Steiner Ranch Housing Report - May 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 May 2024 edition of "How's the Market in Steiner Ranch.”

In April, 17 resale homes closed in Steiner Ranch which was up 42% from April 2023.  While historically 17 sales in April isn’t a great number, it shows improvement in our current market.  The median price in April decreased 4.5% to $850,000.  The average price of a home decreased 1.0% to $996,425.  The average price per square foot decreased by 9.1% to $298.02.  As usual, we don’t have a big enough data set from just one month of sales so let’s look at the six month comparison.  The number of resale homes sold during the past six months is 66, down 1.5% from this same time frame the year prior.  The median price of a home has increased 3.9% to $789,800.  The average price increased by 19% to $1,044,588.  The average price per square foot increased 3.3% to $299.07.  So those numbers are definitely better, but they include the most expensive home to ever sell in Steiner Ranch.  If I remove that one house from the data, those gains are cut in half.  Further, the gain really comes from the fact that last year at this time, we have a disparity in that far more entry level homes sold in the neighborhood.  Today the numbers are more balanced.  Overall, I think we’ve seen prices come down since then even though the statistics don’t bear it out.

The number of available resale homes at the end of April was 55, up 38% from last April.  The number of new listings put on the market was 37, up 61% from last April.  We haven’t seen that many homes come to the market in one month since June 2022.  Across Steiner, the April sales ranged from a low of $595,000 to a high of $1,775,000.   The average sales price to list price ratio was 98.9% and for homes that closed in April, the average days on market was 48 up from 40 last year.  The number of homes that went under contract in April was 14, down 30% from last year.

There were a lot of price reductions in Steiner Ranch last month with 45 homes cutting their price.  That’s about 75% of the homes that were on the market at any given time in April.  Why?  Because there are just more homes available than buyers to buy them.  I’ve mentioned before that Austin is about the worst real estate market in the country right now – when viewed from the seller side, that is.  We were the number one market for a while and our prices ran up big time.  Now we’re still dealing with the hangover.  Let me give you some sobering numbers.  These figures presume a buyer purchasing a median priced resale home in Central Texas with a 30-year mortgage and a 10% down payment.  If they bought a home in March 2020 the principal and interest payment was $1,362.  Today, a buyer purchasing a median priced home in Central Texas would have a monthly principal and interest payment of $2,775.  That’s slightly more than double in just four years.  That’s what buyers are facing today and many are simply staying out of the market causing the prices to come down.  It’s not all doom and gloom, but it just is a very different market than we’ve seen here in a while.

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 watching “How’s The Market in Steiner Ranch.”

Statistics based upon information from Unlock MLS for the periods cited.

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