We are shaking off the winter doldrums here in the Alamo City, and it seems like the real estate market is following suit. Buyers continued to find properties to call home in February, with a three percent year-over-year increase in sales for a total of 2,012 homes sold, according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR). Meanwhile, the average and median sales prices each climbed six percent from last year, with a median sales price of $215,100 and an average of $247,300.
The majority of homes sold, 51.3 percent, were those priced between $200,000 and $500,000 while 44 percent of sales were homes priced under $200,000. The remaining 4.6 percent of sales were those over $500,000 with nine of those homes priced over $1 million.
“With tight supply and high demand for homes, 97.6 percent of sellers in February were able to sell their homes for list price,” said Lorena Peña, SABOR’s 2018 Chairman of the Board. “But even though the market is favorable to sellers right now with just 3.3 months of inventory available, we still continue to see a steady flow of houses come on the market which is good news for buyers.
Here on the Northside, I’ve seen a similar increase in inventory in March. My phone has been ringing with people looking to list their homes, especially in perpetually hot Inwood. Luckily, San Antonio’s economic forecast continues to be strong, meaning plenty of buyers for those homes. “With people continually moving into the city for jobs, including our military and medical personnel, there is always a market for both buyers and sellers at many different price points,” according to Gilbert Gonzalez, SABOR’s Interim CEO.
School buses are back on the roads and the weather is cooling. With these sure signs of fall comes another—the predictable slowing of the San Antonio real estate market. Home sales in September totaled 2,587, a 13 percent decrease from the 2,984 homes sold in August.
“It is not unusual for sales to taper off once the summer season winds down. Kids are returning to school so families want to remain in one place, and many buyers and sellers like to be settled for the coming holiday season as well,” said Yvette Allen, SABOR’s 2017 Chairman of the Board. “This has still been a busy year for real estate in the San Antonio area. In fact, since January, a total of 23,414 homes have been sold, which is three percent more than this time period last year.”
Homes priced between $200,000 and $500,000 made up 50.3 percent of the homes sold in September and homes priced under $200,000 made up 45 percent of the month’s sales. Homes priced over $500,000 accounted for 4.8 percent of September’s sales, with 12 of those priced over $1 million.
Meanwhile, days on market plummeted seven percent from the previous year to just 52 days in September and months of inventory also remained low with 3.8 months available.
A tight market with inventory below 4 months generally favors sellers. My team excels at acting quickly to help our buyers write an attractive offer that will stand out from the rest. When conditions are competitive, working with an experienced REALTOR® can make all the difference.
Growing home prices paired with low supply have not deterred San Antonio buyers, and our offices have seen a significant uptick in buyers seeking their dream homes. Summer tends to be a strong time for home sales, but there are other factors driving this year’s statistics.
“Our local market consistently outperforms last year’s, putting the San Antonio area on track for another record-breaking year,” said Yvette Allen, SABOR’s 2017 Chairman of the Board. “Though prices have increased, they are still generally lower than those in other major Texas metros. This affordability combined with so many jobs relocating here as well as our booming tech, medical and military industries help San Antonio maintain its popularity among buyers.”
Whether you are buying or selling in the summer months, information from a knowledgeable professional can make all the difference. “This continues to be a hot market, and homes can sell quickly. For buyers interested in purchasing a home this summer, they can prepare by identifying their must-haves in a home, getting pre-approved and working closely with their REALTOR®,” said Angela Shields, SABOR’s President and CEO. Sellers should also look for help in pricing their property right and using highly-effective marketing strategies to bring in the most qualified buyer.
My team has represented fine properties in North Central San Antonio for the last 17 years, and that translates to expertise and connections that give our buyers and sellers an edge in their real estate transactions. We’d love to put our experience to work for you—let us know if we can be of assistance.