Steiner Ranch Housing Report - March 2023
Is the market continuing to pull back? The stats for the Steiner Ranch real estate market can be found in text and chart formats 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.
In February, 11 resale homes closed in Steiner Ranch which was up 10% from February 2022. Of course, last year, the inventory was much lower and the market was very different than today. The median price in February decreased 15% to $730,000. The average price of a home decreased 12% to $931,864. The average price per square foot decreased by 11% to $291.30. With such a small data set let’s look at the six month comparison to get a better picture of the market. The number of resale homes sold during the past six months is 72, down 23% from this same time frame the year prior. The median price of a home has decreased 2.9% to $773,500. The average price decreased by 1.7% to $888,576. The average price per square foot increased 1.5% to $289.96. Even looking at six months, the number of homes sold is small so the pricing data can get skewed. Based upon what I’m seeing in the market, I’d estimate the median price in Steiner is now around $800,000 or slightly lower so the 6-month number I just quoted is pretty close.
The number of available resale homes at the end of February was 20, up 150% from last February. While the number is definitely higher than last year, it still isn’t a lot of homes. For buyers looking in Steiner right now, there are not many choices within any given price range. The number of new homes put on the market in February was 16, the same number as last February. Across Steiner, the February sales ranged from a low of $510,000 to a high of $2,630,000. The average sales price to list price ratio was 98.4% and for homes that closed in February, the average days on market was 55 up from 16 last February.
Last month, I wondered if we were nearing the bottom of the market. The data from February shows that there is still some downside left. Over the past few weeks, mortgage rates have increased about a half percent so the momentum we had has slowed again – and the rate increase was not reflected in the February numbers. While sellers are certainly still signing contracts, the number of buyers out and about isn’t growing as fast as I would like. If you are considering this spring or summer, now is the time to reach out to me so we can start looking at time frames, examine the market as it relates to your house specifically, and get a plan in place.
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.
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