Steiner Ranch Housing Report - June 2020
The June edition of How's the Market in Steiner Ranch is now available. As usual, we’ll talk about the stats but, of course, I will also address the lingering coronavirus impact on real estate.
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 June 2020 edition of "How's the Market in Steiner Ranch." As usual, we’ll talk about the stats but, of course, I will also address the lingering coronavirus impact on real estate.
While the market has roared back from the coronavirus setback, real estate sales take a while to work through from contract to closing. Many numbers I report are backward looking so don’t necessarily reflect the strength seen now, but we’ll get to that in a bit. In May, 17 resale homes closed in Steiner Ranch which was down 54.1% from May 2019. Obviously, that’s a big drop, but also very expected. As I’m sure you are aware, the amount of time it takes to close the sale of a home means that closings in May are mostly the result of contracts accepted in April during which the whole month was spent under stay-at-home orders. For the homes that closed, though, the median price increased 1.3% to $547,000. The average price of a home increased 2.9% to $573,282. The average price per square foot increased by 2.7% to $180.61. 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 over the last six months is 104, down 12.6% from the same time period the year prior (and the drop in May sales is the only reason this number is negative). The median price of a resale home has increased 12.7% to $562,500. The average price increased by 18.8% to $666,296. The average price per square foot increased 12.1% to $191.12. 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 41% while homes from $500,000 to $1 million are up 11%. Further, sales of homes over $1 million 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.
I mentioned earlier that the market roared back in May and we will see that reflected when sales close in June. I usually don’t share the number of contracts written in a given month because not all of them end up closing. But this month is a great time to make an exception. In May, the number of homes in Steiner Ranch that accepted an offer (thus becoming a contract) was 43 from 27 in May 2019 – that’s a 59% increase! Indeed, low interest rates and pent-up demand was no match for lingering concerns over covid-19. Prices are moving up faster than usual in Steiner and we are seeing multiple offers more often than usual. It is a great time to be a seller so if you’ve had any thoughts, I urge you to contact me today. If you are a buyer, it is definitely harder right now, which is why you need an agent with decades of experience to help you navigate this. Hint, I’m the guy with the experience.
The number of available resale homes at the end of May was 38, down 34.5% from last May. Across Steiner, the May sales ranged from a low of $315,000 to a high of $1,075,000. The average sales price to list price ratio was 99.2%. For homes that closed in May, the average days on market was 16, down from 25 last May.
As always, my website allows you to look at summary and detailed data for each Steiner Ranch neighborhood. Simply go to RealEstateInAustin.com and click on the big red “Search Sold Data” button towards the bottom of the page.
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.”