It's good to be a real estate agent in Alamo City. On April 16, the San Antonio Board of Realtors released its first-quarter numbers along with a warning: potential homebuyers better be prepared to act fast.
The San Antonio real estate market is packing a real left-right punch when it comes to buying a house. While home prices continue to rise, the length of time the properties spend on the market is declining, making it a seller's market.
Compared to the first three months of 2017, the average price for a home in San Antonio is now $254,628 — an increase of 4 percent year-over-year. Meanwhile, the average length of time a property remains on the market before it's sold is 3.3 months. (The statewide average, which includes red-hot markets like Austin-Round Rock, is only slightly lower at 3.2 months.)
“With the tight supply, we counsel home buyers to be ready to make a quick decision,” says Lorena Peña, SABOR’s 2018 chairman of the board, in a release. Peña goes on to note that 97.9 percent of all listings sold for asking price or higher, which means buyers should consider going into the deal with a strong offer.
Overall, the market in Bexar County is even hotter outside the San Antonio city limits. With 2,116 properties sold in March, the county saw an almost 9 percent increase year-over-year compared to 2017, an astonishing leap. Home prices in Bexar County now average $243,822, an increase of 5.6 percent, while the median jumped 9.1 percent to $210,000.
Despite the buzz, SABOR says the news shouldn't deter future buyers. “Prices may be rising in our area, but the dream of owning a home is more attainable than other major metro areas in the U.S. and in Texas,” says Gilbert Gonzalez, SABOR’s interim CEO. “March’s average home price in Texas increased nearly 5 percent to $284,952."
And while, yes, home prices are higher statewide compared to San Antonio, Texas did see a 0.5 percent decline in home sales during the month of March. While Texas did slip among the hottest job markets in the country, cities like San Antonio still rank among the best places to live in the U.S., which means real estate in the Lone Star State probably won't be down for long.