Steiner Ranch Housing Report - 2021 Year-End
The year-end report covers how the Steiner Ranch real estate market performed in 2021. It was a year like we've never seen before, despite fewer homes selling, buyers moving to the area from markets with higher property values, growth in prices was up over 40%.
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.
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 2021 Year End edition of "How's the Market in Steiner Ranch.” It was a year for the real estate record books, so let’s dive right in.
First, I want to remind you that all of these figures are for resale homes only. There are still some new construction homes in Steiner Ranch, but I am not including them in these statistics. In 2021, 280 homes closed in Steiner Ranch which was down 12.8% from 2020. The median price of a resale home increased 40.9% to $811,950, the average price increased 41.9%. to $933,762, and the average price per square foot increased 46.3% to $283.23. In real estate, the bellwether measurement for home prices is the median price so when we talk about the price of homes in Steiner Ranch for 2021, we’ll say that the prices increased about 41%.
That is quite an amazing number! Ultimately, it was a simple case of supply and demand. For the first time in many years, less than 300 homes were offered for sale in Steiner Ranch in 2021 – the actual number was 298 which was 10.2% less than 2020. So we had low supply. But demand was up from a typical year. While most people with school-aged kids don’t like to move during the school year, last year was very different. Much of the country was virtual last school year and people didn’t seem to have any problem moving in that environment. Also, late 2020 and early 2021 is when many tech companies announced that employees could live anywhere. These two things opened the floodgates to Steiner Ranch. With so few homes available and buyers coming from markets with much higher home values, the prices moved up rapidly as buyers did not have any issue paying 10 to 20% above asking price in a very competitive situation. And prices have stayed there. While we had a bit of a lull in the fall, it didn’t last long and we are once again very short of inventory.
Last year, the sale prices in Steiner ranged from a low of $395,000 to a high of $2,360,000. At this point, opportunities under $500,000 are pretty well gone as there were just three sales under half a million in 2021 with the last one in March. Compare that to 2020 when there were 97 homes that sold under $500,000. Last year, even if we look up to $550,000, it adds only 7 more sales. As crazy as it would have sounded just 18 months ago, the entry level homes in Steiner are now priced from $550,000 to $750,000. Looking at the other end of the spectrum, the number of homes that sold over $1M last year was 83, almost a three fold increase from the 30 that sold at that price point in 2020. Interestingly, the number of homes that sold from $500,000 to $1M was 194 which was exactly the same as 2020 – its just a very different home that you could buy for that amount.
The sales price to list price ratio was 107.9% which isn’t surprising given the shear number of homes that sold over list price. In fact, 78% of homes sold at or above list price. For homes that closed, the average days on market was 11, down from 22. Back in both 2017 and 2018, the average days on market was 50.
Obviously, it is a great time to sell a home in Steiner. If you are leaving the Austin area, it is a phenomenal time to sell because you’ll most likely be going to an area in which the real estate market isn’t as hot. But what if you want to move within Steiner or stay in the Austin area. It’s more difficult to buy, but I’ve been getting my buyers under contract. It requires a different approach in this market. If you are thinking of moving, give me a call and I’ll walk you through what it takes to be a successful buyer in this market.
In addition to the stats we’ve discussed, I do have some more detailed statistics and graphs making comparisons back five years. You will find them at SteinerStats.com or linked wherever you launched this video.
Now it’s time for my predictions. First, let’s check to see how I did on my 2021 prognostications. I predicted that the number of resale homes sold in Steiner Ranch would increase by 5.0 %, but we saw a 13% decrease instead.. I thought that rising prices would prompt more people to leave, but, of course, unless you are leaving the Austin area, you need to buy another home and that kept many from selling. I also predicted that prices would increase by 13%, but prices rose by 41%. (Just a bit outside). I don’t know why I’m going to try this again this year, but I’m a glutton for punishment. Clearly, the tight market will continue. I’m going to say inventory remains low with 295 homes sold which is a reduction of about 1%. As for prices, I’m going with a 14% increase in prices bringing the median price is Steiner to over $925,000.
If you are thinking of buying or selling in Steiner Ranch in 2022, I would love the opportunity to earn your business. To find out why I am consistently one of the top real estate agents serving Steiner Ranch and how you can use that to your advantage, text or call me at 512-650-7300 or email me at [email protected]. Thanks for reading “How’s The Market in Steiner Ranch."
Statistics based upon information from ACTRIS for the periods cited.