Steiner Ranch Housing Report - November 2020
The November episode of How's the Market in Steiner Ranch is ready for review. The sales stats for October blow last years numbers out of the water, not surprising considering the low inventory we've experienced all year as well as interest rates being remarkably low.
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 is the transcript.
Greetings! I'm Craig Smyser with 1835 Realty. Welcome to the November 2020 edition of "How's the Market in Steiner Ranch.” I could make this video really short by simply saying ‘Ditto.’ Or I could just say prices keep going up and inventory keeps going down. But what’s the fun in that? So let’s dive into the numbers.
In October, 26 resale homes closed in Steiner Ranch which was up 44.4% from October 2019. The median price increased 37.1% to $610,000. The average price of a home increased 39.0% to $676,596. The average price per square foot increased by 26.9% to $204.30. Those are red hot numbers. Usually, I will give you an explanation for why the monthly numbers appear so high. In this case, we had two homes over $1 million sell in 2020 and zero in 2019 so that impacts the numbers – but not as much as you’d think. If I take them out, the median increase is still 34.7% and the average is 26.4%. The market is simply moving fast and moving strong. Of course, I always like to look at a longer time period so let’s look at year-to-date. The number of resale homes sold during the first ten months of 2020 is 278, up 12.6% from this time last year. The median price of a home has increased 15.8% to $573,250. The average price increased by 15.2% to $652,296. The average price per square foot increased 9.6% to $191.04. So these numbers, while phenomenal compared to historical standards, are less than half of the October increase. This is because the market has just gotten stronger and stronger as the year moves on so when we take the whole year together, it doesn’t look as good as recent months. It still comes down to the basic economic principal of supply and demand – there just are not enough homes for sale in Steiner Ranch. If you are considering a move, reach out to me today. Forget this nonsense of November through February being slow months – that is not the case this year. So call or text me today at 512-650-7300.
The number for November closings will be strong, too. As I record this, there are 40 homes waiting to close. Of course, only some of them will close in November, but I am quite certain we will surpass the November 2019 number.
The number of available resale homes at the end of October was 10, down 73.7% from last October. If I haven’t already convinced you, it’s a good time to sell. Across Steiner, the October sales ranged from a low of $405,000 to a high of $1,700,000. The average sales price to list price ratio was 99.9% and for homes that closed in October, the average days on market was 8, down from 41 last October.
One thing I do want to point out, is that while the number of homes sold in 2020 is higher than last year, the number of homes listed for sale is down. Through October 2020, 311 homes have been put on the market, while a year ago, that number was 322.
As always, my website allows you to look at summary and detailed data for each Steiner Ranch neighborhood. Simply go to RealEstateInAustin.com and click on the big red “Search Sold Data” button towards the bottom of the page.
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]. Thanks for watching “How’s The Market in Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.