Summer Home Buying Season Off to a Strong Start San Antonio
The San Antonio home sales numbers for May 2015 show that the summer home buying season got off to a strong start. According to a recent Multiple Listing Report from the San Antonio Board of REALTORS® (SABOR), May 2015 home sales in San Antonio totaled 2,574, a nine percent increase from the same month in 2014. Home spent an average of 59 Days on Market which was 11 percent less than in May 2014. Despite the strong sales activity the number of months of inventory increased to 3.9 months, the highest inventory figure all year.
Home prices in San Antonio showed a year over year increase of 10 percent with May’s average sales price at $246,772. Meanwhile, the median sales price climbed above $200,000 for the first time, with a price of $202,500.
“Our population has been surging as companies continue to relocate to San Antonio, bringing higher income jobs in the technology, military and medical fields,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “An increase in income levels as well as higher quality homes being built are translating into price increases. However, there does not appear to be any slow-down in the market. Inventory has edged up slightly, meaning there are more homes available for buyers, and sellers are able to get close to asking price.” In fact, according to the National Association of REALTORS®, the residential real estate market is on track for its best year since 2006, but this time without threat of a housing bubble.
More than three million jobs have been created across the country in the last year, and that growth has fueled the demand for homes. With low inventory and high demand, prices have increased in many markets around the nation. Low interest rates have also contributed to the higher sales as buyers can afford more house for their money.
In May in San Antonio, homes priced over $500,000 made up 5.75 percent of the market, a record for that price bracket and slightly above the previous high of 5.70 percent in July 2010. Meanwhile, homes priced below $200,000 accounted for 49.18 percent of sales and homes priced between $200,000 and $500,000 accounted for 44.99 percent of the total homes sold in May.
“Already this year, 10,269 homes have sold in San Antonio which is 11 percent more than this time last year,” said Angela Shields, SABOR’s President and CEO. “Our market has always been steady and with our warm weather, booming job growth and affordability, we expect to see continued demand for homes in San Antonio this summer.”
|San Antonio Home Sales Recap||May-13||May-14||May-15|
|Total Month Sales||2,499 (31% increase)||2,358 (6% decrease)||2,574 (9% increase)|
|Average Price||$216,337 (10% increase)||$224,515 (4% increase)||$246,772 (10% increase)|
|Median Price||$175,900 (7% increase)||$184,400 (4% increase)||$202,500 (10% increase)|
|*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.