Steiner Ranch Housing Report - April 2024

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 April 2024 edition of "How's the Market in Steiner Ranch.” 

In March, 19 resale homes closed in Steiner Ranch which was up 58% from March 2023.  Two good pieces of information there – first, we haven’t had monthly sales increase on a year-over-year basis since last August, and second, that’s more homes sold in one month since May of ’23.  The median price in March increased 14% to $875,000.  The average price of a home increased 32% to $1,088,795.  The average price per square foot increased by 6.9% to $302.39.  Even with more homes selling in March, we still don’t have a big enough data set so let’s look at the six month comparison.  The number of resale homes sold during the past six months is 58, down 13% from this same time frame the year prior.  The median price of a home has increased 1.7% to $772,750.  The average price increased by 17% to $1,034,685.  The average price per square foot increased 3% to $297.26.  Even this longer time frame doesn’t seem to give us a true picture.  I noted last month that entry level homes and high-end homes are selling better than the mid-range homes.  It’s been going on for a while so even the six-month numbers get skewed.  And this trend can be seen throughout Central Texas, not just Steiner.  I believe if we had a true representation of all the homes in Steiner Ranch, we’d see the median price higher than $772,750, even though the median price has been coming down.

The number of available resale homes at the end of March was 36, down 12% from last March.  The number of new listings put on the market was 32, up 6.7% from last March.  We haven’t seen that many homes come to the market in one month since July 2022.  March is often a strong month for new listings as people list their homes and head out for Spring Break.  Across Steiner, the March sales ranged from a low of $567,000 to a high of $2,900,000.   The average sales price to list price ratio was 97.4% and for homes that closed in March, the average days on market was 75 up from 40 last year.  The number of homes that went under contract in March was 23, up 77% from last year.

Last month I expressed my doubts that 30-year fixed rate mortgages would drop into the 5s this year, which has been the rallying cry of the housing industry.  Since then, the inflation data has gotten worse and geopolitical concerns have helped push rates back over 7%.  Even before this recent move up, the economists at Fannie Mae finally updated their mortgage rate expectations for the year and they no longer expect rates will dip into the 5s.  So this means that the expected influx of new buyers is unlikely to materialize this year.  That’s okay in many areas of the country that still have multiple offers and lines of people waiting to see homes, but here in the Austin area, our prices are still drifting down.  Spring and summer historically experience price increases. Whether we see that this year in Steiner Ranch and the region as a whole has yet to be seen, but the rising rates certainly won’t help.  My concern is that the progress made in March with the number of homes sold will be short-lived if rates stay above 7% for a while.

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 watching “How’s The Market in Steiner Ranch.”

Statistics based upon information from Unlock MLS for the periods cited.

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