Several days ago, the San Antonio Board Of Realtors released a report that detailed the San Antonio housing market in September 2018 compared with September 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!
Overall, September presented us was an interesting combination of statistics. Home sales fell slightly, while average and median prices rose (7% and 5%, respectively). And, it seems eager homebuyers took notice, snatching up listings even faster than last month: homes spent an average of 52 days on the market before selling (which, compared to the national average of 65 days, is pretty stellar).
The month started with over 3,000 new listings and ended with 2,523 sales (and 2,149 still pending). Though this is a dip from September 2017, the difference was slight: just 2%. Plus, for a bit of context, home sales in the first three quarters of 2018 still show a 6% year-over-year increase (a total of 24,834 homes sold!). The San Antonio housing market is doing just fine, y’all.
“This low inventory has been favorable to sellers, but you can see from the amount of sales still pending that a number of people are continuing to find homes,” explained Lorena Peña, SABOR’s 2018 Chairman of the Board
To decode that for you, a “seller’s market” occurs when an onslaught of buyers are fighting for a limited number of homes. Naturally, the seller has a clear advantage in this situation: supply-and-demand dictates that prices go up, and buyers are willing to spend extra cash to secure the property they want.
And just what did buyers love last month? Most of the homes bought and sold (just over 54%) were priced between $200,000 and $500,000 (like 1110 River Vista W, pictured above).
Coming in second place in terms of popularity and budget, nearly 40% of homes sold were under $200,000. A prime example: 2626 Huisache Ave.
Finally, the luxury market (defined as homes priced $500,000 and above) saw 5.6% of the action. Many of these gorgeous estates are located in historic districts or on the outskirts of the city. Case and point: 18203 Abingdon Place is in the upscale Shavano Highlands neighborhood in North San Antonio.
The Bexar County Stats
In the county overall, buying habits followed a similar pattern: 1,900 single-family homes were sold in September (a 3.2% decrease from this time last year), while the average price increased 5.2% (to $247,062) and the median rose 5.1% (to $214,000).
The Texas Stats
How does our area compare to the rest of the state? Once again, the pattern is consistent. Texas homes sales decreased 4.4% (to 25,354...which, honestly, is still impressive to us), while the average price went up 4.9% to $285,194 and the median price rose 3.3% to $232,500.
The moral of the story?
“The best thing to do in this market is be prepared before you even start looking, meaning getting pre-approved and knowing what you’re willing to compromise. This will help you make a decision faster and be competitive,” said SABOR 2018 Chairman of the Board Lorena Peña.
If you’re interested in getting in on the action, we’d love to help get you started. Connect with a lender and contact an agent to get started! Plus, our exclusive Buyer’s Guide (available for a FREE download here) is loaded with tips, checklist, and insights specifically created for the San Antonio buyer.
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).