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Joe C Crain
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San Antonio REALTOR
San Antonio REALTOR

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November 2014 - San Antonio real estate

The San Antonio housing market isn't slowing down. Sales have registered double-digit gains despite rising prices last month, according to data compiled by the San Antonio Board of Realtors.

The October data indicates year-over-year, home sales climbed 16 percent — 1,863 homes sold in 2013 compared to 2,164 this year. They've climbed every month from the previous year since February 2012.

That’s despite the fact that inventory is tightening, helping boost prices.

The single-family home inventory dropped to 4.1 months’ worth of supply indicating the time it would take for all current inventory to sell at the current rate without new inventory entering the market. This places San Antonio in a sellers market now.
The availability of the supply of homes  that sell for $125,000 and less has shrank considerably in recent years.

“We've virtually lost 100 percent of the market under $125,000,” a builder said. “As for new homes, we only have less than probably 500 units that can be sold for under $125,000. And that used to be about 7,000 or 7,500.”

In the last six to eight years, there have been fewer lots to build homes at that price range based on the lack of supply and the rising cost of land, fees and materials.

The greater competitiveness in the market has led to a rise in the average median price. In October, the average grew 4 percent, from $169,400 in 2013 to $176,200 this year. Days on market also fell — dropping 11 percent to 62 days.

Sales are up 16 percent from a year ago.Among the current stock, more mid-range-priced homes, $200,000 to $250,000, have been sold — amounting to 14.5 percent of all sales — than any other price range, according to the San Antonio Board numbers. Second on the list are homes ranging from $300,000 to $400,000, which made up 10.4 percent of sales.
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San Antonio home sales:  The average price of San Antonio homes sold in May 2014 reached an all-time high with a price of $225,114.  This is a 4% increase from this time last year as well as the days on market dropped to 65. The median price was $183,800, a four percent increase from May 2013. Year-to-date the average price of a home sold in San Antonio was $211,990 and the median price is $174,600.
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