Steiner Ranch Housing Report - December 2016
In this edition of “How’s the Market in Steiner Ranch,” I talk about the November stats, look at the year-to-date numbers, and explain why I think the market in Steiner is stronger than the stats indicate. 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 2016 edition of “How’s the Market in Steiner Ranch.”
In November, 18 resale homes closed in Steiner Ranch which was down 21.7% from November 2015. The median price increased 34.2% to $617,500. The average price of a home increased 10.1% to $669,528. The average price per square foot decreased by 0.4% to $168.39. Obviously, the median and average sales prices really jumped up. The reason is that we simply had a disproportionate number of higher end homes sell this month. Of the 18 sales, 14 were above Steiner’s median price – and many of those were well above it. Therefore, it results in a one-month spike of numbers. This is why I always like to look at a longer period of time so we can get a clearer picture of the overall market. In this case, we’ll look at the sales from the first of the year through November 30th and compare them to the same period from 2015.
The number of homes that have sold, so far, in 2016 is 315, up 11.3% compared to the year-ago period. The median price increased 1.8% to $456,900. The average price of a home decreased 4.2% to $513,903. The average price per square foot increased by 1.4% to $157.57. So clearly, the November numbers are indeed a statistical anomaly. If you watch these videos regularly, you know that for several months I’ve been saying that the sales prices are stronger than the statistics indicate. One reason is that we’ve had far fewer homes at or over $1 million sell in 2016 as there have been 5 this year compared to 12 through this point last year. If we exclude the sales of homes at $1 million or higher, you see a definite improvement as the median price has increased by 4.6% over last year. That’s almost a 3% improvement. As for the average price, it shows an increase by 2.4% which is more than 6% higher than when we include the homes over $1 million. So while these pricing numbers aren’t great, it is worth understanding that they are better than what the overall numbers show.
The number of available resale homes at the beginning of November was 55, down from 72 in November 2015, this does not include homes that are under contract. The trend of lower inventory in Steiner Ranch started back in March.
Across Steiner, the November sales ranged from a low of $375,000 to a high of $1,330,000. The average sales price to list price ratio was 98.9%. For homes that closed in November, the average days on market was 82, up from 51 last November.
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.