Steiner Ranch Housing Report - December 2015
In this edition of “How’s the Market in Steiner Ranch,” I talk about the November stats and show how one large sale can really skew monthly stats. 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 December 2015 edition of “How’s the Market in Steiner Ranch.”
In November, 22 resale homes closed in Steiner Ranch which was up 100% from November 2014. This year’s number is in line with normal November activity – it was 2014 that was out of the ordinary. Before I address monthly pricing, let me state that they are distorted because of one really big sale this year and a month skewed towards entry-level homes last year. The median price increased 35.5% to $467,500. The average price of a home increased an even bigger 42.9% to $619,568. The average price per square foot increased by 22.7% to $169.90. Clearly, you should not take this month’s figures as indicative of the market. This is exactly why I like to look a longer period of time when comparing pricing data. So let’s look at year-to-date data which provides us 11 months of information. The number of resale homes sold so far in 2015 is 282, down 7.8% from the same time period in 2014. The median price of a resale home has increased 3.3% to $449,450. The average price increased by 6.3% to $537,099. The average price per square foot increased by 3.4% to $155.41. Clearly, these numbers are all fairly close which presents a much more reliable take at how the Steiner Ranch housing market has done this year. In short, fewer homes sold but a small increase in values. Compared to Austin, Steiner is trailing in appreciation.
The number of available resale homes at the beginning of November was 72, up 30.9% from last November. To be clear, that does not include homes that are under contract. This trend of higher inventory levels compared to last year has now reached 9 consecutive months. This is one reason why the rate of price appreciation has been slower this year.
Across Steiner, the November sales ranged (SLIDE) from a low of $285,000 to a high of $3,515,000. The average sales price to list price ratio was 97.7%. For homes that closed in November, the average days on market was 53, down 42.4% from last November.
As we approach the end of the year, it is time to start thinking about the spring market. Yes, I agree that it seems too early. However, the spring market starts early that most people think and most sellers have to get some things in order before hitting the market. Contact me today if you are thinking of selling next year and we can decide if it is time to get together to discuss the sale.
If you have any real estate related questions, please don’t hesitate to contact me via email or at 512-650-7300. Thanks for reading “How’s The Market In Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.