Wondering if now is a good time to buy or sell a home? Well, looking back at the 2018 market, we see there was an overall increase in home sales of four percent from 2017, and an average sales prices increase of four percent as well. That’s good news. With a recent report from Mayor Ron Nirenberg highlighting continued growth—San Antonio is growing by 66 people a day and the next 2 decades will bring 1 million more residents—the signs are all pointing to a strong 2019.
One of the factors that may have benefited my sellers last year, was rain…believe it or not. San Antonio had its wettest fall ever on record, and all that rain meant less lots being developed. At the annual San Antonio Housing Forecast meeting, Metrostudy real estate analyst Jack Inselmann gave his opinion about the wet weather’s impact. “One of the big issues last year was all the rain we had,” said Inselmann. “What impacts the development of lot supplies more than a lot of rain? Not very much.” Less new inventory may push some buyers to reconsider homes being sold in existing neighborhoods that are all ready for move in. Grant Lopez, SABOR’s 2019 Chairman says, “while inventory has remained tight, hovering between 3.2 and 3.6 months, it has not discouraged buyers from getting into the market.” Lower interest rates certainly helped buyers. (And anything that helps buyers get into the market, or afford more house comfortably, is good for my sellers, too.)
Homes priced between $200,000 and $500,000 made up 55.2 percent of the sales in 2018, a 5.4 percent increase from last year. Meanwhile, homes priced over $500,000 accounted for 5.6 percent of the year’s sales. Analysts are expecting similar figures going forward, although the mayor’s focus on affordable housing production, rehabilitation and preservation may be good news for buyers currently priced out of the market.