Steiner Ranch Housing Report - November 2013

In this edition of How’s the Market in Steiner Ranch, I review the October 2013 home sale stats and explain some rather interesting numbers. 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 at 512-650-7300, by email, or use the form below.

Click here for previous editions of How’s the Market in Steiner Ranch.

If you prefer to read instead of watch, here are the chart and transcript:

Transcript

Greetings! I’m Craig Smyser. Welcome to the November 2013 edition of “How’s the Market in Steiner Ranch.”

In October, 25 homes closed in Steiner Ranch which was down 24% from October 2012. All 25 homes were resales – there were no MLS-listed new construction sales last month. In October, the average price of a resale home decreased 7.4% to $453,165. The median price decreased by 1.2% to $405,000. The average price per square foot increased by 4.3% to $139.98. This is the second month in a row that we have seen declining prices when measured year-over-year. Normally, that would not be a good sign. However, I still think that the stats are not showing a true picture. Whenever we look at just one month of sales for one neighborhood like Steiner Ranch, there is the chance for distortion because it is a small data set. When looking at the October 2013 data, it looks pretty normal, but in October 2012, there as a $1.5 million home that sold (which is high for Steiner). If I remove that one home, then the prices increase on a year-over-year basis. So to get a better idea of pricing trends, we can look at the last six months and compare it to the same six-month period from 2012. When we do that, the figures are more of what you would expect. In this case, the average price increased 10% to $482,129, the median price increased 6.3% to $425,000, and the average price per square foot increased 8.5% to $140.50. As we head into the months that typically have fewer sales, we will have to wait to see what happens with prices. Generally, we’ll see prices level off or even pull back slightly. However, last year we saw prices continue to increase because of the very low inventory. We are currently low enough with inventory that I would expect to see prices continue upward, but if the inventory starts to notably increase my expectations would change. The number of available resale homes in October was 73, down 8.8% from last October. Across Steiner, the October sales ranged from a low of $243,000 to a high of $900,000. The average sales price to list price ratio was 97.9%. For homes that closed in October, the average days on market was 49. This number has been increasing for a few months which is typical of this time of year.

As always, my website allows you to look at summary and detailed data for each Steiner Ranch neighborhood. As always, if you have any real estate related questions, please don’t hesitate to contact me at 512-650-7300, by email, or use the form below. Thanks for watching/reading “How’s The Market In Steiner Ranch.”

Statistics based upon information from ACTRIS for the periods cited.