Steiner Ranch Housing Report - October 2013

In this edition of How’s the Market in Steiner Ranch, I review the September 2013 home sale stats and explain the seemingly large drop in 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 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 October 2013 edition of “How’s the Market in Steiner Ranch.”

In September, 32 homes closed in Steiner Ranch which was up 23% from September 2012. Comparing only resale homes, sales were up 36.4% to 30 homes from 22. From this point forward, all the stats quoted are for resale homes only. In September, the average price of a resale home decreased 12.7% to $413,430. The median price decreased by 17.1% to $354,000. The average price per square foot increased slightly by 0.9% to $137.93. You may be a bit alarmed at these big, unexpected drops to the average and median prices. Let me assure you, these figures are not reflective of the overall market. 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 I reviewed the individual sales, it became clear that it was simply the case of a large number of lower-priced homes selling last month compared to homes at or above the prevailing median prices we’ve seen this year. 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 what you would probably expect. In this case, the average price increased 13.4% to $477,421, the median price increased 6.7% to $411,500, and the average price per square foot increased 9.6% to $139.35. 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 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 September was 82, down 17% from last September. Across Steiner, the September sales ranged from a low of $261,360 to a high of $718,000.

The average sales price to list price ratio was 98.4%. For homes that closed in September, the average days on market was 38. As always, my website allows you to look at summary and detailed data for each Steiner Ranch neighborhood.

As we wind down the fall school festivals, I will plug my last cotton candy event. I will be at the Laura Welch Bush Elementary Fall Fest on Friday October 25th spinning cotton candy. The donations from the cotton candy will be split between the LWBE PTA and Hope Alliance, a domestic violence shelter that serves Williamson County and northern Travis County.

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.