Several days ago, the San Antonio Board Of Realtors released a report that detailed the San Antonio housing market in May 2015 compared with May 2014. This month’s report included statistics, quoted experts, and more. Since you may not 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!
This year’s May report has been highly anticipated. As we are entering into the busy buying and selling season, May’s numbers usually indicate the direction the summer real estate market will take! If you’ve kept up with previous reports, you know that the San Antonio real estate market has been showing amazing growth in 2015. More families are moving to San Antonio, and more renters are becoming buyers and homeowners. In fact, in a recent report by the National Association of Realtors, over three million new jobs have been created this year across the nation. This spike in the job force has allowed more renters to make the transition to becoming homeowners. It makes sense, then, that the real estate market is experiencing its best year of the decade!
“Our population has been surging as companies continue to relocate to San Antonio, bringing higher income jobs in the technology, military and medical fields,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “An increase in income levels as well as higher quality homes being built are translating into price increases. However, there does not appear to be any slow-down in the market. Inventory has edged up slightly, meaning there are more homes available for buyers, and sellers are able to get close to asking price.”
As Shields mentioned, the San Antonio market facilitated 2,574 home sales this May, an increase of 9% from last year. As the amount of homes sold has increased, so have the prices! The median price for a San Antonio home increased 10% to $202,500. This is the first time ever that median sale prices have been above $200k! The average sale price for the month also went up 10% to $246,772. That means that the average price for a home in San Antonio has been over $200k for over a year! They made their way into the 200k range for the first time in February of 2014.
Prices have been increasing nationally, and San Antonio is no different. Low interest rates have been contributing to higher sales because the buyer’s money goes farther. Homes over $500,000 made up 5.75% of home sales…a new record for that price bracket! This is only further proof that homeowners are continuing to move up in the San Antonio housing market. Homes below $200,000 made up the majority of home sales at 29.18%, followed closely by the $200k-500k range at 44.99%.
Angela Shields, SABOR’s President and CEO explained: “Our market has always been steady and with our warm weather, booming job growth and affordability, we expect to see continued demand for homes in San Antonio this summer.”
Check back throughout the summer to see more reports about how the market is faring in the busy season!
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).