Steiner Ranch Housing Report - August 2023
Compared to the rest of the year, July looked pretty good, but the market is still meandering along.
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 July, 16 resale homes closed in Steiner Ranch which was up 33% from July 2022. Last year’s number was very low because of the market shock from the interest rate hikes last spring. July is usually one of the months with the highest number of sales and the 16 this year ranks it second for 2023. The median price decreased 16% to $1,075,000. The average price of a home decreased 19% to $1,107,375. The average price per square foot decreased by 17% to $308.31. Because one month of data doesn’t always give us a full picture, let’s look a longer period of time. The number of resale homes sold during the first seven months of the year is 99, down 12% from this same time last year. The median price of a home has decreased 28% to $807,000. The average price decreased by 19% to $967,434. The average price per square foot decreased 16% to $299.14. Let’s dissect these price stats since you’ll notice a big 33% difference between the median price in July versus year-to-date. Again, with so few sales to examine, the numbers can easily get skewed. In this case the 16 homes that sold skewed heavily towards the higher end neighborhoods in Steiner so while statistically the median price was well over $1 million, that’s not really what we’re seeing in the market. The year-to-date numbers are going to be more aligned with what’s really happening right now.
The number of available resale homes at the end of July was 43, down 32% from last July. The number of homes has been consistent over the past 5 months – this drop of 32% is more indicative of what happened last year when the market ground to a halt. The number of homes put on the market in July was 26, down 21% from last year continuing a trend we’ve seen for a while with fewer people wanting to sell their homes. I’ve explained why that is for the past several months so if you are a new viewer, just check out one of the episodes from the June or July.
Across Steiner, the July sales ranged from a low of $583,500 to a high of $1,900,000. The average sales price to list price ratio was 98.1% and for homes that closed in July, the average days on market was 34 up from 15 last July.
Last month, a total of 14 homes went under contract compared to 10 in 2022. It was the lowest number since March and that is fairly typical of the seasonality in Steiner Ranch real estate.
Stating the obvious, the market in Austin has been much slower over the past year compared to the prior few years. In fact, across Travis and Williamson counties, the number of resale homes that sold is down 26% this year. Here’s a scary number for you: 87% of the real estate agents in the Austin MLS sold 2 or fewer homes in the first half of this year. Yeah, that’s 1 home every 3 months. This is why experience is so important. You don’t learn or stay sharp on that kind of pace. I currently rank in the top 1% of agents in the Austin area so if you have any real estate related questions, please don’t hesitate to call or text me at 512-650-7300 or email me at [email protected]. If you are thinking of buying or selling soon, let’s get the conversation started. Thanks for watching “How’s The Market in Steiner Ranch.”
Statistics based upon information from Unlock MLS for the periods cited.