How long does it take to sell a home in Steiner Ranch?
In July 2024, the properties that went under contract in the Steiner Ranch area took an average of 31 days to go under contract.
In July 2024, Steiner Ranch saw 29 new property listings, while 16 properties went under contract. Typically, this surplus would raise the “months of inventory” metric. However, with 16 properties being withdrawn or expired, the inventory was reduced, keeping the “months of inventory” metric steady at approximately 4.6 months, similar to the previous month.
Of the 16 properties that went under contract, five were listed under $700,000, six were between $700,000 and $1,000,000, four were between $1 and $2 million, and one was listed above $2 million. These numbers are very similar to those from the previous month.
How much below asking price do homes in Steiner Ranch typically sell for?
In June 2024, homes in the Steiner Ranch area sold for an average of 94% of their original list price, and 97% of the price at the time of contract.
These figures remained almost unchanged from last month. The average sale price to original list price ratio was 94%, and if there was a price adjustment before going under contract, the ratio was 97% of the revised price.
It’s important to note that the longer a property stays on the market, the lower this ratio tends to be. The properties that went pending in July were priced correctly, selling within about a month. However, 75% of the current active inventory has been on the market longer than the 31-day average mentioned above. Therefore, we may see the sale price to original list price ratio decline in the next couple of months as these properties undergo price reductions and eventually sell.
Do most people pay cash or use financing to buy a home in Steiner Ranch?
In July 2024, 40% of buyers paid cash, while 60% used financing to purchase their home in Steiner Ranch.
How is the rental market in Steiner Ranch?
The Steiner Ranch rental market in June 2024 shows a mixed picture with a notable decrease in the number of properties leased but an encouraging reduction in average days on market.
In July 2024, the rental market in Steiner Ranch experienced a noticeable decline in activity compared to previous years. Only 17 properties were leased this month, a significant drop from the 30 properties leased in July 2023. This reduction in leasing activity indicates a potential shift in market dynamics or rental demand within the community.
Rental Prices and Value
The price per square foot for the properties that were leased in July 2024 averaged $1.32, which is exactly the same as July of 2023
Days on Market
A positive indicator in the current rental market is the average days on market (DOM) for leased properties, which stood at 17 days in July 2024. This is an improvement from previous months, suggesting that while fewer properties are being leased, those that are available are moving relatively quickly. This could indicate that the properties meeting the current demand are priced correctly and appealing to renters.
What is going on with interest rates?
Interest rates have dropped almost a full point to the mid 6% range.
This will likely bring more buyers to the market. This time of year until Labor day is typically the slowest time of year while people travel and get ready for the beginning of school. Another rate cut is expected in the coming months which could make this a busier than average fall.
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
