New Listings and Inventory:
In October 2023, the Steiner Ranch neighborhood saw 17 new listings, marking the lowest number since the beginning of the year. While this might raise concerns for some, it is not an unusual trend during this time of the year, as the real estate market often experiences a decline in new listings in the fall. Currently, there are 52 active listings in the area, indicating a healthy inventory for potential buyers. The “months of inventory” metric, standing at 3.1 months, implies that at the current sales rate observed over the last six months, it would take approximately 3.1 months to sell all the active properties, underlining the neighborhood’s steady pace.
Days on Market:
The average days on market for current active listings has reached 107 days, emphasizing the importance of pricing a property correctly from the beginning. However, properties that are under contract now had a shorter average of 96 days on the market, indicating that well-priced homes were moving faster, reinforcing the significance of accurate pricing in the selling process.
Sale Price Ratios:
One of the most noteworthy aspects of the October 2023 market was the sale price to original list price ratio, which stood at 95%. Even more striking was the sale price to current list price ratio, reaching 100%. This highlights a crucial lesson for sellers – correctly priced homes sell, and the market is willing to pay the asking price when the value is justified. This 100% ratio, the highest seen throughout the year, indicates that the Steiner Ranch market rewards appropriately priced properties, showcasing the expertise of seasoned real estate agents in navigating changing market conditions.
The rental sector continues to be experiencing a slowdown. Only 7 properties were leased in Steiner Ranch during October, with the average days on market increasing to 78 days. Consequently, the price per square foot dipped to $1.15, reflecting the challenges faced by landlords in a market where tenants have more options and time to decide.
October 2023 revealed a stable Steiner Ranch real estate market. Although new listings decreased, the neighborhood’s housing inventory remained healthy. The sale price ratios demonstrated the importance of accurate pricing, with properly valued homes selling at or very close to the original asking price. On the rental front, landlords faced increased competition, leading to a dip in rental prices.
As we move forward, these insights provide valuable knowledge for both buyers and sellers, emphasizing the importance of informed decision-making. If you’re considering buying or selling a property in Steiner Ranch, it’s crucial to work with an experienced professional who understand the nuances of the local market. For any questions about Steiner Ranch or real estate in general, feel free to reach out at (512) 657-7510 or email me at Elicia@SteinerRanchinfo.com