Steiner Ranch Housing Report - April 2023

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.

In March, 12 resale homes closed in Steiner Ranch which was down 33% from March 2022.  The median price in March decreased 37% to $768,500.  The average price of a home decreased 33% to $824,242.  The average price per square foot decreased by 19% to $282.80.  I believe the 37% drop is overstated in the stats because last March saw a lot of high-end homes close so it skews the numbers a bit, but that’s what often happens with small data samples.  So let’s look at the six month comparison.  The number of resale homes sold during the past six months is 67, down 25% from this same time frame the year prior.  The median price of a home has decreased 7.3% to $760,000.  The average price decreased by 9.7% to $883,790.  The average price per square foot decreased 5.1% to $288.61.  Even looking at six months, the number of homes sold is small so the pricing data can get skewed.  I estimate me we are seeing with a median price around $800,000 right now.  We’ve been seeing the year-over-year prices declining for several months now.  That trend won’t change soon since the market peaked last May.  We’re down about 25% since that time.

The number of available resale homes at the end of March was 41, up 242% from last March.  The number of new homes put on the market in March was 30, up 15% from last March.  Like clockwork, we say many of those homes hit the market in the days leading up to Spring Break.  Across Steiner, the March sales ranged from a low of $525,000 to a high of $1,444,000.   The average sales price to list price ratio was 97.4% and for homes that closed in March, the average days on market was 40 up from 18 last March.   

There are some interesting things going on in the market right now.  For the first time in ten months, prices across the Austin area increased.  While we didn’t see that in Steiner, I can tell you that Steiner often lags the overall Austin market.  During the last few days of March, a number of entry level priced homes went under contract.  It wasn’t a lot of them, but certainly more homes in a few days than we’ve seen in a long time.  The quietest section of the market right now is $1.5 to $2 million.  The ratio of available homes to those under contract in that ranch is quite high.  While we are seeing a slight improvement in the Steiner activity, it’s nothing to get too excited about because we normally are starting to see the benefits of the spring market at this time of year.  Last month, a total of 13 homes went under contract compared to 19 in 2022.  On the positive side, interest rates are around 6.5% for a 30-year loan and they’ve been steady at this point for almost two weeks, which is about as even of a keel that we’ve had in a long time.  Other parts of the country are back to multiple offers and over-asking price contracts.  We’re not seeing that here at this time.  But we had one of, if not the strongest, markets in the US for a few years so our market had further to fall.

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].  If you are thinking of selling your home this summer, now is the time to start talking, so go ahead and reach out.  Thanks for reading “How’s The Market in Steiner Ranch.”

Statistics based upon information from ACTRIS for the periods cited.