Steiner Ranch Housing Report - July 2013

In this edition of How’s the Market in Steiner Ranch, I review the June 2013 home sale stats and also examine the numbers for the first half of 2013. 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 at 512-650-7300, by email, or use the form below.

Click here for previous editions of How’s the Market in Steiner Ranch.

If you prefer to read instead of watch, here are the chart and transcript:

Transcript

Greetings! I’m Craig Smyser. Welcome to the July 2013 edition of “How’s the Market in Steiner Ranch.” This month, I’ll review the June stats, then I’ll take a look at the numbers for the first half of the year.

In June, 62 homes closed in Steiner Ranch which was up almost 68% from June 2012. Comparing only resale homes, sales were up an incredible 90% to 59 homes from 31. You may wonder why the figure is so high when we’ve been talking about low inventory for much of the year. The answer is two-fold. First, we finally saw the inventory rebound to more typical levels in Steiner Ranch. In fact, we had more homes listed for sale in the second quarter of this year versus the second quarter of last year. Secondly, there are certainly more buyers in the market this year, so the number of closed sales increased. Now, many new construction homes are not listed in the MLS so I cannot provide accurate data on new construction numbers in Steiner Ranch. Of course, as we get so close to the complete build-out, there are far fewer new construction homes available anyway. In fact, there are fewer than 65 homes left to be sold in Steiner Ranch. The last new neighborhood, Lakeview, is just clearing ground which is why you see fewer trees on the hill when you enter the neighborhood. That will have 55 single family homes with condo ownership. Remember, condo is a type of ownership, not a style of construction. The neighborhood will be similar to The Fairways. From this point forward, all the stats quoted are for resale homes only. When looking at small sets of data such as one month in Steiner Ranch, I don’t like to compares prices from one year to the next because they can be volatile – and once again this month’s data demonstrates that because of the sale of one high-end home. The July sales ranged from a low of $231,500 to a high of $4,875,000. Since the sale at almost $5 million is unusual for Steiner, it tilted the average values higher. For June, the average price of a resale home increased 16.8% to $543,079. If we look at the median price, which will give us a different picture this month, it increased 3% to $435,000. The average price per square foot increased 9.1% to $145.03. Frankly, I think that percentage best relates to what I see in the market for prices recently.

The number of available resale homes in June was 123, up a 13.9% from last June. The average sales price to list price ratio was 98.6%. For homes that closed in April, the average days on market was 35. As always, my website allows you to look at summary and detailed data for each Steiner Ranch neighborhood.

So let’s take a look at the figures for the first half of the year. 186 homes closed in Steiner Ranch which was up 12% from the first half of 2012. Comparing only resale homes, sales were up almost 25% to 166 homes from 133. The average price of a resale home was up 15% to $464,598 while the median price was up 6.5% to $399,500. The average price per square foot was up 9.1% to $136.03. The sales price to list price ratio was 98.5% and the average days on market for closed homes was 41. Overall, it is a very healthy year in Steiner Ranch. Even though interest rates have started to rise, I see no reason the market won’t continue to be strong.

As always, if you have any real estate related questions, please don’t hesitate to contact me at 512-650-7300, by email, or use the form below. Thanks for watching/reading “How’s The Market In Steiner Ranch.”

Statistics based upon information from ACTRIS for the periods cited.