Steiner Ranch Housing Report - October 2021
This edition of How's the Market in Steiner Ranch outlines the September sales stats and I explain what I see happening as we enter the slower sales season. If you'd prefer to read the report, the transcript can be found below.
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 October 2021 edition of "How's the Market in Steiner Ranch.” The real estate market continues to cool down, but don’t get the wrong idea. I’m going to rattle through all the stats first, then give you my thoughts on what is going on now and what I expect will happen in the near term.
In September, 21 resale homes closed in Steiner Ranch which was down 36.4% from September 2020. The median price increased 28.3% to $789,000. The average price of a home increased 32.6% to $868,286. The average price per square foot increased by 37.2% to $263.69. Obviously, these numbers are amazing, but the percentage increases are lower than what’ve seen recently. Let’s take a look at the year-to-date numbers which help us get a broader, longer-term picture of the market. The number of resale homes sold so far in 2021 is 226, down 10.7% from the time period last year. A big part of that is fewer homes offered for sale this year – in fact, the number of listings during the first 9 months is 259, down 12.2% from last September. The median price of a home has increased 45.1% to $827,000. The average price increased by 46.5% to $954,218. The average price per square foot increased 50.4% to $285.59. As a reminder, the key number we use in real estate is the median price. Again, looking at all resale homes sold in Steiner this year through the end of September, that’s up over 45% to $827,000. Across Steiner, the September sales ranged from a low of $585,000 to a high of $1,530,000. The average sales price to list price ratio was 101.8% which, of course, means homes are selling, on average, above list price. However, this number is the lowest it has been since November of last year and I think there is a good chance it may fall below 100% during October.
The number of available resale homes at the end of September was 19, down 32.1% from last September. While historically low, the number is higher than we’ve seen for much of this year. For homes that closed in September, the average days on market was 17, up from 15 last September.
So what does all of this mean? It simply reiterates what I’ve been saying for a couple of months – the market, which was scorching hot in the first part of the year, has definitely cooled down. It’s still a seller’s market, but sellers need to understand that they aren’t going to get 10 offers all over asking price within a few days. Most homes in Steiner do not multiple offers anymore. Most do not sell the first weekend – in fact, as I record this, the average days on market for a resale home available in Steiner is 41 days. The big question everyone asks is if prices are going to come back down. Traditionally, it’s not uncommon to see prices level off or even decline a bit during the fall and winter months. Last year was a big exception to that. With school across much of the country being held virtually and many Silicon Valley companies announcing their employees can live anywhere, we saw a huge movement to Texas. At a time of traditionally low inventory, the buyers showed up and prices jumped big time. With those two stimulants gone, we are witnessing a typical fall. While we haven’t experienced it for about 2 years, the market has slowed. Under $750,000 in Steiner we have a lot of homes for sale right now. I expect we will see prices pull back a bit in this price range. Currently, the higher priced homes seem to be holding their own and inventory levels are still low. So if you want to buy or sell, is it a good time? As a buyer, especially under $750,000, there is more inventory available than in a long time. While prices are definitely higher than they were 6 months or even a year ago, your ability to buy a home without competing against other buyers or going over list price definitely is refreshing. If you want to sell, don’t worry that you missed the frenzy of early this year. That frenzy raised prices and you get the benefit of that. If you are considering a real estate move, contact me and we’ll talk about your specific situation to see if now is a good time.
Of course, 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.