Steiner Ranch Housing Report - May 2022
Prices continue to rise in Steiner Ranch and the median price is now over $1 million. In this month's installment of How's the Market in Steiner Ranch, I review the April sales stats and give insight into what I'm seeing as we head into the summer months. The stats can be found in chart and text 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.
Greetings! I'm Craig Smyser with 1835 Realty. Welcome to the May 2022 edition of "How's the Market in Steiner Ranch.” The real estate market continues to be very strong, but I’m seeing signs that it’s starting to cool.
In April, 18 resale homes closed in Steiner Ranch which was down 43.8% from April 2021. The number is down only because we have so few homes available to sell. In fact, the number of new listings put on the market in April was just 33, down 23.3% from the 43 last April. It’s the same story, just with different numbers – the supply and demand are very far apart. The median price in April increased 44.7% to $1,269,250. The average price of a home increased 33.0% to $1,296,661. The average price per square foot increased by 38.0% to $382.43. Just like last month, I believe these numbers are a bit overstated because the homes that sold just happen to skew to the higher-end neighborhoods in Steiner. What I mean is this. When I look at the list of the 18 homes that sold, more of them are in higher-priced neighborhoods like The Grove, Sierra Vista, and Santaluz as compared the entry-level neighborhoods like Canyon Glen and Mesa North. So it distorts the numbers a bit higher when we look at Steiner as a whole. Some months it goes the other way. While Steiner is a big neighborhood, the number of homes that sell each month is small enough that we see these statistical issues which is why I give you my thoughts on what I see in the stats. It’s also why I like to look at a longer timeframe – so we can smooth out these rough spots. Looking at the last six months, the number of resale homes sold is 93, down 23.1% from this same time frame the year prior. The median price of a home has increased 26.2% to $915,000. The average price increased by 29.5% to $1,082,157. The average price per square foot increased 32.8% to $326.95. Of course, when we look at the long-term numbers, the current prices appear a bit lower, because this set of sale prices include prices from 5 and 6 months ago. I believe the real median price in Steiner is between the numbers I've cited and is over $1 million. As I’ve mentioned for at least the last four or five months, I expected the rate of increase to slow down – and it has. While the last six months show a median price up 26%, the same stat in April 2021, was a 33% increase. Of course, the actual dollar increase has been about the same, but the rate measured as a percentage is lower. I expect we will see this trend continue.
The number of available resale homes at the end of April was 16, up from 4 last April. This is one reason that I said at the beginning that the market is starting to cool – we are seeing more homes available at any given time and homes are taking longer to sell. No longer does every home sell with multiple offers during the first weekend. While the better homes still experience that, many homes haven’t over the past few weeks. The average sales price to list price ratio was 104.1% and for homes that closed in April, the average days on market was 21, up from 4 last year. The 21 is skewed because there were two Opendoor homes that took about four months each to sell. When those are excluded, the average days on market was 8. I expect that number to be low when we look at the May numbers next month, but to begin increasing after that. Across Steiner, the April sales ranged from a low of $646,000 to a high of $2,625,000.
Last month I mentioned my annual Property Tax Appraisal Workshop. I held several sessions and recorded one of them. If you would like to view it, you can find it on my YouTube channel, and I’ll link it in the comments below. This year, there are few people who will be successful in protesting their appraisal so I’ve shifted the subject matter to focus on how we ended up with the big increase in appraisals, the importance of the homestead exemption, how it should impact tax rates, and more.
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 ACTRIS for the periods cited.