As a Realtor, one of the most common questions I get asked at a social function is: “How’s the market?” With that in mind, I decided to put together this post for everyone to enjoy! (All data listed below was accessed from the Austin MLS.)
Is everyone ready for mathematical overload? Okay, let’s dive in! 🙂
Currently in Steiner Ranch, there are a total of 87 homes listed as Coming Soon and Active. An “Active” listing is one this is currently on the market and is available for sale. A “Coming Soon” listing is one that is about to become an “Active” listing in the near future, and they are likely preparing the final touches on their home before they allow showings to begin.
There are a total of 27 homes that are listed as “Pending” and “Pending taking Backups”. Homes marked in these categories have received an acceptable offer and are currently under contract.
In the last 90 days, there have been 112 homes that sold in Steiner Ranch. In the last 60 days, there were 58 homes sold in Steiner Ranch. In the last 30 days in Steiner Ranch, there were 20 homes that sold.
There is a lot of useful information that can be derived from the data above. For example, with 87 homes on the market right now, and with 27 homes under contract, this would equate to approximately 3.2 months of inventory in Steiner Ranch. Another way to put that would be to say that if homes continue to sell at last month’s pace (27 homes) and if no new listings come on the market, it would take approximately 3.2 months for all the homes actively listed to sell (87 homes). Of course we all know that isn’t a hard-and-fast rule, it’s just something that we can use for statistical purposes to measure trends and make suggestions.
Another thing that you can notice from this data is that the first 30-day period of the data above (June 18 – July 18 approx) there were 55* homes sold. In the second 30-day period (July 18 – August 18 roughly), there were 38 homes sold. And in the most recent 30-day period (Aug 18 – Sept 18, approx), there were 20 homes sold. (* The eagle-eyed reader of this article might notice that the numbers in this paragraph add up to 113 homes vs the 112 homes mentioned above. The reason for this is that there must have been one of the overlapping days in the data pulled where two homes sold on the same day.)
What we can draw from the paragraph above is that from the time summer started through the time that school started, the market began to slow down a bit in sales volume. However, the current ratio of active listings to sold listings represents approximately 3.2 months of inventory, which is still considered to be a seller’s market by most authoritative definitions. (the Texas A&M University Real Estate Center’s definition of a balanced market is approximately 6 months of inventory.)
Long story short: despite a slowdown in overall sales from the beginning to the end of the summer this year, the market in Steiner Ranch is still stronger than the average market conditions for the state of Texas (read the TAMU article linked above for all their stats). Steiner Ranch continues to be a highly desired place to call home, and this is a pretty typical market response now that school is back in session.
If we look back at the last 12 month’s of sales in Steiner Ranch, you’ll find that sales volume will begin to start ticking back up very soon!
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