28 new listings came on the market in July in 78732 – almost the same exact number for the 3 months prior, but lower than normal for the late spring/summer season. This is about half the number of new listings we saw in the years before Covid.
It is this decrease in new inventory that is helping to stabilize our market. Our “months of inventory” metric is at 4 months now. This means that at the rate of sale for the last 6 months, it would take us 4 months to sell everything that is active right now. There are currently 73 active listings in 78732.
The sale price to original list price has been stable for the last 2 months at 95% with the sale price to current list price (price at the time it went pending) was 97% in June and 98% in July.
What I’ve been seeing personally in the market – not just in Steiner Ranch – is buyers ignoring value in favor of price. For example a home went pending at $799,000 but the buyers didn’t even look at the home a few doors down at $825,000 that had another full bath, way more updates and a much better floor plan. Rates are at a point now where that extra $25,000 would have cost them $160 per month. so buyers are opting for less upgrades because they don’t qualify for more or just don’t want to spend more.
Only 18 properties leased in 78732 in July and the average days on market went up to 30 days. This is likely why the price per square foot went down a little to $1.31.
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