Several days ago, the San Antonio Board Of Realtors released a report that detailed the San Antonio housing market in May 2018 compared with May 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!
As you can see, the San Antonio area housing market is continuing to outpace last year, especially as the summer busy season sets in.
In San Antonio, May showed an 8% increase in home sales over last year (for a total of 3,326 homes sold). Both the average and median prices went up about 5%, resting at $270,324 and $231,900 respectively.
Months of inventory remained low at 3.6 months in May (just a slight decrease from the 3.7 months available in May of last year).
As Lorena Peña (SABOR’s 2018 Chairman of the Board) noted: “Prices tend to rise in the summer months as demand increases. People often want to move before the next school year starts making it a popular buying and selling season. With such high demand and low inventory, it is important to work with your REALTOR®to navigate your options and be ready to make a decision quickly.”
Out of the 4,532 new listings in May (an increase of over 300 more than this time last year), homes priced under $200,000 accounted for 36.6%, homes priced between $200,000 and $500,000 made up the majority (57.3%), and homes priced over $500,000 accounted for 6% of the total sales.
In Bexar County, 2,333 single-family homes were sold in May (nearly a 2% increase from last year). The average price of a home sold in the county was $258,352 (a 5.1% increase), and the median price increased 5.3% to $218,000.
In Texas overall, home sales in May increased by 2.7% for a total of 32,416 homes sold. The average price was $295,549, and the median price was $241,000. On average, homes sold in 53 days for $127 per square foot.
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).