San Antonio Homes Sold in Almost Half the Time in September

Buyer demand for homes remained strong in San Antonio in September and the month closed with 3,651 homes sold, which was almost the same as the number of homes sold in September 2020, as reported by the San Antonio Board of REALTORS Multiple Listing Service Report.

Single family homes stayed on the market for an average of only 27 days in September, compared to an average of 53 days in September 2020, so homes sold 49% 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 in September was $351,379, which is a 15% increase over September 2020. The median price homes sold for in September was $296,900, a 15% increase over the September 2020 median price.

Average sold price per square foot was $165 per square foot, which is 18% higher than in September 2020.

The number of condominium and townhome sales increased by 42% in September compared to September 2020, with 102 units sold and the average price of condos and townhomes increased by 11% over September 2020 to $213,851. Condominiums and townhomes stayed on the market for only 44 days in September, compared to 61 days one year ago, which is 28% percent faster than last September

September ended with 6,112 listings on the market including 3,808 new listings. The month ended with three 3,008 sales pending.

We are still in a strong seller’s market in San Antonio with only 1.8 months of inventory available in September.

While this lack of homes for sale is creating a challenge for many buyers, there is a huge opportunity for sellers right now. According to CoreLogic, the average home has appreciated by more than $50,000 over the past year. This is a great time for sellers to take advantage of low interest rates and make a move by using their equity to move up, downsize or find a home that better suits their needs.

If you have been thinking of selling your home but are wondering how to buy your next home while selling your current home or have renovations or improvements that need to be done prior to selling your home, I have several programs that you may be interested in. These options range from cash offers if you want to sell your home as-is, access to financing for renovations if you want to fix up and sell your home for top dollar and a new program available in the San Antonio area which allows you to buy and move into to your next home, before selling your current home!

Part of the reason for continued strong home buyer demand is that we have seen record low interest rates this year with rates below three percent 3% for a 30-year mortgage loan. However, Freddie Mac, The Federal Home Loan Mortgage Corporation, projects that interest rates on a 30-year mortgage will be gradually increasing over the next few months and into 2022.

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. In September there were 324 lots sold which was 22% less lots and acreage properties sold compared to the 417 that sold in September 2020. The average price of lots increased to $140,408  a 28% increase compared to one year ago. Lots and acreage properties spent an average of only 109 days on the market in September 2021, which is 38% faster than the average of 177 days in 2020.

Rural Farms and Ranches continued to see increased sales activity with 42 farms and ranches sold in September which is 18% less than the 51 that sold in September 2020. The average price of rural farm and ranch properties that sold was $1,204,105 which was 37% higher than the average price of farm and ranch properties that sold in September 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.