Steiner Ranch Housing Report - May 2023

The number of homes selling continues under historical norms. 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 April, 12 resale homes closed in Steiner Ranch which was down 33% from April 2022. The median price in April decreased 30% to $890,168. The average price of a home decreased 22% to $1,006,611. The average price per square foot decreased by 14% to $327.97. While that median price decline is large, it actually is the highest price since last August. But I think it’s higher than what I’m observing in the market. Of the 12 homes, four were high-end gated homes which I believe skewed this month’s numbers. So let’s look at the six month comparison. The number of resale homes sold during the past six months is 67, down 28% from this same time frame the year prior. The median price of a home has decreased 17% to $760,000. The average price decreased by 19% to $879,541. The average price per square foot decreased 11% to $289.59. Even looking at six months, the number of homes sold is small so the pricing data can get skewed. I believe that we are following the broader Austin market and seeing prices stabilize at this point. I’d peg the median price in the low $800s. Again, while Steiner is a big neighborhood, there simply aren’t enough sales each month to always give us a good representation of the neighborhood home so it’s hard to pin down an exact median price. Statistically, of course, we have those numbers which I present to you, but they don’t always correspond to the market overall. The number of available resale homes at the end of April was 40, up 150% from last April. The number of homes put on the market in April was 23, down 30% from last April. Remember that the number of homes that closed was down 33% this month. So we have fewer homes being offered for sale, fewer of those homes selling, which results in more homes available at a given time. But historically, having 40 houses on the market in April is a low number so that is helping give support to pricing. If you are a buyer, you certainly have more choices than the last two years, but likely only have a handful of homes that meet a given criteria. Across Steiner, the April sales ranged from a low of $600,000 to a high of $1,920,000. The average sales price to list price ratio was 97.0% and for homes that closed in April, the average days on market was 40 up from 21 last April.

Last month, a total of 20 homes went under contract compared to 25 in 2022. The 20 matches the highest number since August of last year. Having a higher number of contracts at this time of year is unusual, but I do think this spring market is shaping up to be weaker than usual. And by usual, I mean before 2020. On the positive side, interest rates have been pretty consistent around 6.5% for a 30-year mortgage for more than a month. You’ll recall that they peaked over 7% last fall. Overall, it looks like we may watching the real estate market level out, but we’ll need more time to know for sure.

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]. If you are thinking of selling your home this summer, now is the time to start talking, so go ahead and reach out. Thanks for reading “How’s The Market in Steiner Ranch.”

Statistics based upon information from ACTRIS for the periods cited.

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