Welcome to the July 2024 edition of "How's the Market in Steiner Ranch.”

In June, 16 resale homes closed in Steiner Ranch which was up 6.7% from June 2023. The median price in June increased 9.7% to $982,250. The average price of a home increased 23% to $1,257,683. The average price per square foot increased by 0.6% to $319.30. So is the market rebounding from recent lows? No, the numbers are just skewed because of the particular homes that closed last month. Of the 16 homes, only two were in entry-level neighborhoods of Steiner. Eight were over $1 million and, of those, three were over $2 million. So take the summary data with a big asterisk. Let’s look at the six month data to see if that helps us understand the market better. The number of resale homes sold during the past six months is 83, the same number as the first six months of 2023. The median price of a home has increased 6.9% to $850,000. The average price increased by 16 % to $1,094,237. The average price per square foot increased 1.2% to $301.01. These numbers include the most expensive home to ever sell in Steiner so they aren’t quite as high as they sound. But they still show prices are higher, which isn’t correct. So far this year, fewer entry level homes are selling while more higher-end homes are selling, which is skewing both the median and average prices.

The number of available homes during June was 76, up 90% from last June. The number of new listings put on the market was 31, up 41% from last June. That continues to be the big story. A lot more homes have been offered for sale this year than last year while the number of homes selling is the same. This has led to a lot of extra inventory which is why we are seeing prices come down overall in Steiner. The June sales ranged from a low of $567,000 to a high of $3,150,000. The average sales price to list price ratio was 97.8% and for homes that closed in June, the average days on market was 65 up from 36 last year. In general, homes are either selling in a few weeks or taking a few months. The number of homes that went under contract in June was 17, down 5.6% from last year. There were 54 price reductions in Steiner Ranch last month which is about 71% of the active homes.

If you watch these videos each month, you’ll notice that things are really much the same. No big change in the number of homes selling from month the month, more inventory building on the market, lots of price reductions, and lower prices. While I already talked about the number of entry-level homes selling versus high-end homes, another tidbit is that eleven homes were taken off the market in June. Some were rented out instead of selling, some will come back to the market soon, and others are going to simply stay put. That number by the way is going to increase in the coming months.

So while it isn’t a great market for sellers, homes are still selling. Just not as many as we used to sell. Only the better homes with the right prices that are marketed well have a chance in this market. If you are thinking of buying or selling in Steiner, reach out to me.

If you have any real estate related questions, please don’t hesitate to call or text me at 512-650-7300 or email me at Craig@RealEstateInAustin.com. Thanks for watching “How’s The Market in Steiner Ranch.”


Craig Smyser, Fiv Realty
512-650-7300
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