Steiner Ranch Housing Report - March 2021
In February, sales slowed for the first time since May 2020 but that didn't keep prices from continuing to climb! 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 with 1835 Realty. Welcome to the March 2021 edition of "How's the Market in Steiner Ranch.” The numbers continue to astound, so let’s get started.
In February, 14 resale homes closed in Steiner Ranch which was down 17.6% from February 2020. This is the first time since last May that we saw a decline in the monthly number of sold homes and it is simply because we had very little inventory in January. The median price increased 41.5% to $707,500. The average price of a home increased an unbelievable 73.7% to $880,036. The average price per square foot increased by 36.9% to $239.58. These numbers are just bananas. If you are thinking of selling your home, contact me and we can talk about what you can expect to sell your home for. For years I’ve said the better measure is to look at a longer period of time to get a clear picture of the market, but I can’t say that anymore because the market is moving too fast. However, for consistency, let me share the numbers for the last six months as compared to the prior period one year earlier. The number of resale homes sold during the past six months is 126, up 34.0% from this same time frame last year. The median price of a home has increased 35.6% to $632,500. The average price increased by 18.5% to $713,623. The average price per square foot increased 14.6% to $210.25. Again, the February one-month numbers I think more accurately depict the very fast market we are in right now. Personally, I am observing fewer offers on homes, but the prices being offered are very strong. Many buyers have, unfortunately, come to realize they can’t compete in this market and are temporarily on the sidelines. A big issue is that the rapidly increasing prices means many homes are not appraising for the sales price. This requires a buyer to bring a large amount of cash to close, above and beyond their normal down payment and closing costs. Realistically, a buyer in Steiner should have around $200,000 minimum to put down on a house these days if they plan to get an offer accepted on an entry level home.
The number of available resale homes at the end of February was 2, down 87.5% from last February. Across Steiner, the February sales ranged from a low of $455,000 to a high of $1,650,000. The average sales price to list price ratio was 111.8%. Yes, that’s very high and the highest I’ve ever seen in Steiner, but I have a feeling the March closings will make this number seem tiny. For homes that closed in February, the average days on market was 14, down from 43 last February.
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.
While these high prices are great for those who are selling, it’s about to become really inconvenient for the rest of us. The Travis Central Appraisal District will be releasing the 2021 appraisals soon and I can tell you these are going to have huge increases so buckle up. As always, I will be offering workshops on how to protest your property tax appraisal. Since they will be online only again this year, I am going to wait until the appraisals are released before scheduling the dates.
Again, if you are thinking of selling, reach out to me and let’s talk about what you can expect. Of course, 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 reading “How’s The Market in Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.