Steiner Ranch Housing Report - November 2014
In this edition of “How’s the Market in Steiner Ranch,” I talk about the October stats and the divergence of average and median prices. 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 November 2014 edition of “How’s the Market in Steiner Ranch.”
In October, 24 homes closed in Steiner Ranch which was down 7.7% from October 2013. There were no new construction sales in October of this year or last year. Of course, many new construction sales are not listed in the MLS, so I can’t provide accurate data on the new sales. The average price of a resale home increased 12.9% to $510,646. The median price decreased by 3.7% to $390,000. The average price per square foot increased by 9.8% to $152.73. We usually don’t see such a divergence between the average and median prices. However, this month there was an almost $2 million dollar sale which will definitely distort the average price, especially when there are just 24 homes in the mix. Because one month is a small data set which can subject to volatility, I prefer to look at longer periods of time. So let’s compare the prices from the past six months to the corresponding six-month period in 2013. The average price of a resale home increased 4.8% to $505,031. The median price decreased by 0.7% to $425,000. The average price per square foot increased by 8.2% to $151.86. This is the first time since January that we’ve seen the median price for the rolling 6-months drop to negative territory. Certainly the pace of price increases has cooled. But part of it is simply the mix of homes currently being purchased. As of the day I record this video, November 12, 28% of the homes priced under the median are under contract. Conversely, only 8% of homes priced over the median are under contract. That leading indicator tells me that statistically we will likely see median prices continue to drop. However, this is a pattern we often see at this time of year which is why we generally compare prices on a year-over-year basis. I know that can seem like a random assortment of stats, so let me conclude the pricing with this: because of the low inventory, prices continue to hold their own, though the pace of increase has slowed compared to earlier in the year.
The number of available resale homes in October was 67 which was down 8.2% from the prior year. Across Steiner, the October sales ranged from a low of $320,000 to a high of $1,775,000. The average sales price to list price ratio was 98.1%. For homes that closed in October, the average days on market was 67.
In October, there was just under a 2.0 month supply of homes in Steiner Ranch, which is still a seller’s market. As you would expect from numbers I provided earlier, the supply of homes is shorter in the lower price ranges than the higher ones. Given the low inventory, the next few months can be a great time to sell your home. Because Steiner Ranch is certainly driven heavily by the school calendar when it comes to home sales, I do not expect the inventory to begin to climb again until March. Contact me today if you are interested in selling soon.
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.