With only 14 new listings in January, the lowest number in 6 years, we are seeing multiples again. Four of those 14 are already under contract and only took 3,3,5 and 20 days to go pending.
The sale price to original list price ratio is up to 90% again, despite yet another Open Door listing in Majestic Oaks that sold 30% under their very inflated original list price.
The sale price to current list price ratio (meaning the price the property was listed at when it went under contract) was 97%. The properties that were listed under $900,000 sold for 95.57% of their current list price. The ones listed at $900,000 to $1,525,000 closed at an average of 99%! The multiple offer situations I referenced earlier will most likely close in February and will be reflected in next month’s report.
Months of inventory is back down to only 2.5. Months of Inventory (MOI) is the relationship of sales pace to the number of properties currently on the market if no additional homes were added to the supply. This metric is calculated by looking at the number of available listings divided by the average number of sales in the 6 months prior. This is the first time we’ve been under 3 months since June of 2022 when the market slowed down.
23% of the sales in 78732 in January were sold to cash buyers. This is lower than previous Januarys but much higher than the previous month.
The average $/SF on properties leased in January was 0nly $1.26 after only $1.12 in December. Only 7 properties leased and they took an average of 49 days to lease.
If you are thinking of buying or selling, I’d love to help and can be reached at (512) 657-7510 or Elicia@SteinerRanchInfo.com. If you missed my 2022 year end market recap, you can read it here and you can always view the charts at www.SteinerRanchMarketInfo.com.
