We continue to see multiple offer situations in Steiner Ranch which are driving up prices. This month, I decided to start tracking a new metric, breaking down the sale price to original list price ration by price range. Since the market is changing rapidly, I also broke it down to two week increments, going back to the first of the year. I believe we will see some of these higher numbers level out as more recent comps are published and agents get a better handle on pricing.
Despite feeling like there’s low inventory, we continue to stay on track with previous years on the number of new listings. We had 30 new listings in February 2021 vs. 32 in 2020, 28 in 2019 and 26 in 2018. We are 16 days into March and we’ve had 23 new listings already vs. 49 in both 2019 and 2020, so we are tracking just slightly below “normal” for March. I know the freeze has delayed a few listings I have coming on, so we may see more come on at the end of the month as we start to green up.
The Months of Inventory metric crept up a little from .6 in January to .7 in February, but still at less than 20% of March of 2019 (pre-covid).
The number of cash buyers closing in February was almost triple that of January, jumping from 12% to 35%. Cash offers are great but most buyers with loans are waiving their appraisals to be competitive. And I’m still seeing a LOT of buyers banks waiving the appraisal requirement all together or only doing a “drive-by” appraisal when buyers are putting 25% or more down.
It continues to be a strong seller’s market in Steiner Ranch with high demand, not low inventory driving prices up. If you are considering buying or selling, I would love the opportunity to help you. Feel free to call or text at 512-657-7510 any time for a no-obligation meeting to discuss your goals. If you are an investor or would just like to follow the rental market in Steiner Ranch, please bookmark this page for monthly updates.