On September 14th, the San Antonio Board Of Realtors (S.A.B.O.R.) released a statistics report outlining the city’s August 2015 home sales. This monthly report compares San Antonio’s August 2015 numbers and statistics with those gathered in August 2014. If you’ve been reading about the San Antonio housing market for the last year, you are well aware that the local real estate market is experiencing unprecedented growth and success. So far in 2015, over 18,500 homes have been sold in the San Antonio area...a 12% increase from 2014!
As the local job market and economy have steadily grown stronger, more renters have been able to make the jump to homeownership. San Antonio has also been attracting many new residents, from young professionals to families to retirees. This has sparked an extra measure of competition when it comes to buying and selling real estate...a very positive thing for our city! As the available inventory of houses becomes tighter, homes sell faster and for more competitive prices (commonly dubbed a “seller’s market”). Navigating a seller’s market can be tricky, which is why choosing a knowledgeable REALTOR® is crucial.
Considering San Antonio’s recent real estate success and the fact that the summer months are usually the market’s busy season, it’s no surprise that Summer 2015 was exceptionally successful for the San Antonio real estate market. The month of August alone topped off the summer buying and selling season with a total of 2,551 total homes sold, a solid 5% increase from 2014. The average sale price increased 7% from last year to $237,168, and the median price rose 7% to $197,100. Average time on the market edged up just one day from last month, making it an even 50 days. Months of inventory has remained steady at 4.0, meaning it would take only 4 months to sell all the homes currently on the local market.
SABOR’s President and CEO Angela Shields explained, “We are right on par with the rest of the state in terms of sales and price growth. Texas reported a five percent growth in total sales for August as well as a six percent increase in average sales price and more than seven percent in median sales price.”
So what types of homes are selling most in San Antonio? SABOR usually generates statistics based on three categories of home pricing: 0-$200k, $200k-$500k, and $500k and up. The greatest amount of homes sold (just above half) were in the first category (0-$200k). Next came the middle category, making up approximately 44% of area sales, followed by the $500k and up category, which filled in the remaining 5%. This month, 11 homes were sold for a price above $1 Million! The luxury home market has been strong in San Antonio as of late.
In their recent report, SABOR reported not only on the entire San Antonio area (the statistics above), but also subsets within the larger metroplex. For example, the statistical city of San Antonio (excluding townships like Converse, Universal City, etc.) sold 1,136 homes in August, more than a 7% increase from August 2014. Most of these homes were pre-existing homes that sold for an average price of $203,239 (a 9% increase from 2014). 43 new construction homes were also represented, selling for an average price of $240,190. This indicates a 1.1% decrease in the cost of buying a brand new home...a great thing for buyers looking to make an investment in such properties!
SABOR’s 2015 Chairman of the Board Mary Ann Jeffers recently said, “We continue to see incredible growth in our [San Antonio] area….However, we also saw increases in other areas including Alamo Heights, Shavano Park, Live Oak, Fair Oaks Ranch, Converse, Cibolo, Schertz and Castle Hills.”
SABOR also reported on statistics strictly within Bexar County, which also showed improvement and growth. Months of inventory is at 3.6 months, and there was a 6.5% increase in sales compared to last August. The average housing price increased 7% to $225,449, and the median price rose 5.7% to $185,000. Buyers seem to be taking an increased interest in existing homes this year. August showed a 7.7% increase in the sales of pre-existing homes, but a 5.2% decrease in new homes sold. Perhaps this is because the average price for an existing home is just under $220k, whereas a new home costs on average over $285k.
Other counties also showed increases in home sales. Kendall County and Medina County showed incredible growth, totalling 28% and 31% increases respectively!
Sustained job growth, low interest rates, and a consistently improving San Antonio economy have contributed to these improving statistics. More families are able to move from renters to homeowners, adding to the success of the real estate market overall. In fact, WalletHub recently reported that San Antonio has the healthiest housing market Texas, and ranks 3rd overall in the US! Now is an exciting time for the San Antonio real estate market...be sure to check in next month to keep up with local real estate trends and statistics!
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).