In this year-end edition of How’s the Market in Steiner Ranch?, I review the year end sales figures, give my interpretation of them, and provide my predictions for 2012.
Here are the additional stats and graphs referenced in the video: Resale and All MLS. As the name implies, the Resale link is for resale properties only. The All MLS link is for all Steiner Ranch properties listed in the MLS. This includes some new construction homes, but certainly not all new construction homes sold in Steiner. As a result, it is not a full, accurate picture of the market.
To view summary and detailed information for all Steiner Ranch neighborhoods, check out the Neighborhood Home Sale Data. If you are looking to buy or sell a home in Steiner Ranch, contact me at 512-650-7300, by email, or the form below. If you prefer to read instead of watch, here the transcript:
In 2011, 223 existing homes closed in Steiner Ranch which was down 10.4% from 2010. Because the builders do not list all of their homes in the MLS, it is harder to present the new construction figures. I contacted the developer, Taylor Morrison, and was informed that the most recent data they have is through August at which point 112 new homes had been sold in Steiner. Using projections, that will likely end up around 170 new homes sold in 2011, which would be down about 8%. Overall sales, based upon that projection, would have 393 Steiner Ranch homes closed in 2011, down 9.4%.
For the remainder of this review, the stats discussed will be for resale homes only. In 2011, 8% of the sales were distressed with 12 sales being foreclosures and 6 being short sales. The average sales price for resale homes in Steiner Ranch in 2011 was $401,811 down 1.5% from the prior year. The median sales price was unchanged at $345,000. The average price per square foot was $125.54 up 3.6%. All of these clearly indicate a stable market. The sales prices in 2011 ranged from $200,000 to $1,549,000. The average sales price to list price ratio was 96.8% and the average sales price to original list price ratio was 94.6%. For resale homes that closed in 2011, the average length of time it took to get a contract was 56 days. More stats and graphs are available here: Resale and All MLS.
So what do I expect in Steiner Ranch for existing home sales in 2012? My prediction is a slight improvement over last year. I believe we’ll see a 5% to 10% increase in the number of resale homes sold as well as a small increase in the average price, median price, and average price per square foot. I expect mortgage interest rates to remain at or near historic lows. The Austin job market remains stable so we should continue to have a steady stream of buyers, which will, of course, include families relocating to Austin and interested in the Steiner lifestyle. As the developer begins to wind down home sales, the number of new construction homes being built will slow while commercial activity will continue for several years to come. In short, I expect an improvement in the Steiner Ranch resale housing market for 2012. As always, if you have any questions, please don’t hesitate to contact me at 512-650-7300, by email, or the form below.
Statistics based upon information from ACTRIS for the periods cited.