Steiner Ranch Housing Report - March 2013

In this edition of How’s the Market in Steiner Ranch, I review the March 2013 home sale stats. 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 at 512-650-7300, by email, or use the form below.

Click here for previous editions of How’s the Market in Steiner Ranch.

If you prefer to read instead of watch, here is the chart and transcript:

Transcript

Greetings! I’m Craig Smyser. Welcome to the March 2013 edition of “How’s the Market in Steiner Ranch.”

In February, 16 homes closed in Steiner Ranch which was down 11% from February 2012. Comparing only resale homes, sales were flat with 14 each year. Many new construction homes are not listed in the MLS so I cannot provide accurate data on new construction numbers in Steiner Ranch. Of course, as we get very near to the complete build-out, there are far fewer new construction homes available anyway. From this point forward, all the stats quoted are for resale homes only. When looking at small sets of data such as one month in Steiner Ranch, I don’t like to compares prices from one year to the next because they can be volatile – and this month is another perfect example of that. For the record, the average price of a resale home increased 19.4% to $490,635 and the median price increased 31% to $467,250. The average price per square foot increased 9.1% to $137.03. To get a better idea of the pricing, we can usually look at a longer period of time. However, in this case, the water is still murky. If we look at the past six months and compare to the corresponding period a year prior, the average price is up 16% and the median price is up 26.5%. That really seemed high compared to what I am seeing in the marketplace so I dug deeper into the numbers. While the distribution of sales up to $600,000 was similar in the two period, over $600,000 was very different. While there were 25 homes sold above $600,000 in the past six months, there was only 9 in the year-prior period. As a result, it is skewing the whole market. After accounting for this difference, we have a 5% increase in the average price and a 6.6% increase in the median price. I believe this is more in line with what is actually happening with Steiner Ranch prices. Click here to see a further explanation regarding this data adjustment.

Last month, the sale prices in Steiner ranged from $272,000 to $807,000. The number of available resale homes in February was 41, down 33% from last year’s 61. I have monthly data going back to January 2003 and this is the lowest number of available homes during that entire time. The average sales price to list price ratio was 97.8%. For homes that closed in February, the average days on market was 58. As always, my website allows you to look at summary and detailed data for each Steiner Ranch neighborhood.

This is a great time to sell your Steiner Ranch home. The inventory is very low and buyers are begging for more homes to hit the market. If you are wondering what your home is worth in this new environment, give me a call at 735-7200 and let me tell you. If you are considering selling this spring, let’s talk about why it might be better to list your house now!

If you have any real estate related questions, please don’t hesitate to contact me at 512-650-7300, by email, or use the form below. Thanks for watching (reading) “How’s The Market In Steiner Ranch.”

Statistics based upon information from ACTRIS for the periods cited.