San Antonio Home Sales Taper in September Amid Tight Inventory
The San Antonio summer home buying frenzy relaxed slightly in September as the school year began and the weather started to cool. Sales during the month numbered 2,587, a one percent decrease from this time last year, according to the Multiple Listing Service Report (MLS) from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. Despite the slight decline, median and average prices experienced moderate increases with the median rising five percent to $213,500 and the average increasing two percent to $247,058. The month ended with 2,152 sales still pending, 136 more homes than September of 2016.
“It is not unusual for sales to taper off once the summer season winds down. Kids are returning to school so families want to remain in one place, and many buyers and sellers like to be settled for the coming holiday season as well,” said Yvette Allen, SABOR’s 2017 Chairman of the Board. “This has still been a busy year for real estate in the San Antonio area. In fact, since January, a total of 23,414 homes have been sold, which is three percent more than this time period last year.”
Homes priced between $200,000 and $500,000 made up 50.3 percent of the homes sold in September and homes priced under $200,000 made up 45 percent of the month’s sales. Homes priced over $500,000 accounted for 4.8 percent of September’s sales, with 12 of those priced over $1 million.
Meanwhile, days on market plummeted seven percent from the previous year to just 52 days in September and months of inventory also remained low with 3.8 months available.
“In San Antonio, months of inventory have remained below four months for about two years making it a tight market that favors sellers,” said Gilbert Gonzalez, SABOR’s interim CEO. “This means that those looking to buy need to be ready to act fast. Know your budget and priorities, and work with an experienced REALTOR® who can help you navigate the process.”
In Texas, total home sales rose just 0.4 percent year-over-year for a total of 26,666 homes sold across the state. The average price increased 4.8 percent to $273,383 and the median rose 7.1 percent to $225,000. Months of inventory in the state measured just 3.9 months available.
SABOR Multiple Listing Service Report: Home Sales Recap
|September 2015||September 2016||September 2017|
|Total Month Sales||2,384 (7% increase)||2,618 (9% increase)||2,587 (1% decrease)|
|Average Price||$232,660 (6% increase)||$241,757 (4% increase)||$247,058 (2% increase)|
|Median Price||$191,700 (4% increase)||$203,700 (6% increase)||$213,500 (5% increase)|
*Percentage increases are based on a year-over-year comparison
If you are thinking of buying or selling a home in the San Antonio metropolitan area, and want to work with a trusted San Antonio REALTOR® throughout the process, contact Trudy Edwards of KELLER WILLIAMS Realty Heritage, at (210) 595-9801, or by email at TrueSARealEstate@gmail.com.
Posted on November 9, 2017, in average home price, home prices, Market Statistics, San Antonio and tagged Home, Market data, mortgage, New Construction, Sales, San Antonio, statistics. Bookmark the permalink. Leave a comment.