Several days ago, the San Antonio Board Of Realtors released a report that detailed the San Antonio housing market in April 2015 compared with April 2014. The report included statistics, quoted experts, and more. Since you may not have time to decipher it yourself, we thought we’d give you the easy-to-read version. You can also see an infographic at the bottom, courtesy of SABOR!
If you’ve kept up with previous reports, you know that the San Antonio real estate market has been showing amazing growth. More families are moving to San Antonio, and more renters are becoming buyers and homeowners. In fact, single-family homes increased 13% from last April! In the last few years, the city has consistently seen more homes sold for better prices... which is good news for both buyers and sellers. April’s statistics report proves that San Antonio’s excellent market is continuing to grow as we move towards the busy buying and selling season: Summer.
One noticeable trend in the San Antonio real estate market is a rise in prices. This April, the average price rose 6% to $224,426, and the median price rose 7%, resting at $189,300. Price per square foot is now $103, a 5% increase from the same time last year. While this may seem to be a negative thing, this price increase is expected to cause an expansion in the size of San Antonio’s real estate market! Since the demand is so great, the supply should start to increase.
Angela Shields, SABOR’S President and CEO, explained: “With so many sales still pending, we head into the summer buying season with a healthy start and expect to keep seeing strong sales figures. Higher prices should encourage more owners to put their homes on the market and builders to start more construction. Already our inventory has edged up slightly and we hope to continue to see the steady demand result in an increased supply.”
So why are prices going up in the first place? The report explained that higher prices are to be expected as an area economy improves. This minor spike in prices is probably in part a reaction to correct the recent price declines. Because of low prices, more buyers have entered the market, causing the supply to shrink. Each home is then more valuable and sought after! With Spring and Summer being the buying season, this is certainly true in the San Antonio real estate market. Sustained job growth and low interest rates also contribute to more buyers entering the market!
Still, increasing home prices certainly haven’t deterred San Antonio buyers. 97.5% of homes in April sold for list price, and days on the market dropped to 58 days (an 18% decrease). April ended with a 13.6% increase in sales pending, resting at 2,390. Homes under $200k are still in the majority, but the trend towards mid-priced homes ($200-$500k) are still gaining with a slight increase (0.1%).
“Though our prices continue to show increases and our supply remains low, San Antonio is still an affordable market compared to what we are seeing nationally,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “During the first quarter, the national median sales price for existing single family homes was $205,200 while San Antonio’s was just $184,200.”
The buying season is upon San Antonio real estate, and things are certainly looking up! Across the board, buyers and sellers are benefitting from the improving real estate market in San Antonio.
The San Antonio Board of REALTORS® is the largest professional trade organization in San Antonio and represents over 8,500 REALTOR® members. SABOR is one of over 1,600 local boards and 54 state and territory organizations of REALTORS® nationwide that make up the National Association of REALTORS® (NAR).