Several days ago, the San Antonio Board Of REALTORS® released a report that detailed the San Antonio housing market in March 2015 compared with March 2014. The report included statistics, quoted experts, and more. Since you probably don’t 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 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. In February, experts predicted that Spring sales would continue surging forward, and they certainly have! San Antonio ended the first quarter with a total of 5,327 completed sales...an increase of 12% from the first quarter of 2014! Average and median prices for the quarter increased by 8% and 9% respectively.
The market has become quite competitive...prices are climbing and inventory has remained at 3.6 months, meaning it would only take that long to sell all the homes currently on the market. According to Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board, “Anyone looking to buy should be prepared to move fast. Getting pre-approved and working with a REALTOR® can make the difference when navigating such a competitive market.” Now is the time to buy in a home San Antonio!
The month of March certainly confirmed that others are taking hold of this opportunity to buy and sell. Sales surged 17% for a total of 2,207 homes sold last month, and the month ended with 2,298 sales still pending. According to the National Association of REALTORs, this major increase in the real estate market is expected to continue nationwide. Home sales went up 12% in February and sales of newly built homes reached the highest peak seen in seven years.
Why the sudden increase in home sales, especially in San Antonio? Experts are saying that the recent real estate boom 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 certainly seeing the direct result of this “upgrade” effect. Higher-end home sales are on the rise. Homes priced over $500k jumped up 1% from February, making up 4.5% of area home sales. The city’s market has also shifted towards more mid-range homes, which are usually classified as being priced between $200k-$500k. Mid-range home sales made up 40.83% of sales in March, while homes priced under $200k made up the remaining 54.59%.
“With tight supply and high demand for homes, 99.9 percent of sellers in March were able to sell their homes for list price,” said Angela Shields, SABOR’s President and CEO. “But even though the market is favorable to sellers right now, we still continue to see a steady flow of houses come on the market which is good news for buyers.”
The average and median prices increased 7% each to $227,121 and $185,800 respectively. Price per square foot increased 7% while days on the market dropped 5% to 72 days. 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).