Monthly Archives: March 2015
Reporting 1,724 San Antonio area homes sold in February 2015, a 14 percent year-over-year increase from 2014, the San Antonio Board of REALTORS® (SABOR) remarked in their February 2015 Multiple Listing Service report that this boom in home sales indicates a steady spring market on the horizon.
At the end of the month there were 1,881 sales still pending. This was a 21.5 percent increase from 2014 and a strong lead into March.
The San Antonio housing inventory remains low, at just 3.6 months. Days on market dipped down to 74 days while the average price per square foot edged up five percent to $101.
“We continue to see unprecedented growth in the San Antonio housing market in just about every area,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “Nationally, improved buyer demand at the beginning of 2015 pushed pending home sales in January up and buyers closed on homes at a swift pace despite tight inventory.”
According to the National Association of REALTORS®, total existing-homes sales in 2015 are forecast to be around 5.26 million, an increase of 6.4 percent from 2014. The national median existing-home price for all of this year is expected to have an increase near five percent.
Low interest rates as well as growth in jobs and income continue to play a role in San Antonio’s housing market boom. According to the recently released 2014 Profile of Texas Homebuyers and Sellers by the Texas Association of REALTORS®, the median household income among homebuyers in Texas increased 5.9 percent year-over-year. This is more than four times the increase in median household income among homebuyers nationally.
Locally, this increase in household income is likely a contributing factor to the shift towards more sales of homes priced in the mid-range ($200,000 – $500,000). Homes sold in this range grew seven percent from last year and made up 40.7 percent of February’s sales. Homes priced under $200,000 made up 55.6 percent of the market and homes priced over $500,000 accounted for 3.5 percent of the homes sold.
“An increase in income is a great asset for buyers who are looking to get pre-qualified for a mortgage and calculating their ability to afford the costs of homeownership,” said Angela Shields, SABOR’s President and CEO. “With people steadily moving into the city for jobs, including our military and medical personnel, there is always a market for both buyers and sellers at many different price points.”
|San Antonio Home Sales Recap||Feb. 2013||Feb. 2014||Feb. 2015|
|Total Month Sales||1,411 (8% increase)||1,509 (3% increase)||1,724 (14% increase)|
|Average Price||$196,721 (5% increase)||$203,355 (4% increase)||$219,808 (8% increase)|
|Median Price||$160,200 (4% increase)||$169,800 (5% increase)||$185,800|
*Percentage increases are based on a year-over-year comparison
If you are thinking of buying or selling a home in San Antonio and would like to learn more about the San Antonio real estate market, contact your San Antonio real estate resource, Trudy Edwards, for more information.
Trudy Edwards is a real estate sales and marketing professional and an Accredited Buyer Representative with Keller Williams Realty Heritage. Contact Trudy Edwards at (210) 595-9801 or email@example.com.