Steiner Ranch Housing Report - August 2025 | Austin Texas Real Estate скачать в хорошем качестве

Steiner Ranch Housing Report - August 2025 | Austin Texas Real Estate

Welcome to the August 2025 edition of "How's the Market in Steiner Ranch.” In July, 10 resale homes closed in Steiner Ranch which was down 33% from July 2024. That’s the lowest number for a July since 2002 – and just think of how much smaller Steiner was at that time. Before I give you prices, I want you to know they aren’t a true take on the market – I’ll explain shortly. The median price in July increased 26% to $1,050,250. The average price of a home increased 55% to $1,360,240. The average price per square foot increased by 22% to $341.07. No, prices have not shot up and those aren’t indicative of the overall Steiner Market. Of the ten sales, four of the homes sold for $2 million or more. Another one sold in the $1 million level, and another in the $900s. So with 60% of the sales over $900,000, you can see how this month’s numbers got a bit distorted. In fact, just two sold under $750,000 and we’ll dive more into that soon. Let’s look at the year-to-date data to see if that gives us a better overall view of the Steiner market. The number of resale homes sold so far in 2025 is 119, up 21% from the first seven months of 2024. The median price of a home has increased 0.9% to $852,000. The average price decreased 5.0% to $1,007,891. The average price per square foot declined 1.5% to $293.35. I do think that median price $852,000 is representative of the market today. The number of available homes during July was 80, up 9.6% from last July. That’s also the highest number since the summer of 2018. The number of new listings put on the market was 28, up 12%. The July sales ranged from a low of $585,000 to a high of $2,600,000. The average sales price to list price ratio was 96.4% and for homes that closed in July, the average days on market was 57 up from 45 last year. The number of homes that went under contract in July was 16, up 6.7% from last year. There were 62 price reductions in Steiner Ranch last month which is about 78% of the active homes. I gave you stats reflecting that most of the sales last month were higher end homes. I figure the reason is based upon who is buying and not buying homes right now. If you’re a first time homebuyer, an entry level home in Steiner is usually over $600,000 (yes we have some in the $500s, but not many). With the down payment needed and interest rates about 6.5%, we’ve priced some people out of the Steiner market. On the flip side, those buying homes in the $1 and $2 million range are almost never first time buyers. When they sell their prior home, they’ve got a lot of equity to roll into the next one so if they are taking out a loan, it is often a relatively small amount so they’re not so impacted by the higher interest rates. While there certainly are other factors involved, I think this is the most important one. So what is going on with interest rates right now? They’ve been in a narrow range for months – you can generally expect around 6.5% with a point for a 30-year fixed rate right now. But what about all the talk of the Federal Reserve lowering the Fed Funds rate in September? For the first time this year, the odds are decent that it could happen. If so, I would expect a 25 basis point drop. Let me proclaim once more that the Fed controls the Fed Funds rate, not mortgage rates. While a 25 basis point drop is welcome, that does not mean mortgage rates will drop by the same amount. Over the past several years, we’ve seen more divergence between the Fed Funds rate and the mortgage rates as the mortgage rates tend to follow the 10 year treasury bond rates. With the country’s debt as high as it is, the bond rates take that into account. So while a drop in the Fed Funds rate is welcome, a 25 basis point reduction may not do a whole lot to help mortgage rates. But a few Fed Funds rate drops over time would certainly impact mortgage rates. All of that to say that I think some buyers are simply waiting for mortgage rates to come down and many of them don’t understand the correlation. So it may be longer than they expect to see a notably mortgage rate change. Personally, I think that if the rates drop into the 5s, even the high 5s, we’ll see a lot of buyers come into the market. That could push prices higher. I think the best time to buy is before that happens, but we don’t know when it will be so it’s hard to time that. But if you buy a house you can afford today, at a rate you can afford today, in the future you may find that you can lower your rate through a refinance, but enjoy a lower price than you can get when the rates drop. To be clear, I don’t expect a return to the 3s or the 4s, but the 5s are certainly possible. If you have any real estate related questions, please don’t hesitate to call or text me at 512-650-7300 or email me at Craig@RealEstateInAustin.com. Thanks for watching “How’s The Market in Steiner Ranch.” Statistics based upon information from Unlock MLS for the periods cited. Craig Smyser, Fiv Realty