Steiner Ranch Housing Report - March 2022
The Steiner real estate market continues to rapidly move higher. Watch this month's installment of "How's the Market in Steiner Ranch," to get all the latest stats. If you'd prefer to review the monthly stats in text or table format, they can be found below the video.
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 2022 edition of "How's the Market in Steiner Ranch.”
In February, 10 resale homes closed in Steiner Ranch which was down 28.6% from February 2021. The number is down only because we have so few homes available to sell. The median price in February increased 21.7% to $860,750. The average price of a home increased a 20.0% to $1,056,000. The average price per square foot increased by 36.4% to $326.80. While this is a small data set this month, it really demonstrates well what I have been saying we should expect with this market. The almost 22% increase in prices is extremely strong, but is about half of what we experienced a year ago. That pace was unsustainable and we see that as values have increased so much, the rate of increase has slowed. Frankly, I believe the 22% is not sustainable and expect we will see that come down in the future – not the near future, but probably later this year. Let’s look at a longer time frame to see how the stats look in that light. The number of resale homes sold during the past six months is 93, down 26.2% from this same time frame the year prior. The median price of a home has increased 25.9% to $796,500. The average price increased by 26.7% to $904,266. The average price per square foot increased 35.8% to $285.60. Again, these numbers line up quite well with what I am seeing in the market day-to-day.
The number of available resale homes at the end of February was 5, up 150.0% from last February. That stat just sounds ridiculous – 5 homes being a 150% increase in available homes. But it’s because we just have so few new listings. In fact, the number of new homes put on the market in February was just 16, down 40.7% from the 27 last February. And keep in mind that last February was the winter storm so it hampered new listings that month. While I expect more homes to hit the market in the coming weeks, we still need a whole lot more homes to satisfy demand. If you have any thoughts of selling, please contact me soon so we can discuss the current market conditions and find out what is the right time for you to sell. Across Steiner, the February sales ranged from a low of $631,000 to a high of $2,310,000. The average sales price to list price ratio was 102.3% and for homes that closed in February, the average days on market was 16. That actually is high, but there was another Opendoor home that sold last month and they usually have long days on market. Most everything else that sold was single digit days on market.
Going back to the inventory issue, one reason that contributes to the low inventory is the number of people who want to sell, but are concerned about their ability to buy their next home. There are solutions to this problem so contact me and we can talk about your options.
Just a heads up that property tax appraisals will be released in April. I’ll be holding my annual workshops on How to Protest Your Property Tax Appraisal, but I can already tell you the vast majority of Steiner homeowners will not have any chance of success this year. I know that probably will torpedo attendance at the workshop, but once the Appraisal District releases the valuations, I’ll schedule a few workshops. They will be done by Zoom again this year.
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.”
Statistics based upon information from ACTRIS for the periods cited.