2021 kicked off with a strong real estate market in Steiner Ranch. In this month’s edition of How’s the Market in Steiner Ranch I review the January sales stats and take a look at how the last six-months compare to the same time frame a year ago. Below the video, you can find the same information in chart and text formats.
In January, 11 resale homes closed in Steiner Ranch which was up 10.0% from January 2020. The median price increased 31% to $787,000. The average price of a home increased an unbelievable 50% to $862,712. The average price per square foot increased by 31% to $244.96. Usually I say that the one month numbers aren’t as important as the six-month numbers, but that’s not true anymore. I’ll explain after I give you the six-month stats. The number of resale homes sold during the past six months is 146, up 36% from this same time frame last year. The median price of a home has increased 33% to $628,000. The average price increased by 13.5% to $697,042. The average price per square foot increased 11.5% to $204.43. After years of saying the long-term stats are a better measure of value, why have I so quickly changed my tune to claim the monthly numbers are more meaningful? Well, with prices rising so fast, the numbers from just 2 or 3 months ago, drag down the median and average prices. I know you hear prices are rising fast, but you probably don’t realize just how fast. Frankly, I’m astonished by the values. There is a lag from when contracts are written to when the house closes and in a fast market, the sold data is out of date even before the house sells. So while it isn’t reflected yet in the data, I can tell you that homes in Canyon Glen are selling for well over $500,000. Canyon Glen!! For those of us who have lived here a long time, these prices are hard to comprehend. But I can assure you, they are very real. You know I’ve got to say it: If you have had any thoughts of selling, let me know and we’ll have a conversation about what your home is worth and, more importantly, what someone desperate for a home might pay for it. This is not going to let up real soon. One side of my head tells me we have to be reaching a limit on prices, but the other side understands the incontrovertible law of supply and demand.
The number of available resale homes at the end of January was 7, down 65.0% from last January. And that was probably the highest number of the month. Often, from Tuesday to Thursday, we only have 1 or 2 homes available (and sometimes zero). If I haven’t already convinced you, it’s a good time to sell. Across Steiner, the January sales ranged from a low of $459,000 to a high of $1,494,829. The average sales price to list price ratio was 103.6%. Of the 11 that sold, 6 sold over list price, 4 sold at it, and one sold for less. For homes that closed in January, the average days on market was 11, down from 49 last January.
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.
If you have any real estate related questions, please don’t hesitate to call me at 512-650-7300 or email me at Craig@RealEstateInAustin.com. Thanks for reading “How’s The Market in Steiner Ranch.”
Statistics based upon information from ACTRIS for the periods cited.
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