Steiner Ranch Housing Report - March 2024

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.

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

In February,10 resale homes closed in Steiner Ranch which was down 9.1% from February 2023.  Before I get to the prices, let me give you a heads up.  If you ever watched Who’s Line Is It Anyway, Drew Carey would often say that the show’s made up and the points don’t matter.  Well, this month, the prices really don’t matter.  The median price in February decreased 5.8% to $688,000.  The average price of a home increased 60% to $1,494,300.  The average price per square foot increased by 14% to $333.05. See?  These numbers are all over the map.  Here’s why.  Of the 10 homes that sold, 8 sold for $725,000 or less.  Then we had a $2.2 million sale and another one over $7.5 million.  So the median is low because of the sheer number of entry level homes that sold while the average price and average price per square foot are very high because of those two big sales.  As a result, the monthly data is pretty useless. So 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 55, down 25% from this same time frame the year prior.  The median price of a home has decreased 3.5% to $745,000.  The average price increased by 15% to $1,013,220.  The average price per square foot increased 2.1% to $295.25.  Even looking at the six months numbers, the number of homes sold is small, averaging less than 10 a month, so the pricing data isn’t necessarily correct.  For example, I am positive that the median price in Steiner is definitely higher than $745,000.   

The number of available resale homes at the end of February was 22, down 21% from last February.  The number of new homes put on the market was 11, the same number as last year.  I expect that number will increase in March.  Across Steiner, the February sales ranged from a low of $500,000 to a high of $7,545,000, which is a record price for the neighborhood.  But how long will it last considering that there is now a home listed for $9.8 million.   The average sales price to list price ratio was 96.7% and for homes that closed in February, the average days on market was 78 up from 64 last February.

There’s an interesting dichotomy in the market right now.  Homes in the entry level and high end are doing well while the mid-range is rather lackluster.  Right now homes priced from a little under a million to around $1.3 million are moving slowly while the other price ranges have some momentum as the spring market begins to unfold.  Hopefully we’ll start to see the buyers coming out across all price ranges.  Of course, we continue to see the market driven by interest rates which are generally just under 7% for a 30-year fixed right now.  Many in my industry were expecting rates below 6% by spring and clearly that’s not going to happen.  “Industry experts” are now saying 6% will happen in the second half of the year.  Personally, I’m not so sure it’s going to happen, but don’t base your decisions on me.  I will reiterate that whenever the rates drop under 6%, buyers will come out of the woodwork so prices will likely jump.  I think the better play is to buy while rates are higher but prices are lower, then refinance when the opportunity presents itself.  Why?  Because I think prices are going to rise more than the cost of a refinance.

If you have any real estate related questions, please don’t hesitate to call or text 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 Unlock MLS for the periods cited.

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