How long does it take to sell a home in Steiner Ranch?
In August 2024, the properties that went under contract in the Steiner Ranch area took an average of 56 days to go under contract.
In August 2024, Steiner Ranch saw 22 new property listings, and 19 go under contract. This is less of a surplus than previous months, but because of the older listings hanging around in addition to these new ones, the months of inventory rose a little to 4.7 months.
Of the 19 properties that went under contract, four were listed under $700,000, four were between $700,000 and $1,000,000, nine were between $1 and $2 million, and two were listed above $2 million. This month differed from the past couple months in that more higher end propeties went under contract than lower priced properties.
How much below asking price do homes in Steiner Ranch typically sell for?
In August 2024, homes in the Steiner Ranch area closesd for an average of 90% of their original list price, and 97% of the price at the time of contract.
The sale price to current list price ratio stayed the same at 97% but we saw a lot of older inventory sell last month which brought the sale price to origial list price ratio down to 90%. Remember, the longer you are on the market, the lower your property will sell. It’s important to price the property well in the beginning. My number one tip to achieving realistic upfront pricing is to vet the agents qualifications BEFORE asking about pricing. Someone with little experience and little experience in our hyperlocal market isn’t even qualified to analyze our market in Steiner Ranch. They will likely be way off on pricing but once you’ve heard that inflated number, it’s human nature to gravitate toward the higher pricing.
Do most people pay cash or use financing to buy a home in Steiner Ranch?
In August 2024, 19% of buyers paid cash, while 81% used financing to purchase their home in Steiner Ranch.
How is the rental market in Steiner Ranch?
The Steiner Ranch rental market followed the usual patterns for late summer with a decrease in number of properties leased and increase in time it took to lease them.
In August 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 August 2024. 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 August 2024 averaged $1.35, which is just .01 more than August of last year.
Days on Market
The number of days it took to lease properties in 78732 rose considerably from last month – 17 in July 2024 to 40 in August, however, it was not much more than the previous August with 40 leased in 2023.
What is going on with interest rates?
Interest rates have dropped almost a full point to the mid 6% range.
This will likely bring more buyers to the market. This time of year until Labor Day is typically the slowest time of year while people travel and get ready for the beginning of school. Another rate cut is expected in the coming months which could make this a busier than average fall.
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