The market continued its slow downward slide last month, so let’s get started. In March, 12 resale homes closed in Steiner Ranch which was down 33% from March 2022. The median price in March decreased 37% to $768,500. The average price of a home decreased 33% to $824,242. The average price per square foot decreased by 19% to $282.80. I believe the 37% drop is overstated in the stats because last March saw a lot of high-end homes close so it skews the numbers a bit, but that’s what often happens with small data samples. So let’s look at the six month comparison. The number of resale homes sold during the past six months is 67, down 25% from this same time frame the year prior. The median price of a home has decreased 7.3% to $760,000. The average price decreased by 9.7% to $883,790. The average price per square foot decreased 5.1% to $288.61. Even looking at six months, the number of homes sold is small so the pricing data can get skewed. I estimate me we are seeing with a median price around $800,000 right now. We’ve been seeing the year-over-year prices declining for several months now. That trend won’t change soon since the market peaked last May. We’re down about 25% since that time.
The number of available resale homes at the end of March was 41, up 242% from last March. The number of new homes put on the market in March was 30, up 15% from last March. Like clockwork, we say many of those homes hit the market in the days leading up to Spring Break. Across Steiner, the March sales ranged from a low of $525,000 to a high of $1,444,000. The average sales price to list price ratio was 97.4% and for homes that closed in March, the average days on market was 40 up from 18 last March.
There are some interesting things going on in the market right now. For the first time in ten months, prices across the Austin area increased. While we didn’t see that in Steiner, I can tell you that Steiner often lags the overall Austin market. During the last few days of March, a number of entry level priced homes went under contract. It wasn’t a lot of them, but certainly more homes in a few days than we’ve seen in a long time. The quietest section of the market right now is $1.5 to $2 million. The ratio of available homes to those under contract in that ranch is quite high. While we are seeing a slight improvement in the Steiner activity, it’s nothing to get too excited about because we normally are starting to see the benefits of the spring market at this time of year. Last month, a total of 13 homes went under contract compared to 19 in 2022. On the positive side, interest rates are around 6.5% for a 30-year loan and they’ve been steady at this point for almost two weeks, which is about as even of a keel that we’ve had in a long time. Other parts of the country are back to multiple offers and over-asking price contracts. We’re not seeing that here at this time. But we had one of, if not the strongest, markets in the US for a few years so our market had further to fall.
The second 13 minute video:
SALES are WAY DOWN in Every Area for MARCH, Recession is Coming, 2023 Canadian Real Estate Market
Jon Flynn Broker of Record, Flynn Real Estate Inc.
Apr 11, 2023
Housing Stats from across Canada, I take a look at sales, new listings, month over month increases and decreases and overall losses from the Peak in the Canadian Real Estate Market. I also. compare real estate to other asset prices including the DOW Jones, S&P 500, TSX, Bitcoin, and even TESLA.
The third 24:20 video:
Buyer Mentality Puts Serious Pressure On Toronto Real Estate – April 5
Team Sessa Real Estate
Apr 11, 2023 CANADA
Toronto Real Estate Market Report for the week of Mar 30 – April 5, 2023.
The fourth 18:18 video:
60% House Price Seized by Govt: Chinese Trapped Financially, Leaving 10% of Homes Unfinished
China Observer
Premiered 11 hours ago
Buying a home is a major event for every family. In many countries and regions, buying off-plan properties is normal, but abandoned construction is not normal. In China, buying off-plan properties is like a high-stakes gamble for homeowners. If they win the gamble, they can smoothly move into their own property. But if they lose, the construction may be abandoned, and they not only have no place to live, but also may fall into a financial trap from which they cannot escape.
Many of the owners of unfinished buildings have no way to protect their rights and can only move into the unfinished buildings out of helplessness.
How many abandoned building projects are there in China, and how many families have fallen into this trap? This information is known only to the Chinese government and is unlikely to be disclosed to the outside world.
In China, unfinished buildings are common in cities of all sizes. According to statistics collected by some enthusiastic netizens, among first and second-tier cities, Kunming ranks first with a rate of 10%, covering an area of 3.5 million square meters. Zhengzhou ranks second with a rate of 9% and an area of 4.4 million square meters. Beijing, Nanjing, Guangzhou, and Shanghai are also on the list. Among third and fourth-tier cities, Nantong ranks first with a high rate of 11% and an area of 1.2 million square meters. Luoyang has an area of 580,000 square meters with a rate of 5%, while LiuAn and Yantai are also listed.
So why are there so many abandoned buildings? Actually, the driving force behind them is the government, banks, and developers working together to plunder the wealth of the people.
San Francisco Crime Crisis in Spotlight After Whole Foods Closure
An old friend of mine thinks that the Dems will do a 180 and run on a “law and order” platform next year. Personally, I don’t see how. So far the only reaction out of the San Francisco city council is that they are disappointed that the store is closing, nothing about addressing crime so that they don’t lose more retailers.
I expect to see more and more retailers and grocers close shop in heavy blue areas, while they are accused of being racist.
Houston Apartment Owner Loses 3,200 Units to Foreclosure as Multifamily Feels the Heat
Wall Street Journal|20 hours ago
The U.S. multifamily housing sector is feeling the heat as interest rates rise and rent growth slows.
‘They’ve screwed the economy’: Turkey’s heartland voters tire of Erdoğan
The Financial Times|6 hours ago
They’ve screwed the economy,” Deveci said of the rampant inflation and plummeting lira that had taken a heavy toll on people’s finances. The erosion of basic rights and freedoms in Turkey and a system of government that concentrates power in the president’s hands have also turned him away from Erdoğan.
From the first 4:14 video:
Steiner Ranch Housing Report | Austin Texas Real Estate
Craig Smyser
Apr 10, 2023
The market continued its slow downward slide last month, so let’s get started. In March, 12 resale homes closed in Steiner Ranch which was down 33% from March 2022. The median price in March decreased 37% to $768,500. The average price of a home decreased 33% to $824,242. The average price per square foot decreased by 19% to $282.80. I believe the 37% drop is overstated in the stats because last March saw a lot of high-end homes close so it skews the numbers a bit, but that’s what often happens with small data samples. So let’s look at the six month comparison. The number of resale homes sold during the past six months is 67, down 25% from this same time frame the year prior. The median price of a home has decreased 7.3% to $760,000. The average price decreased by 9.7% to $883,790. The average price per square foot decreased 5.1% to $288.61. Even looking at six months, the number of homes sold is small so the pricing data can get skewed. I estimate me we are seeing with a median price around $800,000 right now. We’ve been seeing the year-over-year prices declining for several months now. That trend won’t change soon since the market peaked last May. We’re down about 25% since that time.
The number of available resale homes at the end of March was 41, up 242% from last March. The number of new homes put on the market in March was 30, up 15% from last March. Like clockwork, we say many of those homes hit the market in the days leading up to Spring Break. Across Steiner, the March sales ranged from a low of $525,000 to a high of $1,444,000. The average sales price to list price ratio was 97.4% and for homes that closed in March, the average days on market was 40 up from 18 last March.
There are some interesting things going on in the market right now. For the first time in ten months, prices across the Austin area increased. While we didn’t see that in Steiner, I can tell you that Steiner often lags the overall Austin market. During the last few days of March, a number of entry level priced homes went under contract. It wasn’t a lot of them, but certainly more homes in a few days than we’ve seen in a long time. The quietest section of the market right now is $1.5 to $2 million. The ratio of available homes to those under contract in that ranch is quite high. While we are seeing a slight improvement in the Steiner activity, it’s nothing to get too excited about because we normally are starting to see the benefits of the spring market at this time of year. Last month, a total of 13 homes went under contract compared to 19 in 2022. On the positive side, interest rates are around 6.5% for a 30-year loan and they’ve been steady at this point for almost two weeks, which is about as even of a keel that we’ve had in a long time. Other parts of the country are back to multiple offers and over-asking price contracts. We’re not seeing that here at this time. But we had one of, if not the strongest, markets in the US for a few years so our market had further to fall.
The second 13 minute video:
SALES are WAY DOWN in Every Area for MARCH, Recession is Coming, 2023 Canadian Real Estate Market
Jon Flynn Broker of Record, Flynn Real Estate Inc.
Apr 11, 2023
Housing Stats from across Canada, I take a look at sales, new listings, month over month increases and decreases and overall losses from the Peak in the Canadian Real Estate Market. I also. compare real estate to other asset prices including the DOW Jones, S&P 500, TSX, Bitcoin, and even TESLA.
The third 24:20 video:
Buyer Mentality Puts Serious Pressure On Toronto Real Estate – April 5
Team Sessa Real Estate
Apr 11, 2023 CANADA
Toronto Real Estate Market Report for the week of Mar 30 – April 5, 2023.
The fourth 18:18 video:
60% House Price Seized by Govt: Chinese Trapped Financially, Leaving 10% of Homes Unfinished
China Observer
Premiered 11 hours ago
Buying a home is a major event for every family. In many countries and regions, buying off-plan properties is normal, but abandoned construction is not normal. In China, buying off-plan properties is like a high-stakes gamble for homeowners. If they win the gamble, they can smoothly move into their own property. But if they lose, the construction may be abandoned, and they not only have no place to live, but also may fall into a financial trap from which they cannot escape.
Many of the owners of unfinished buildings have no way to protect their rights and can only move into the unfinished buildings out of helplessness.
How many abandoned building projects are there in China, and how many families have fallen into this trap? This information is known only to the Chinese government and is unlikely to be disclosed to the outside world.
In China, unfinished buildings are common in cities of all sizes. According to statistics collected by some enthusiastic netizens, among first and second-tier cities, Kunming ranks first with a rate of 10%, covering an area of 3.5 million square meters. Zhengzhou ranks second with a rate of 9% and an area of 4.4 million square meters. Beijing, Nanjing, Guangzhou, and Shanghai are also on the list. Among third and fourth-tier cities, Nantong ranks first with a high rate of 11% and an area of 1.2 million square meters. Luoyang has an area of 580,000 square meters with a rate of 5%, while LiuAn and Yantai are also listed.
So why are there so many abandoned buildings? Actually, the driving force behind them is the government, banks, and developers working together to plunder the wealth of the people.
San Francisco Crime Crisis in Spotlight After Whole Foods Closure
https://www.msn.com/en-us/money/companies/san-francisco-crime-crisis-in-spotlight-after-whole-foods-closure/ar-AA19IKjE
An old friend of mine thinks that the Dems will do a 180 and run on a “law and order” platform next year. Personally, I don’t see how. So far the only reaction out of the San Francisco city council is that they are disappointed that the store is closing, nothing about addressing crime so that they don’t lose more retailers.
I expect to see more and more retailers and grocers close shop in heavy blue areas, while they are accused of being racist.
Houston Apartment Owner Loses 3,200 Units to Foreclosure as Multifamily Feels the Heat
Wall Street Journal|20 hours ago
The U.S. multifamily housing sector is feeling the heat as interest rates rise and rent growth slows.
‘They’ve screwed the economy’: Turkey’s heartland voters tire of Erdoğan
The Financial Times|6 hours ago
They’ve screwed the economy,” Deveci said of the rampant inflation and plummeting lira that had taken a heavy toll on people’s finances. The erosion of basic rights and freedoms in Turkey and a system of government that concentrates power in the president’s hands have also turned him away from Erdoğan.