Steiner Ranch Housing Report - December 2023

Welcome to the December 2023 edition of "How's the Market in Steiner Ranch.”  The number of sales is still low, but let’s look at the entire rundown.

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 November, 7 resale homes closed in Steiner Ranch which was down 36% from November 2022.  This is the lowest number of sales in any month since we had 6 back in January of ’22 (and it’s well more than a decade before that before we find that low number again).  When mortgage rates spiked to around 8% in October, the market really slowed down.  Since closings generally take around 30 days, that slowdown statistically appears in November.  The median price increased 8.6% to $760,000.  The average price of a home decreased 0.7% to $782,143.  The average price per square foot decreased by 1.7% to $274.24.  With so few homes selling each month, we see a lot of price disparity from one month to the next.  For example, November’s median of $760,000 was down 15% from October.  Did the market really drop that much in one month?  No, it didn’t.  To help smooth out some of these peaks and valleys, I like to take a look at a longer time frame, so let’s consider the year-to-date statistics.  The number of resale homes sold during the first 11 months of the year is 149, down 10.2% from that same time frame last year.  The median price of a home has decreased 10.6% to $840,000.  The average price decreased by 9.7% to $1,000,583.  The average price per square foot decreased 10.8% to $299.67. 

The number of available resale homes at the end of November was 32, down 16% from last November.  This is also down from last month, which is typical for the seasonality of this time of year.  The number of homes put on the market in November was 12, up 9.1% from last year.

Across Steiner, the November sales ranged from a low of $500,000 to a high of $1,125,000. That $500,000 sale was just the second one at or below a half million this year and there were none last year.  As for the high of $1.125 million, that is the lowest of the monthly high prices that we’ve seen in three years.  I point that out because I think it’s an interesting stat, not because I think the market is falling fast.  With few sales, sometimes it's just the way the numbers happen.  The average sales price to list price ratio was 98.3%.  For homes that closed in November, the average days on market was  59 down slightly from 67 last November.

Last month, a total of 7 homes went under contract compared to 11 in 2022.  It’s also the lowest number of any month this year.  Again, not surprising given that mortgage rates were high when the month started.  However, the rates fell as the month went along, and by the end of November, they were around 7%.  That will likely spur a few more buyers to get into the market.   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 that conversation started.  Thanks for watching “How’s The Market in Steiner Ranch.”

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