Real Estate Rumblings
San Antonio real estate market stays strong despite COVID-19 crisis
We may be in the middle of a global pandemic, but tell that to San Antonio's real estate market. The San Antonio Board of Realtors recently released its March sales report and found that despite the restrictions put in place in the middle of the month, area home sales and prices showed modest growth.
Sales in the San Antonio area increased by 4 percent over last year, with 3,013 homes sold and nearly the same amount — 2,917 — still pending. It was a trend that largely bucked the rest of the state.
Though Houston's Harris County saw similar growth (6 percent), Dallas County and Austin's Travis County saw a slight 1.1 percent increase and 1.6 percent decrease, respectively. Overall, Texas had only a 1.6 percent increase in sales.
Prices in San Antonio rose alongside sales, with the average price now at $277,256, a 6 percent increase year over year. Median home prices, meanwhile, climbed to $240,000, also a rise of 6 percent.
Of the homes sold in March, most (61 percent) were priced between $200,000-$500,000. Thirty-one percent were priced below $200,000, while about 7 percent were priced above $500,000, making San Antonio the most affordable of Texas' major metro areas.
“We know many buyers and sellers might be hesitant to get into the market amidst coronavirus concerns, but with so many virtual options available, they are still able to tour properties and meet with their Realtor to achieve their homeownership goals,” said Kim Bragman, SABOR’s 2020 chairman of the board.
Heading into April, the Bexar County MLS has 9,279 active listings, with 4,000 of those new properties. Monthly inventory — a number designed to gauge the health of the market — sits at 3.4 months, which means it slightly favors sellers.