Steiner Ranch Housing Report - November 2022
Prices appear to have made a big leap compared to October 2021, but I think the stats are misleading. Watch this month's installment of "How's the Market in Steiner Ranch," to find out why I think it's off. If you'd prefer to review the monthly stats in text or table format, they can be found 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.
Greetings! I'm Craig Smyser with 1835 Realty. Welcome to the November 2022 edition of "How's the Market in Steiner Ranch.” While the numbers this month look interesting, the downward trend continues.
In October, 12 resale homes closed in Steiner Ranch which was down 14% from October 2021. The median price in October increased year-over-year by 30% to $812,500. The average price of a home increased 47% to $1,030,333. The average price per square foot increased by 27% to $322.48. This jump is much higher than we’ve seen in the past few months, but it’s an illusion. Because so many entry-level homes sold in October 2021, the median price for the month was the lowest month of the entire year by a large amount. As a result, the comparison to this year makes it look like a huge jump, but it’s a statistical anomaly. Further, with just 12 homes to factor into the October 2022 median price, I can tell you that $812,500 is lower than what I believe the actual median value to be. I would put the current median in Steiner a little over $900,000. If we look at the year-to-date numbers, we can get a better picture, but keep in mind that with the strength of the spring included, these numbers will overstate where the market is right now. In the first ten months of 2022, the number of resale homes sold is 153, down 36% from the same time frame last year. The median price of a home has increased 20% to $965,000. The average price increased by 22% to $1,137,079. The average price per square foot increased 22% to $341.11. As a reminder, in real estate, the benchmark number is the median price.
The number of available resale homes at the end of October was 43, up from 19 last October. It is the lowest number since June of this year and reflects not only fewer homes being offered for sale, but also the increased number of homes being taken off the market without selling. In fact, 11 came off the market in October, seven of which were listed for lease. During October, 20 new listings hit the market which is up 5% from last year. There were 10 new contracts accepted in October, down 47% from last year.
The average sales price to list price ratio was 97.0%. For homes that closed in October, the average days on market was 46, up from 25 last year. Across Steiner, the October sales ranged from a low of $615,000 to a high of $2,118,000.
While the prices continue to move down, I’ll continue to track the number of price reductions. During October, there were 54 price reductions on homes in Steiner. Again, 10 homes went under contract during that same timeframe.
I expect prices will continue to decline over the next two to three months. Probably beyond that, but I’m only comfortable looking a short time ahead. Historically, the next few months see the fewest real estate sales and I expect this year to be fairly typical in that regard. But even in tough economic times, homes are bought and sold every month. If your situation includes a sale or purchase of a home in the near future, I’d appreciate the opportunity to talk to you about it.
If you have any real estate related questions, please don’t hesitate to call or text me at 512-650-7300 or email me at [email protected]. Thanks for reading “How’s The Market in Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.
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