Despite less than four months of inventory available, home buyers were not deterred and contributed to a five percent jump in total home sales in October, according to the Multiple Listing Service Report (MLS) from the San Antonio Board of REALTORS® (SABOR). Just over 2,500 homes sold during the month, while days on market dropped four percent to 55 days. October ended with 2,203 sales still pending.
This surge was driven by low and mid-range homes, with 47 percent of homes sold priced under $200,000 and 48 percent priced between $200,000 and $500,000. Higher-end homes—those over $500,000—accounted for just five percent of the month’s sales, with 15 priced over $1 million.
“The San Antonio area continues to be one of the most affordable metro areas in the state, with almost half the homes priced under $200,000. In fact, the median price of a home in Bexar County in October was $196,000 while homes in Travis County sold for a median close to $340,000,” said Yvette Allen, SABOR’s 2017 Chairman of the Board. “When we look at everything in the MLS, which includes some inventory in surrounding areas like Boerne, our median goes up to $207,100, which is still far less than other parts of Texas and below the state median of $220,500.”
“With prices remaining stable and new listings continually coming on the market, there is something for both buyers and sellers here,” said Gilbert Gonzalez, SABOR’s interim CEO. “For buyers, there tends to be less competition in the off-season and they can see how the home functions in the colder weather. For sellers, homes are selling for 97.4 percent of list price.”
While the news is certainly heartening, those selling higher-priced homes need to make sure their property stands out to a more limited pool of buyers. That’s where a realtor with expertise in your area of town can be crucial. I have over 18 years of specialized experience working with sellers of fine properties in North Central San Antonio. Give me a call if I can help you understand and navigate the ever-changing real estate market in your neighborhood.
SABOR Multiple Listing Service Report: Home Sales Recap
|October 2015||October 016||October 2017|
|Total Month Sales||2,223 (5% increase)||2,399 (8% increase)||2,507 (5% increase)|
|Average Price||$229,637 (10% increase)||$240,373 (5% increase)||$241,127 (0% increase)|
|Median Price||$186,900 (6% increase)||$203,300 (8% increase)||$207,100 (2% increase)|
*Percentage increases are based on a year-over-year comparison.
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.
So what does this mean for those looking to make a move now? According to SABOR President and CEO Angela Shields, this is the perfect time to be buying or selling a home in San Antonio. “For buyers, there tends to be less competition in the off-season and they can see how the home functions in the colder weather. For sellers, homes are selling for 97.5 percent of list price.”