New Listings and Inventory:
In January 2024, the Steiner Ranch neighborhood saw only 12 new listings, marking the lowest number since I started charting new listings in 2017. This continues the trend we saw in 11 of 12 months in 2023. The “months of inventory” metric, standing at 3 months, implies that at the current sales rate observed over the last six months, it would take approximately 3 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 124 days, emphasizing the importance of pricing a property correctly from the beginning. However, properties that are under contract now had a shorter average of 79 days on the market, indicating that well-priced homes are moving faster, reinforcing the significance of accurate pricing in the selling process.
Sale Price Ratios:
One of the most noteworthy aspects of the January 2024 market was the sale price to original list price ratio, which was only 84%, while the sale price to current list price ratio, was 95.5%. 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. These ratios indicate 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 has improved a bit. A lot of the inventory that was sitting on the market leased in the past 60 days. 9 of those were in January , with the average days on market dropping to only 51 days. Consequently, the price per square foot rose to $1.28, which is exactly the same as January 2023.
January 2024 revealed a stable Steiner Ranch real estate market. Although new listings decreased, the neighborhood’s housing inventory remains healthy. Decreasing interest rates helped clear out some of the lingering listings from 2023 and 5 of the 13 available (2 are currently on HOLD status) listings that have come on the market since 1/1/24 have already gone under contract.
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