Home sales in Alamo City were on the rise in January, continuing an upward trend that began in 2017. According to numbers from the San Antonio Board of Realtors, 1,760 homes were sold in the first month of the year.
The amount of time the average home spent on the market — 3.2 months — remained low, meaning inventory is continuing to move fast. SABoR points to low interest rates and a high volume of inventory as key reasons why January, a traditionally slow month for real estate, maintained a fast sales pace.
In conjunction with the average amount of time spent on the market, home prices continued to rise. While the average home price remained steady, rising just two percent to $245,670 and the median price saw an eight percent jump to $210,500. This marks the twelth month in a row that San Antonio home prices have averaged over $200,000.
Lest potential buyers find the rising numbers nerve-wracking, SABoR is quick to point out that San Antonio's housing market is hot, but it's still one of the most affordable big cities in Texas. And when it comes to year-over-year numbers, last month saw a four percent increase in total number of sales, a slight slow down from January 2017's year-over-year increase of eight percent.
"Prices are continuing to increase, but still remain below the state average and median prices,” said Lorena Peña, SABoR’s 2018 chairman of the board. “Also, when we look at our entire market in the area, nearly half – 46 percent – of the homes are still selling below $200,000."
Like San Antonio, Bexar County also remains below the statewide average. In January, the median home price in Bexar County was $198,250. By comparison, prices in Travis County, home to Austin, averaged $329,700, while Houston's Harris County averaged $205,000.