Despite Recent Increases, San Antonio’s Housing Remains Affordable
There was plenty of activity in the San Antonio real estate market as single-family home sales increased 13 percent over the number of homes sold in April 2014.
Homes priced under $200,000 accounted for the majority of sales according to figures in the April 2015 Multiple Listing Report recently released by the San Antonio Board of REALTORS® (SABOR).
The number of days homes are staying on the market is now down to just 59 days while months of inventory rose slightly to 3.8 months from 3.6 months in March. April’s average price edged up six percent year-over-year to an average of $224,426 and the median price rose 7 percent to $189,300.
“Though our prices continue to show increases and our supply remains low, San Antonio is still an affordable market compared to what we are seeing nationally,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “During the first quarter, the national median sales price for existing single family homes was $205,200 while San Antonio’s was just $184,200.”
According to Realtor.com, the increases seen around the country in prices are correcting for severe price declines in the recent past. These higher prices are to be expected as the economy improves. Home sales have strengthened as more buyers have entered the market during the spring buying season, and sustained job growth and interest rates below four percent have also been a catalyst behind the improvement in sales.
Growing prices coupled with low supply have not deterred local buyers who continue to flood the market seeking their dream homes. In April, the month ended with 2,390 sales still pending, a 13.6 percent increase from April 2014.
“With so many sales still pending, we head into the summer buying season with a healthy start and expect to keep seeing strong sales figures,” said Angela Shields, SABOR’s President and CEO. “Higher prices should encourage more owners to put their homes on the market and builders to start more construction. Already our inventory has edged up slightly and we hope to continue to see the steady demand result in an increased supply.”
|San Antonio Home Sales Recap||April 2013||April 2014||April 2015|
|Month Total # of Sales||1989||2123||2398|
*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 find out if now is a good time for you to buy or sell, contact your San Antonio real estate resource, Trudy Edwards of Keller Williams Realty Heritage at (210) 595-9801 or email@example.com.