Steiner Ranch Housing Report - June 2024

Welcome to the June 2024 edition of "How's the Market in Steiner Ranch.”

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.

In May, 15 resale homes closed in Steiner Ranch which was down 29% from May 2023.  That’s the lowest number of sales in the month of May since 2003 when Steiner had just a fraction of the number of homes.  The median price in May increased 8.4% to $867,000.  The average price of a home decreased 7.9% to $906,859.  The average price per square foot decreased by 1.8% to $284.22.  With so few homes sold, you can’t really rely on the monthly data very much as the data gets skewed quite easily.  So let’s look at the six month comparison.  The number of resale homes sold during the past six months is 74, down 3.9% from this same time frame the year prior.  The median price of a home has increased 3.1% to $820,000.  The average price increased by 13% to $1,041,496.  The average price per square foot increased 2.5% to $298.41.  The most expensive home to ever sell in Steiner is included in the stats I just gave you so let’s see how they change by removing that one sale.  The median price increased 2.5% to $815,000.  The average price increased by 3.4% to $952,407.  The average price per square foot increased 0.1% to $291.40.  So that’s a big impact on these sales figures.  Unfortunately, after rattling off all this pricing data, I still have to tell you that there simply aren’t enough homes selling to provide accurate data.  I do not believe prices are rising in Steiner right now.

The number of available homes during May was 72, up 67% from last May.  The number of new listings put on the market was 42, up 121% from last May.  Across Steiner, the May sales ranged from a low of $520,000 to a high of $1,490,888.   The average sales price to list price ratio was 97.1% and for homes that closed in May, the average days on market was 17 down from 37 last year.  That number really jumped out at me because it seems very low given all the other stats.  Well, what’s happening is that homes that are priced for this market are selling quickly – sometimes in just a few days, while the vast majority of other homes sit on the market.  If we look at the average days on market for the active homes, it’s more than 3 times that number.  Moving on, the number of homes that went under contract in May was 18, the same as last year.  There were 40 price reductions in Steiner Ranch last month which is about 55% of the active homes. 

So what do I think is going on in the market.  Well, the market has definitely slowed.  And while the stats show modest median price increases, I don’t really believe that is happening – that’s why I caution about having a small data set of homes.  The numbers I report in June are the sales from May which are generally the contracts written in April.  What I can tell you is that the market has slowed down since April.  Since 2021, May has been the month of the year with the most sales in Steiner Ranch.  Not so this year as it is below both March and April.  All this while we have more homes for sale than we’ve had since 2019.  When we look at the number of contracts accepted in May, the June closings won’t be a huge number and the contracts accepted so far in June are even lower, though that can change in the next few weeks.  It’s an environment with comparatively few buyers looking at homes, let alone making offers.  I don’t often mention the inventory of homes which is measured in months.  Right now, we’re sitting with about a six-month supply of homes in Steiner, which is higher than we’ve seen in years.  Simple supply and demand tells us that we should expect to see prices continue to drift downward.  So not good news for sellers, but a rosier picture if you are thinking of buying a home in Steiner.

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].  If you are thinking of buying or selling in Steiner, reach out to me.  Thanks for watching “How’s The Market in Steiner Ranch.”

Statistics based upon information from Unlock MLS for the periods cited.

Post a Comment