Steiner Ranch Housing Report - June 2023

The market continues to do pretty much what it has done all year.

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 2023 edition of "How's the Market in Steiner Ranch.”  The market continues to do pretty much what it has done all year, so let’s dive in and check out the numbers.

In May, 21 resale homes closed in Steiner Ranch which was down 30% from May 2022.  With the exception of May 2020, which reflected the number of closings from contracts written during the lockdown month, this was the lowest number of closings in Steiner in May in many, many years.  The median price decreased 16% to $800,000.  The average price of a home decreased 16% to $984,519.  The average price per square foot decreased by 19% to $289.53.  Because one month of data doesn’t always give us a full picture, let’s look a longer period of time. The number of resale homes sold during the past six months is 77, down 24% from this same time frame the year prior.  The median price of a home has decreased 19% to $795,000.  The average price decreased by 20% to $921,273.  The average price per square foot decreased 15% to $291.10.  Almost every month I mention that the numbers are hard to pinpoint actual median prices because there are few homes selling now and depending upon the mix of homes that sell each month, the data can be skewed.  For example, in May, there was a higher than usual number of entry-level homes that sold so I believe the median price looks lower than it actually is.  Of course, the price is absolutely down over last year at this time, as May 2022 was the peak in prices for the Central Texas real estate market.  But it looks like we hit a bottom and even bounced off of it a bit.  Whether this is a permanent bottom or a temporary one is yet to be seen.

The number of available resale homes at the end of May was 43, up 207% from last May.  The number of homes put on the market in May was 19, down 35% from last year.  Why is there such a big drop in the number of new listings?  Well, there are some pretty strong reasons to keep people from selling their homes.  Excluding those who bought over the past year, most owners probably have a mortgage rate between 2.5% and 3.5%.  If they sell their house and buy another one now, they’ll be paying around 6.5%.  In addition, if you a homestead exemption, you’re likely paying property taxes based on an assessment that is quite a bit below market value. If you go buy another home, you’re going to end up paying taxes on a fully appraised home.  Those two things are stopping some people from selling their home and buying another when they could have easily done it not too long ago.  For the most part, people who have to move will certainly move, but those who want to move, may decide to stay put.

Across Steiner, the May sales ranged from a low of $590,000 to a high of $1,950,000.   The average sales price to list price ratio was 97.3% and for homes that closed in May, the average days on market was 34 up from 11 last May.   

Last month, a total of 19 homes went under contract compared to 26 in 2022.  It simply continues the trend of there being fewer buyers in the market.  Fortunately for home values, this is offset by fewer homes being listed for sale.

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 the conversation started.  Thanks for reading “How’s The Market in Steiner Ranch.”

Statistics based upon information from ACTRIS for the periods cited.

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