Steiner Ranch Housing Report - October 2016

In this edition of “How’s the Market in Steiner Ranch,” I talk about the September stats, look at the year-to-date numbers, and discuss the unusual inventory levels.  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 October 2016 edition of “How’s the Market in Steiner Ranch.”

In September, 19 resale homes closed in Steiner Ranch which was down 36.7% from September 2015.  The median price decreased 4.2% to $429,000.  The average price of a home decreased 1.2% to $498,905.  The average price per square foot increased by 14.4% to $164.42.  It is always better to look at a longer period of time so we can get a clearer picture of the overall market.  In this case, we’ll look at the sales from the first of the year through September 30 and compare them to the same period from 2015.

The number of homes that have sold, so far, in 2016 is 281, up 18.6% compared to the year-ago period.  The median price increased 0.2% to $450,000.  The average price of a home decreased 5.4% to $504,543.  The average price per square foot increased by 1.6% to $156.47.  For several months I’ve been saying that the market is stronger than the statistics indicate.  One reason is that we’ve had far fewer homes at or over $1 million sell in 2016.  If we look at the sales stats for homes up to $1 million, you see a definite improvement as the median price has increased by 3.5% and the average price has increased by 1.3% .  While I think the market is better than the broad stats show, the Steiner market isn’t as hot as many areas of Austin.  The market is beginning to soften up as we head into the fall, which is typical of this time of year.  The good news is that prices have increased slightly while the market has been able to sell almost 20% more homes this year – the increase in supply was met by demand.

The number of available resale homes at the beginning of September was 71, down from 85 in September 2015, this does not include homes that are under contract.  Typically, we have the most number of available homes in the June/July time frame, then have a noticeable decline through the fall.  However, this year the peak in June/July was not as high as normal and we have not seen as dramatic a drop off as we usually do in the fall.  I do expect the number of available homes to decline as fewer homes are offered for sale and those homes that did not sell over the summer are taken off the market.

Across Steiner, the September sales ranged from a low of $300,000 to a high of $1,150,000.   The average sales price to list price ratio was 98.3%.  For homes that closed in September, the average days on market was 61, down 14.1% from last September.

Finally, I want to add that we’ll be out spinning cotton candy at both the Steiner Ranch Elementary State Fair and the Laura Welch Bush Fall Fest on October 21^st.  Stop by for a sweet treat and help raise money for the PTAs.

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 reading “How’s The Market in Steiner Ranch.”

Statistics based upon information from ACTRIS for the periods cited.