In May 2024, the 78732 area witnessed a significant surge in real estate activity, with 52 new listings hitting the market—nearly double the number from April and mirroring pre-pandemic levels for May.
This increase in inventory is reflected in the “months of inventory” metric, which has remained at 6 months for the second consecutive month. This metric indicates that it would take six months to sell all current listings at the current sales rate, marking the highest level since records began on this page in January 2018. More inventory implies longer selling times for sellers, evidenced by an average of 52 days on the market for active listings.
The financial dynamics are also shifting. After reaching 98% last month, the average ratio of the original list price to sales price has decreased to 95%. Similarly, the sold price to current list price ratio has also seen a slight decrease, moving from 99% to 97%.
Analysis of the properties that closed in May reveals clear trends: homes under contract in 7 days or less sold for an average of 99% of the list price. Those pending between 8-21 days sold at 97% of the original list price, and those listed for 22-30 days at 96%. However, properties on the market for longer than a month experienced a significant drop, selling for only 86% of the list price. This underscores the cost of overpricing, as homes that linger on the market typically sell for much less.
Additionally, the proportion of cash transactions has decreased, with only 14% of May’s buyers paying cash for their properties.
The rental market in 78732 remains robust, with eleven properties leased in May at an average rate of $1.47 per square foot, taking an average of 18 days to lease.
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
