How long does it take to sell a home in Steiner Ranch?
In June 2024, the properties that went under contract in the Steiner Ranch area took an average of 34 days to go under contract.
In June 2024, there were 39 new listings, while only 17 properties went under contract. Although this surplus would typically increase the “months of inventory” metric, the removal of 18 properties from the market led to a 28% decrease in the months of inventory compared to May 2024.
Of the 17 properties that went under contract, eight were listed under $700,000. Four were listed between $700,000 and $1,000,000, four were listed between $1 and $2 million, and only one was listed above $2,000,000.
Comparing these pending numbers to the active listings helps us understand why the “months of inventory” metric in Steiner Ranch is currently 4.3 months, while the average days on market (DOM) for the pending properties is only 34 days. The data indicates a higher demand and lower inventory for properties under $700,000, whereas there are fewer buyers and a higher inventory for properties in the higher price ranges. Notably, 47% of the current inventory is listed over a million dollars, but only 29.5% of the pending sales were in this price range.
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 95% of their original list price, and 97% of the price at the time of contract.
These figures remained unchanged from May. The average sale price to original list price ratio was 95%, 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 June were priced correctly, selling within about a month. However, 60% of the current active inventory has been on the market longer than the 34-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 June 2024, 23% of buyers paid cash, while 77% used financing to purchase their home in Steiner Ranch.
This trend suggests that the majority of buyers in Steiner Ranch rely on financing options, likely due to the high property values in the area. Financing allows buyers to spread out the cost over time, making it more feasible for a larger number of purchasers.
The 23% of cash buyers could indicate a segment of the market comprising investors or individuals with substantial liquidity, who prefer the benefits of cash transactions such as faster closing times and potentially stronger negotiating positions.
Overall, the predominance of financing suggests a strong dependence on mortgage availability and interest rates, making these factors critical to the health and dynamics of the Steiner Ranch real estate market.
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.
n June 2024, the rental market in Steiner Ranch experienced a noticeable decline in activity compared to previous years. Only 10 properties were leased this month, a significant drop from the 22 properties leased in June 2023 and the 16 properties leased in June 2022. 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 June 2024 averaged $1.40, slightly lower than the $1.47 per square foot recorded in the previous month. This decline in $/SF is likely attributable to the specific size and features of the available inventory rather than an overarching market trend. Larger properties or those with fewer desirable features may have contributed to this slight decrease.
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 June 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.
Analysis and Implications
The reduction in leased properties this June compared to the past two years may reflect several factors, including seasonal variations, changes in tenant preferences, or a shift in the overall rental demand within Steiner Ranch. Additionally, economic factors such as interest rates, employment rates, and broader housing market trends could be influencing rental activity.
The slight dip in rental price per square foot suggests that while demand may be stable for certain property types, the specific inventory available in June may not have matched the highest rental prices seen previously. Landlords and property managers should consider the current preferences and needs of renters, ensuring that properties are priced appropriately and highlight desirable features to attract tenants.
The faster turnaround time for leased properties indicates a healthy market for well-priced and desirable rentals. Property owners should focus on maintaining competitive pricing and ensuring properties are in good condition to minimize vacancy periods.
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. The slight drop in price per square foot reflects the nuances of the current inventory rather than a broad market decline. Property owners and managers should continue to monitor market trends closely, adjust pricing strategies, and focus on the features that attract renters to maximize occupancy and rental income.
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
