So much for that increased inventory I mentioned last month. We only had 34 new listings in May vs. 54 in May of 2020, 58 in 2019 and 65 in May of 2018!
You may remember me mentioning last month that the $500,000 price point might be unattainable in Steiner Ranch moving forward – well our lowest priced listing in May was $550,000! Last May, 22 of the 54 listings were under $550,000. In fact, there were 3 listings under $365,000 and 12 under $500,000! Take a look at the chart below that illustrates these changes (note the 2021 numbers only include sales up to 5/31/2021). Notice the sharp decline in the under $500,000 price range and the steady increase in the number of sales over $750,000.
The number of cash buyers stayed steady at 27% for May vs. 24% in April and 29% in March. Buyers with financing are still for the most part waiving their appraisal contingencies and either waiving the personal approval timeframe or lowering it to a very short time frame.
The overall list price to sales price ratio remained high at 111% for all of Steiner Ranch but there were a few changes in the $/SF when broken down by price range. In both of the under $1,000,000 price ranges, the number decreased – down 2% from last month in the $500,000 to $749,999 range and down 6% in the $750,000 to $999,999 range. Both ranges above a million saw a 5% increase over last month. I believe this is due to more aggressive pricing, not an increase in demand.