Steiner Ranch Housing Report - December 2022
The real estate market continues the downward drift and Steiner is no exception. The stats for the Steiner Ranch real estate market can be found in text and chart formats below the video.
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 with 1835 Realty. Welcome to the December 2022 edition of "How's the Market in Steiner Ranch.” The real estate market continues the downward drift and Steiner is no exception.
In November, 11 resale homes closed in Steiner Ranch which was down 50% from November 2021. We haven’t seen that few November closings since 2014. Before I get to the prices, let me say they are misleading, but I’ll explain in a minute. The median price in November decreased year-over-year by 15% to $700,000. The average price of a home decreased 12% to $787,827. The average price per square foot decreased by 3.5% to $278.91. With just 11 homes in the data set, it gets skewed because more than half are in Steiner’s entry level neighborhoods. So while prices are coming down, they have not come down this much. So let’s look at the year-to-date numbers, but these also are misleading because they include prices from the peak, though we have come down notably since then. In the first eleven months of 2022, the number of resale homes sold is 164, down 37% from the same time frame last year and down 49% from 2020. The median price of a home has increased 16% to $942,500. The average price increased by 20% to $1,113,654. The average price per square foot increased 20% to $336.94. As a reminder, in real estate, the benchmark number is the median price. With so few homes selling over the past few months and the big drop we’ve seen in prices, it’s hard to get data to provide a true actual median price. However, based on what I’m seeing in the market now, I’d say the median price is in the $850,000 to $875,000 range.
The number of available resale homes at the end of November was 38, up from 9 last November. It is the lowest number since May of this year and reflects not only fewer homes being offered for sale, but also the increased number of homes being taken off the market without selling. In fact, 10 came off the market in November, four of which were listed for lease. During November, 10 new listings hit the market which is down 23% from last year. There were 11 new contracts accepted in November, down 61% from last year.
The average sales price to list price ratio was 97.5%. For homes that closed in November, the average days on market was 67, up from 21 last year. Across Steiner, the November sales ranged from a low of $527,000 to a high of $1,550,000. During November, there were 22 price reductions on homes in Steiner.
The housing market in Steiner and throughout the country continues to be at the mercy of inflation and the Federal Reserve’s response to it. Mortgage rates have come off their highs recently, currently sitting around 6.5% for a 30-year. December is historically the month with the fewest contracts written and I expect the same this year. But even though sales are down, homes are still selling. If your situation includes a sale or purchase of a home in the near future, I’d appreciate the opportunity to talk to you about it.
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]. Thanks for watching “How’s The Market in Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.