Steiner Ranch Housing Report - August 2016
In this edition of “How’s the Market in Steiner Ranch,” I talk about the July stats and explain that the Steiner market is performing just fine despite what the numbers show. Below the video, you can find the same information in chart and text formats.
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 August 2016 edition of “How’s the Market in Steiner Ranch.”
In July, 37 resale homes closed in Steiner Ranch which was down 2.6% from July 2015. Before I give the sales figures, let me preface it by saying that sometimes the stats don’t tell the whole story so these numbers aren’t as bad as they seem. The median price decreased 22.8% to $443,000. The average price of a home decreased 15.4% to $511,581. The average price per square foot decreased by 1.4% to $157.69. So why the big drop? There are two main reasons. First, in 2015, there were four homes over $1 million that sold. In July 2016, there was just one. Especially when looking at averages, the numbers get distorted with that kind of disparity. Second, the number of entry-level homes listed for sale and selling is quite a bit higher than last year. That drags down the median price. So while pricing is healthy across Steiner and prices are higher this year than last for similar homes, the distribution of the homes selling is showing a statistical decline. Because this has been a trend for a while, we see this in the 6-month rolling figures as well (though the numbers look healthier than the one-month snapshot). The number of homes that sold over the past six months was 208, up 23.1% compared to the same six-month period in 2015. The median price increased 0.6% to $452,500. The average price of a home decreased 5.5% to $527,063. Again, the number of homes that sold over $1 million last year was quite a bit higher which is the main reason for this drop. The average price per square foot increased by 0.9% to $155.75.
The number of available resale homes at the beginning of July was 81, down from 107 in July 2015. I expect this number to be the peak for all of 2016. Normally, we peak in the 110-120 range so this has been a good year. The low inventory is not because fewer homes have been offered for sale in 2016 – on the contrary, more have been listed and sold in 2016 than in 2015.
Across Steiner, the July sales ranged from a low of $300,000 to a high of $1,150,000. The average sales price to list price ratio was 98.8%. For homes that closed in July, the average days on market was 29, down 42.0% from last July.
The annual Steiner Ranch Concert in the Park is Saturday, August 13th. Once again I will be there spinning fresh cotton candy with all the sales proceeds going to the Hill Country Education Foundation and Hope Alliance. Please stop by for your sugar rush!
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]. Thanks for reading “How’s The Market in Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.