Steiner Ranch Housing Report - October 2014

In this edition of “How’s the Market in Steiner Ranch,” I talk about the September stats and how just one home can greatly impact the 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 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:

Transcript

Greetings!  I’m Craig Smyser.  Welcome to the October 2014 edition of “How’s the Market in Steiner Ranch.”

In September, 29 homes closed in Steiner Ranch which was down 9.4% from September 2013.  There was one construction sale, but since many new construction sales are not listed in the MLS, I can’t provide accurate data on the new sales.  When looking at resale homes only, the 28 sales represents a drop of 6.7% from last September.  From this point forward, all the stats quoted are for resale homes only.  Normally, I jump right into the pricing for the month, but not this time.  First, I want to share the range of sold prices.  In September, the low was $276,500 and the high was $4,700,000.  That is the second highest price in Steiner Ranch ever recorded in the MLS.  Since that was one of the 28 sales, you can expect the average prices to be quite skewed.  So don’t get too optimistic that the average price of a resale home increased 58% to $651,529.  Most of that increase is from the one house.  Certainly a much better measure this month is the median price as it will be impacted far less.  It increased  by 10.2% to $390,000.  The average price per square foot, again greatly skewed, increased by 19% to $164.15.  Let’s take a look at some more realistic numbers by comparing the prices from the past six months to the corresponding six-month period in 2013.  The average price of a resale home increased 5.9% to $505,473.  The median price increased by 5.2% to $433,325.  The average price per square foot increased by 8.9% to $151.73.  Before you wonder about the impact of the $4.7 million home on these numbers, I want to let you know that the 6-month numbers from 2013 include the highest price ever recorded in the MLS for Steiner Ranch at $5.2 million.  With the two highest prices ever paid, that actually makes the numbers very comparable.  The good news is that the prices of homes continue to rise in Steiner Ranch.  Part of that is due to the low inventory, which currently sits at just under a 2 month supply.  I expect the low inventory to continue through the spring.  If you are considering selling your home and are not impacted by the school calendar, I highly suggest you think about selling your home between now and February.  Contact me and we’ll talk about your particular situation and if this is a good strategy.

The number of available resale homes in September was 74 which was down 9.7% from last year.  The average sales price to list price ratio was 97.8%.  For homes that closed in September, the average days on market was 43.

While I usually invite you to look at the sold data on my website, we are currently overhauling this part of the website and hope to have it back up and running next month.

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.”