December 12th 2011
Real Estate Market Report For: Steiner Ranch Austin, TX
Introduction: Steiner Ranch is master-planned community between Lake Austin and Lake Travis. It is home to the University of Texas golf course, the legendary Steiner Ranch Steak House, and boast over 4,600 acres of hill country views. Home values range from the low $200′s to over 3 million for homes in the private gated sections.
Inventory and Sales: Overall sales volume has remained relatively stable with an absorption rate of just under 24 homes per month sold, and an inventory of just over 4 months worth of housing. This steady trend has lead to only a 5% decrease in the total number of homes sold year over year.
Distressed Sales and Listings: The total number of known distressed and/or foreclosure sales has decreased from 7% previous 12 months to only 4.9% in the last 12 months. Further decrease in this number is expected as only 2 distressed listings are currently on the market.
New Homes and Construction: New home sales continue to remain strong in this still growing community with around 23% of all sales being new construction homes; this is almost the same number of new home sales as we saw 3 years ago. Predominant single family home sales over the past 12 months average between $364,000 – $406,000 but there are still a large portion of homes for sale under the $300,000 mark.
Overall Market Conditions: The housing market for Steiner Ranch continues to be one of the strongest real estate markets in Austin. A combination of amenities, location and a wide range of home prices allows this neighborhood to accommodate various income segments. Steiner Ranch shows all the signs of a healthy real estate market including steady home sales, decreasing days on market for well priced homes, slowly increasing prices per square foot, and decreasing number of distressed listings and sales.
This report was created utilizing data from the Austin MLS system, as input by local Austin Realtors. Only single family housing trends have been analyzed and while they represent the majority of real estate sales in the market area, this report should not be considered all encompassing.