San Antonio Home Sales Dip In July Despite Strong Buyer Demand

San Antonio area home buyer demand was strong in July but the 3,885 single family homes sold in July was 9% lower than the number of homes sold in July 2020, as reported by the San Antonio Board of REALTORS Multiple Listing Service Report. This dip in the number of home sales in July was more than likely due to lack of supply, not lack of demand as area home buyers competed for a limited supply of ready to move in homes.

We are in a strong seller’s market in San Antonio right now with only 1.7 months of inventory available in July which was a slight increase from the 1.5 months that was available in June.

In July single family homes stayed on the market for an average of only 25 days compared to an average of 58 days in July 2020, so homes sold 57% faster than one year ago. Homes that are ready to move in to, attractively presented and priced right are moving quickly in this market.

The average price of a home sold in the San Antonio area increased to $353,811, an 18% increase over July 2020. The median price homes sold for increased to $298,400, a 15% increase over the July 2020 median price.

Condominium and townhome sales continued to be strong in July, with 86 units sold, 9% higher than the 79 units sold in July 2020. The average price of condos and townhomes increased by 12% over July 2020 to 217,148.

The month of July ended with 5,766 listings on the market including 4,859 new listings. The month ended with 3,249 sales pending.

Part of the reason for continued strong home buyer demand is that we have seen record low interest rates this year with rates still hovering close to three percent 3% for a 30-year mortgage loan. Freddie Mac, The Federal Home Loan Mortgage Corporation, projects that interest rates on a 30-year mortgage will remain at or close to three percent, throughout 2021.

If you have been thinking of selling your San Antonio home but are wondering how to sell and buy your next home in this market, I have several solutions that you may be interested in, including a new program in the San Antonio area which allows you to move up to your next home, before selling your current home!

While demand for single family homes is strong, rural residential lots and acreage have continued to see increased interest and sales since the start of the COVID-19 pandemic. July 2021 saw a 9% increase in the number of lots and acreage properties sold compared to July 2020, with 404 lots sold. The average price of lots increased by 65% compared to one year ago to $151,726. Lots and acreage spent an average of 119 days on the market in July 2020, which is 24% less than the average of 157 days in July 2020.

Rural Farms and Ranches continued to see increased sales activity with 48 farms and ranches sold in July which is 2% more sales compared to the 47 that sold in July 2020. The average price of rural farm and ranch properties that sold was $1,076,307 which was 89% higher than the average price of farm and ranch properties that sold in July 2020.

If you are looking to sell a home or buy a home in the San Antonio area, or have questions about the current real estate market please contact Trudy Edwards, REALTOR with Trues SA Real Estate Team – KELLER WILLIAMS Heritage.

*Increases represent year-over-year comparison as reported by the San Antonio Board of REALTORs.