My team saw an uptick in home sales last month, and we also had buyers in multiple offer situations. So we weren’t surprised when we reviewed the San Antonio Board of REALTORS’® (SABOR) February report on the market and saw a three percent increase in home sales when compared to the same period in 2016. Homes spent an average of just 63 days on the market, an 11 percent drop from February last year.
Not only are we seeing sold signs going up more quickly in front of area homes, SABOR reports that the price per square foot grew four percent to $110. Even better news for sellers—97.6 percent of homes sold for list price.
“Though prices here have grown, the increases are steady and sustainable unlike many other large cities in the country,” said Michele Bunting Ross, SABOR’s 2017 Chairman of the Board. Anyone who has lived through a bursting housing bubble can appreciate just how important it is that San Antonio’s strong economy (including growing wages) supports the reasonable growth in home prices—no bubble here!
In a market like this, sellers need to make sure they are pricing and marketing their home correctly, and buyers need the expertise of a professional to help them write an offer that will be attractive in a competitive situation. My team and I are staying on top of these trends and communicating them to our clients, so that we are able to help our buyers and sellers be proactive in changing market situations.