Several days ago, the San Antonio Board Of Realtors released a report that detailed the San Antonio housing market in February 2015 compared with February 2014. The report included statistics, quoted experts, and more. Since you might not have time to decipher it yourself, we thought we’d give you the easy read version. You can also see an easy-to-read infographic at the bottom, courtesy of SABOR.
If you’ve kept up with previous reports, you know that the San Antonio real estate market is showing amazing growth. From 2013-2015, we have consistently seen more homes sold for better prices. This is good news for both buyers and sellers! This latest report proves that the upward trend is continuing. The statistics prove that San Antonio’s housing market is still growing stronger in all areas. Experts are predicting that Spring sales will continue surging forward!
San Antonio ended the month of February with a total of 1,724 completed sales...a whopping 14% increase from last February. The month also held 1,881pending sales, an impressive 21% increase from last year. Overall, more homes are being purchased! These stats show signs of a strong Spring/Summer market.
Why the sudden increase in home sales? Experts are saying that the recent real estate surge is due to low interest rates and high job growth in San Antonio. In the state of Texas, the median household income for homebuyers has been increasing by 5.9% over the last several years. This is more than four times the national rate! If home buyers are making more money, they’re likely to start looking at the real estate market. Renters are moving to become home buyers, and homeowners are looking to upgrade to a better home/location.
San Antonio is seeing the direct result of this “upgrade” effect. The city’s market has shifted towards more mid-range homes (usually priced between $200k-$500k). Mid-range home sales have grown by 7% from last year...accounting for 40% of February 2015 sales! Homes priced under $200k made up 55.6% of sales, while homes over $500k accounted for 3.5%.
Angela Shields, SABOR’s President and CEO, explained: “An increase in income is a great asset for buyers who are looking to get pre-qualified for a mortgage and calculating their ability to afford the costs of homeownership. With people steadily 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.”
This shift in buyer demand has moved the average home price further into the “mid-range home” category. February’s average price went up 8% to $219,808. Price per square foot also increased by 5% to $101. Homes are gaining value quickly! The median price also increased in San Antonio. At $185,800, the median showed a 9% increase. This rate of increase is better than the national median, which is expected to show go up by 5% this year. San Antonio is certainly thriving when compared to the rest of the country!
Additionally, months of inventory stayed low at 3.6 months. This means that it would only take 3.6 months to sell all the homes on the market right now. The average days a house spent on market also dropped down to 74 days, 6 days fewer than last year.
“We continue to see unprecedented growth in the San Antonio housing market in just about every area,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “Nationally, improved buyer demand at the beginning of 2015 pushed pending home sales in January up and buyers closed on homes at a swift pace despite tight inventory.”
San Antonio’s real estate market is growing quickly. The market’s incredible success is a testament to the increasingly improving economy and job market in the city. People want to live in San Antonio, and it’s easy to understand why.
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).