A few days ago, the San Antonio Board Of Realtors released a statistics report concerning the city’s June 2015 home sales. This monthly report compares San Antonio’s June 2015 numbers with those gathered in June 2014. The summer market is upon us, and this report reflects that! If you’ve kept up with previous reports, you know that the San Antonio real estate market has been showing amazing growth for some time. More families are moving to San Antonio, and more renters are becoming buyers and homeowners. 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.
San Antonio real estate has been showing tremendous growth, and June showed the biggest home sale increase this year! Home sales for the month increased 18% from 2014, resting at 2,925 homes. And not only was the number of finalized sales high...June’s pending sales held their own at 2,381. These statistics prove that the San Antonio real estate market is continuing to grow as we move towards middle of the summer: real estate’s busiest buying and selling season. More homes are selling faster for better prices.
When these kinds of numbers emerge on a real estate market, it usually means we’re entering a seller’s market. This means that more families are looking to buy a home than are looking to sell a home. In this sort of market, the seller has the advantage because the demand is greater than the supply. Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board, explained that, “Our market has been favorable to sellers this year as prices keep growing and length of time to sell a home continues to shrink...it’s a prime market for sellers.”
Not only are more homes being sold, they’re being sold faster than ever before! Days on the market dropped to 52 days in June (a 21% decrease), and months of inventory remained steady at 4.0 months. These homes were sold at 97.8% of list price, and price per square foot increased 4% to $108.
It’s become clear that sellers are eagerly taking note of the consistently improving San Antonio real estate market: the number of new listings increased 18% in June, totalling 3,875 homes put on the market just this month! SABOR’s monthly report quoted the Fannie Mae National Housing Survey, which showed that 52% of Americans surveyed believe it’s a good time to sell a home...this is the first time this statistic rose above 50%! Clearly, now is a good time to sell a home.
June’s average and median prices decreased slightly compared to last month (May) but increased compared to June 2014. The average home price rose 5% to $224,588, and the median home price rose 6% to $200,900! This is the second month in a row the median price has been above $200k, and the second year the average price has been above the same figure. 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.
Angela Shields, SABOR’s President and CEO reminded us that: “As the number of new listings continues to surge, buyers still have options when it comes to finding their dream home. We expect to see our housing market remain strong as buyers continue to see the value of investing in homeownership.”
So what types of homes are selling? Homes under $200k still make up the majority of sales, accounting for 48.74%. Mid-range homes (between $200k-500k) account for 44.41%, while larger sales (above $500k) rest at 5.88%. This year alone, 12 homes sold for over 1 Million!
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).