Steiner Ranch Housing Report - June 2016
In this edition of “How’s the Market in Steiner Ranch,” I talk about the May stats and explain why it appears that May didn’t perform as well as last year. 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 June 2016 edition of “How’s the Market in Steiner Ranch.” The real estate market in Steiner continues to be strong, though the numbers may tell a different story.
In May, 38 resale homes closed in Steiner Ranch which was up 18.8% from May 2015. The median price decreased 0.7% to $420,000. The average price of a home decreased 6.5% to $459,322. The average price per square foot decreased by 1.6% to $151.86. So why are prices down across all measures when I say the market is very strong? Well, during May, many of the homes that sold were in the entry tier of Steiner Ranch. As a result, the prices show a pull back because of their weight against fewer higher priced homes selling. In reality, the prices of the entry tier are rising. The upper tier of homes is beginning to show some softness – and by upper tier, I am talking about $800,000 and higher. This is the weakest segment in Steiner right now. The middle tier of homes is doing well and while there are many of these homes under contract, there just weren’t many closings in May. We can get a better take on the market by using a longer time frame, so let’s look at the past six months and compare it to the same six-month period a year prior. In this case, the number of homes that sold was 155, up 26.0%. The median price increased 3.4% to $439,000. The average price of a home decreased 0.6% to $487,797. The average price per square foot increased by 1.6% to $153.54. Again, you may ask why the average price is down. And again, this is based upon the upper tier of homes not performing as well. Further, during the past six months, there has been just one sale over $1 million but in the prior year period against which we are comparing, there were three including one that was almost $3 million. As a result, that will pull down the numbers, especially the average. In short, for homes up to $800,000, the market remains stronger than we’ve seen over the past few years.
The number of available resale homes at the beginning of May was 76, down from 95 in May 2015. To be clear, that does not include homes that are under contract. It also doesn’t mean that fewer homes are being listed. In fact, from January to May of this year, 210 have been listed for sale in Steiner Ranch compared to 176 during the same time last year. So more homes are being offered for sale, more homes are selling, and the inventory is lower. Across Steiner, the May sales ranged from a low of $296,000 to a high of $836,230. The average sales price to list price ratio was 99.2%. For homes that closed in May, the average days on market was 31, down 8.8% from last May.
If you would like to see the sales price for any particular home in Steiner Ranch, that information can be accessed here. As always, if you have any real estate related questions, please don’t hesitate to contact me via email or at 512-650-7300. Thanks for reading “How’s The Market In Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.