I also want to point out that prices do not rise at the same level across all of Steiner Ranch. Some neighborhoods were up and some were down. If you would like to see a list of each Steiner neighborhood and its annual price change, you can access the information here.
The inventory of resale homes in Steiner Ranch remains low with 51 available at the end of the year. While it is low, it is quite a bit higher than last year – about 60%, in fact. About 20% of the available homes are under the 2014 median price around $432,000 so we are especially low in that price range. If you are thinking about selling a home under that price point, I suggest you contact me today so we can discuss whether hitting the market very soon would be advantageous.
Last year, the sale prices in Steiner ranged from $259,000 to $4,700,000. The average sales price to list price ratio was 98.2%. For homes that closed in 2014, the average days on market was 42. A complete set of graphs for 2014 home sale statistics is available here. It includes a great one the shows the number of homes sold in each price range.
So it’s time to make predictions. Last year, I was 1 for 2. I correctly surmised that prices would increase moderately. However, I was way off regarding the number of homes sold. Let’s see if I can do better for 2015. I predict that prices will rise again, but by less than 5%. I think the number of homes sold will hold fairly steady, but I will predict a slight increase of less than 2%. I am being a bit more specific this year because I want you to be very specific on your predictions as well! I’m holding a contest to see who can most accurately predict the 2015 Steiner Ranch Housing Market. You could win a year’s supply of ice cream, or a year’s supply of pizza, or a privately catered party for eight. You just need to predict how many homes will sell and what the median price will be.
We head into 2015 with a slightly softer, but still very healthy real estate market in Steiner Ranch. If you have to buy or sell this year, I would greatly appreciate the opportunity to earn your real estate business. You can contact me at 512-650-7300 or by email. Thanks for reading “How’s The Market In Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.