April saw a 52% increase in the number of new listings when compared to April 2023. When comparing the number of properties that went under contract in the same periods, we saw a 26% decrease. More new listings + less going under contract = a surplus of inventory. You’ll see below that the “months of inventory” metric increased by 1.3 months.
With more properties on the market and less buyers, prices may come down, however that wasn’t the case for April closings which likely went pending in March or February. The original list price to sales price ratio was 98%
The sale price to current list price (the price at the time it went pending – reduced or not) ratio was 99%. Properties are being priced more accurately. These properties that sold at such a high ratio had an average DOM (days on market) of 25 days. The average DOM for the current listings in 78732 is 46 days. The key takeaway here is that propery priced homes will sell faster!
As I mentioned earlier, the months of inventory metric jumped 28% to 6 months. This is the highest number I’ve seen since I started charting these numbers in January of 2018.
When we look at all of these numbers together, it gives a pretty good picture of what’s going on in our market. There is healthy demand for well priced properties.
There are so many factors that go into a property being overpriced. The biggest one I see is agents’ lack of understanding of the nuances of Steiner Ranch. We are a large community with dozens of diverse neighborhoods with huge variations in views, lot sizes, lot types (sloping, flat, etc…), views, proximity to schools and amenities, ages, etc… and the average agent just doesn’t know how to interpret the data they are seeing in the MLS. It takes years of viewing properties and stats and hundreds of conversations with local buyers and sellers to truly understand a market. Choose your agent wisely! And as a reminder, I’ve represented 308 buyers, sellers and tenants in Steiner Ranch over the last 17 years and I’d be honored to interview for the job of selling your Steiner Ranch home or helping you purchase in my favorite neighborhood in Austin!
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
