Steiner Ranch Housing Report - May 2015
In this edition of “How’s the Market in Steiner Ranch,” I talk about the April stats and the two diverging markets in Steiner. 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. Welcome to the May 2015 edition of “How’s the Market in Steiner Ranch.” This month we will examine Steiner as two separate real estate markets.
In April, 29 homes closed in Steiner Ranch which was down 12.1% from April 2014. While it is down from last year, it is the second highest total over the past 10 years. The median price decreased 3.5% to $439,000. The average price of a resale home declined 7.5% to $473,890. That marks the third month in a row in which both of these numbers declined. We’ll talk more about that shortly. The average price per square foot declined by 2.4% to $147.94. In order to get a better picture of the market, let’s look at the last six months and compare it to the corresponding six-month period from a year earlier. The median price of a resale home decreased 3.5% to $423,750. The average price decreased by 2.1% to $488,866. The average price per square foot increased by 1.8% to $149.82. Over the past few months I’ve looked at the declining prices and was able to explain them and say we need more data to be conclusive. At this point, it is clear we are looking at two diverging markets in Steiner Ranch. For homes under $600,000, we have a clear sellers market with just under a 3 month supply of homes. Above $600,000, it is currently a buyer’s market with almost a 12 month supply of homes. The number of homes that are available above $600,000 has increased a lot over the past 6 weeks and we have not seen enough buyers in the marketplace. As a result, the prices will reflect this. Under $600,000, it is a different story. The pace of new listings is being met with demand from buyers so inventory levels remain fairly low, so prices are moving up in that range. As a result, the overall pricing in Steiner shows a decline, but it is really a tale of two Steiners right now. If you own a house that is under $600,000 and you want to move up, I can’t recall a better time to do it. You’ll be selling in a seller’s market and buying in a buyer’s market. Contact me today before this opportunity slips away.
The number of available resale homes at the beginning of April was 82, up 26.2% from last April. As the number of homes available changes every day, I can tell you the numbers continue to increase – as I record this in early May, we are approaching 100 active homes. To be clear, that does not include homes that are under contract.
Across Steiner, the April sales ranged from a low of $290,000 to a high of $1,000,000. The average sales price to list price ratio was 99.0%. For homes that closed in April, the average days on market was 33. As always, my website allows you to look at summary and detailed data for each Steiner Ranch neighborhood. My website allows you to look at summary and detailed data for each Steiner Ranch neighborhood.
Once again this year I will be leading a workshop entitled “How to Protest Your Property Tax Appraisal.” We’ll discuss the protesting process, deadlines, and expectations for success. All attendees will receive sales information for their specific neighborhood that can be used to protest. This workshop is free and will be held at the Towne Square Community Center in Steiner Ranch on Thursday, May 14th at 7:00pm.
As always, if you have any real estate related questions, please don’t hesitate to contact me via email or at 512-650-7300. Thanks for reading “How’s The Market In Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.