Steiner Ranch Housing Report - September 2015
In this edition of “How’s the Market in Steiner Ranch,” I talk about the August stats, the last of the typically strong summer months. 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 September 2015 edition of “How’s the Market in Steiner Ranch.” This month we’ll look at the final month of the summer real estate season.
In August, 28 resale homes closed in Steiner Ranch which was down 36.4% from August 2014. Usually the August number is quite a bit higher as it is the last of the strong summer months providing the final opportunity to buy a home and have kids in class for the first day of school. If you’ve been following along this year, 2015 has had fewer homes selling than past years so this trend continues. The 28 in August was the lowest number since March of this year. Of the 28 homes, six sold above $700,000 with three of those above $900,000. As a result, there is an interesting dynamic on the pricing stats. The median price decreased 8.4% to $430,250. The average price of a home increased 6.9% to $517,556. There is a huge difference between the median and average prices. Although we had six higher end homes close, most of the remainder were entry-level homes with very few mid-range sales. So the higher end homes skew the average price, but the entry-level skew the median price. The average price per square foot increased by 4.1% to $153.90. Though I usually don’t compare prices from one month to the next, I will note that all of the August price measures were below those from July. In order to get a better picture of the market, let’s look at a longer period of time by comparing the last six months to the corresponding six month period from last year. The number of homes sold was 176, down 18.5% from 2014. The median price of a resale home increased 3.5% to $454,500. The average price increased by 9.2% to $536,597. The average price per square foot increased by 3.3% to $155.07. These numbers reinforce the pattern we’ve seen the last couple of months with strong sales in the entry and high-end price points, but sluggish performance in the mid-level range. In real estate, the median price is the key pricing indicator and Steiner Ranch is lagging the overall Austin market in this measure.
The number of available resale homes at the beginning of August was 99, up 7.6% from last August. To be clear, that does not include homes that are under contract. The number of homes for sale in Steiner generally decreases month-over-month at this time of year and that is occurring. As I record this in the early part of September, there are 85 homes available.
Across Steiner, the August sales ranged from a low of $310,000 to a high of $1,025,000. The average sales price to list price ratio was 97.2%, which was the lowest amount is more than three years. For homes that closed in August, the average days on market was 72, up 80% from last August.
In summary, the overall Steiner Ranch market is still positive, though it is not as strong as it has been over recent years. When you break it down by pricing points, it is the mid-range market from $450,000 to $700,000 that is currently the weaker of the ranges. As always, my website allows you to look at summary and detailed data for each Steiner Ranch neighborhood. Simply go to RealEstateInAustin.com and click on the big red “Search Sold Data” button towards the bottom of the page.
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.”
Statistics based upon information from ACTRIS for the periods cited.