In this edition of How’s the Market in Steiner Ranch, I review the November 2013 home sale stats and decipher the apparent decline in prices. 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 at 512-650-7300, by email, or use the form below.
If you prefer to read instead of watch, here are the chart and transcript:
|November 2013||November 2012||Change|
|Average Sales Price||$394,605||$410,833||-3.95%|
|Median Sales Price||$350,000||$406,000||-13.79%|
|Average Price Per Square Foot||$136.06||$128.67||5.74%|
|Sales Price to List Price Ratio||98.79%||97.43%||1.40%|
|Days on Market||59||51||15.69%|
|Low Sales Price||$255,000||$250,000|
|High Sales Price||$675,000||$863,000|
|6/13 to 11/13||6/12 to 11/12||Change|
|Average Sales Price||$479,309||$444,096||7.93%|
|Median Sales Price||$415,700||$404,500||2.77%|
|Average Price Per Square Foot||$141.26||$129.66||8.95%|
Greetings! I’m Craig Smyser with RE/MAX Capital City. Welcome to the December 2013 edition of “How’s the Market in Steiner Ranch.”
In November, 19 homes closed in Steiner Ranch which was down 21% from November 2012. All 19 homes were resales – there were no MLS-listed new construction sales last month. This is the first time we’ve had back-to-back months without an MLS-listed new construction sale since January and February of 2001. The decline over last year for resale homes was 17.4%. In November, the average price of a resale home decreased 4% to $394,605. The median price decreased by 13.8% to $350,000. The average price per square foot increased by 5.7% to $136.06. This is the third month in a row that we have seen declining prices when measures year-over-year. So what does that mean? Frankly, I wasn’t sure because the inventory is tight and we are seeing a strong market. So I dove into the data to try to figure it out. I believe the overall decline can be attributed to the low number of higher priced homes selling. At first, even this wasn’t apparent. Over the past year, about 30% of the Steiner Ranch homes sold at $500,000 or higher. While the past 3 months has had this same 30%, the difference is that the average and median prices for homes over $500,000 has declined by double digits. As a result, with fewer high priced homes in the overall numbers, the sales prices appear to be dropping. I believe it is a statistical aberration and with such a low inventory of homes priced between $500,000 and $1 million, this situation may be with us for a little while longer. So to get a better idea of pricing trends, we can look at the last six months and compare it to the same six-month period from 2012. When we do that, the figures are more of what you would expect. In this case, the average price increased 7.9% to $479,308, the median price increased 2.8% to $415,700, and the average price per square foot increased 9.0% to $141.26.
The number of available resale homes in November was 54, down 24% from last November. This is the lowest number of active homes in November since 2005. I expect next month there will be even less. If you are planning to sell your home next spring, you might want to consider moving up that time frame – contact me to discuss whether it might be a strategy for your situation. Across Steiner, the November sales ranged from a low of $255,000 to a high of $675,000. The average sales price to list price ratio was 98.8%. For homes that closed in November, the average days on market was 59.
As always, my website allows you to look at summary and detailed data for each Steiner Ranch neighborhood. If you have any real estate related questions, please don’t hesitate to contact me at 512-650-7300, by email, or use the form below.
Thanks for watching/reading “How’s The Market In Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.