Steiner Ranch Housing Report - July 2020
The July edition of How's the Market in Steiner Ranch is now available. As usual, we’ll talk about the monthly stats as well as the sales figures for the first half of the year. Let me tell you, they're looking good!
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 with 1835 Realty. Welcome to the July 2020 edition of "How's the Market in Steiner Ranch." We’ve got some interesting numbers, so let’s dive right in.
In June, 46 resale homes closed in Steiner Ranch which was up 35.3% from June 2019. The median price increased 19.3% to $635,250. The average price of a home increased 22.9% to $703,403. The average price per square foot increased by 7.7% to $193.42. Of course, I always prefer to look at a longer time period to get a more accurate picture of the market because one month is a small data set. The number of resale homes sold so far in 2020 135, up 0.7% from the first six months of last year. Let that sink in. Even with coronavirus, we are up over last year. I said at the start of corona that I expected the high demand and low interest rates would be more powerful than the virus and that has proven to be the case. The median price of a resale home has increased 9.1% to $560,000. The average price increased by 9.4% to $630,977. The average price per square foot increased 6.6% to $186.49. Once again, these are very strong numbers. As I said last month, while prices are definitely heading up, part of the increase is that we are simply selling a higher proportion of higher end homes this year compared to last year. Over the last six months, the number of homes under $500,000 selling is down by about 28% while homes from $500,000 to $1 million are up 19%. Further, sales of homes over $1 million more than doubled in this time frame. Steiner is a big neighborhood, but still small enough that the data isn’t always uniform from one year to the next. In short, prices are moving up faster than we are used to in Steiner.
The number for July closings will be strong, too. I usually don’t share the number of contracts written in a given month because not all of them end up closing. But I mentioned them last month and it is worth doing again. In June, the number of homes in Steiner Ranch that accepted an offer (thus becoming a contract) was 46 up from 39 in June 2019 – that’s an 18% increase! It is a great time to be a seller so if you’ve had any thoughts, I urge you to contact me today. In fact, we are seeing multiple offers with much more frequency in Steiner. If you are a buyer, it is definitely harder right now, which is why you need an agent with many years of experience to help you navigate this. How many years exactly? I’d say 21 is a good number.
The number of available resale homes at the end of June was 26, down 58.1% from last June. Across Steiner, the June sales ranged from a low of $350,000 to a high of $1,925,000. The average sales price to list price ratio was 98.9%. For homes that closed in June, the average days on market was 27, down from 32 last June.
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 watching “How’s The Market in Steiner Ranch.
Statistics based upon information from ACTRIS for the periods cited.