March and April saw less new listings come on the market than previous years – only 65, which is 20% less than in 2022 and 32% less than in 2021.
Despite the lower inventory, the sale price to original list price stayed the same, 94% in February, March, and April.
The sold price to list price (the price at the time it went pending – reduced or not) ratio also stayed about the same, 97% in both March and April, 98% in February.
Months of inventory jumped a whopping 71% from 3.1 months in February to 5.2 months in March and down a bit to 4.3 months in April.
When we look at all of these numbers together, it gives a pretty good picture of what’s going on in our market.
- There is healthy demand for well priced properties in 78732
- 94% SP/OLP and 97% SP/CLP tells us that sellers and/or agents are still overpricing SOME properties for the current market, but once the properties come down about 3%, buyers are making offers.
I say SOME properties because these numbers are AVERAGES, meaning some properties went a lot lower than 94% of original list price and some went higher, even over the original list price.
When I look at the properties that closed in the last 60 days that spent 14 days on the market or less (13 of the 32 properties), BOTH the SP/OLP (sales price to original list price ratio) and SP/CLP (sales price to current list price ratio) were 98%. In fact, 3 of those sold over asking, and three sold at exactly asking price. The other seven sold for around 95.5% of list price.
When we look at the properties that sold in 15-30 days, the average SP/OLP goes down to 96.57. Those sold in 31-45 days went for 89% of their original list price, 46 days or more – 85% of original list price! The key takeaway here for sellers is to price your property properly for the current market – not the 2021 market and price it right from the start … “Let’s start high, we’re not in a hurry” is not a good strategy. In my opinion, prices have stabilized at about 15-17% below our peak which was almost exactly a year ago this week.
As always, if I can help you buy or sell or just answer any questions about Steiner Ranch or the Steiner Ranch market, don’t hesitate to give me a call at (512) 657-7510 or email me at Elicia@SteinerRanchinfo.com
