Someone I know recently asked me if I was selling any houses. My answer was simple: yes — I’ve had a fantastic year with over $30 million in sales in the last 12 months, representing 22 sellers and 12 buyers. He was surprised, because another agent had told him “nothing is selling.” That couldn’t be further from the truth. The reality is that only about a third of the homes being listed are selling within the first few months, but properly priced and positioned homes being marketed by the right agent are selling.
Between May 1 and July 30 of this year in the 78732 zip code, 122 properties were listed. Of those, 29 closed (about 24%), 12 went under contract (10%), 19 expired or were withdrawn (15%), 8 were placed on hold (6%), and 54 were still sitting on the market at the end of July (44%). The homes that did close sold for an average of 98.6% of their current list price and 97.6% of their original list price — meaning most didn’t require large reductions.
In terms of inventory, we saw the number of new listings drop as the summer wore on, as it usually does — from 37 in June to 33 in July, and then down to just 19 in August. At the same time, months of inventory shifted from 6.7 months in June to 5.2 in July, and 5.1 in August. While this is still higher than a pure seller’s market, it shows balance returning. The narrative of “nothing is selling” doesn’t match the numbers.
Pricing trends this summer underline that point. In June, homes sold for an average of 93% of their original list price, in July that dipped to 90%, but by August it rebounded to 95%. Against the current list price at the time of contract, homes sold very close to asking: 97% in June, 97% again in July, and nearly 99% in August. The message is clear — sellers who start too high are forced into reductions, while sellers who price to the market achieve close to their asking price.
How buyers are paying has been another interesting shift. Cash buyers represented 32% of the market in June, slipped to 25% in July, and then surged to 42% in August. Cash continues to play a major role, especially at the upper price points.
The rental market in Steiner Ranch also showed the typical late-summer slowdown. Sixteen properties leased in June, 13 in July, and 14 in August. The average days on market for rentals climbed from 20 in June to 22 in July, and up to 35 in August. Average lease prices per square foot softened as well, sliding from $1.40 in June to $1.22 in August. As usual, as the summer goes on, it takes longer to place tenants, and the price per square foot dips.
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