Several days ago, the San Antonio Board Of Realtors released a report that detailed the San Antonio housing market in August 2018 compared with August 2017. This month’s 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!
The headline on last month’s real estate report couldn’t be more accurate: “Demand for Homes Still High in San Antonio Area”. Well said, SABOR. According to the data compiled by the Board, this month’s sales totaled a whopping 3,236 homes...that’s 279 more homes than August 2017 and 318 more than the same month in 2016.
If it wasn’t clear before, it’s clear now: San Antonio is what’s known as a “seller’s market.”
A term that lends itself to easy explanation, a seller’s market occurs when there are fewer homes and more buyers. A simple “supply and demand” logic is applied, meaning the seller has a clear advantage when selling the home. Prices go up, and buyers are willing to spend extra cash to secure the property they want.
Lorena Peña, SABOR’s 2018 Chairman of the Board, commented on this, saying: “Inventory has remained at or below four months for around three years now, meaning we have been in a market favorable to sellers for quite some time.”
She goes on to note, however, that buyers shouldn’t be deterred by this fact: “Just be ready to make a decision fast when you find the home you want,” she advises. “Get pre-approved, know what you’re willing to compromise on and work closely with your REALTOR® so you can see properties as soon as they are available.”
The San Antonio Stats
As we mentioned above, the total homes sold numbered 3,236 homes: a 9% percent increase from last year. This means that, for the fourth consecutive month, total area homes sales have surpassed 3,000!
The average home price also increased, rising 7% to $267,661, while the median home price was upped 6% to $231,200.
Given that the average home spent about 53 days on the market, months of inventory (the measure of how fast it would take for all current homes to sell at the current pace) remained low at 3.7 months.
And just what did buyers snatch up? Over the course of the last month, most of the homes bought and sold (just over 57%) were priced between $200,000 and $500,000 (like 1 Rossridge, pictured above).
Finally, the luxury market (defined as homes priced $500,000 and above) saw nearly 6% of the action. Many of these gorgeous estates are located in historic districts or on the outskirts of the city (as is the case with 702 Lost Star).
The Bexar County Stats
And the real estate boom isn’t just limited to San Antonio city limits. Bexar County as a whole is experiencing growth: the number of single-family homes sold totaled 2,311 last month, a 5.9% year-over-year increase. The average price also experienced a whopping 7%% increase ($259,123), while the median price rose 6.8% (to $222,000).
The moral of the story? Now is a good time to buy (and sell!) in the San Antonio area real estate market. If you’re interested in getting in on the action, we’d love to help get you started. Connect with a lender, download our exclusive Buyer’s Guide, and contact an agent to get started!
The San Antonio Board of REALTORS® is the largest professional trade organization in San Antonio and represents over 10,500 REALTOR® members. SABOR’s membership services nine counties including Bexar, Atascosa, Frio, Karnes, Kendall, LaSalle, McMullen, Medina, and Wilson. SABOR is one of over 1,200 local boards and 54 state and territory organizations of REALTORS® nationwide that make up the National Association of REALTORS® (NAR).