As trend watchers know, San Antonio's housing market is warming up. But if April home sales are any indication, it's about to get red-hot. According to the San Antonio Board of Realtors April housing report, 2,848 homes were sold across the metro area — a massive 17 percent jump year-over-year.
It isn't just the number of homes sold that's surprsing, but sale prices, too. Nearly all (98 percent) of the properties went for their list price or higher. Potential homebuyers shouldn't despair, however. Though inventory is moving at lightning speed, home prices are remaining relatively stable.
Average home prices in April rose about 2 percent year-over-year to $255,952. Median home prices mimicked that slight upward trend to $222,800, or a 3 percent increase over April 2017.
For those looking for a new home in Alamo City, SABoR has a few suggestions to help prepare for the purchase process: get pre-approved and be prepared to make a decistion — fast.
“While it’s true that the low inventory means homes are high in demand, there are still many properties available for sale at a variety of price points,” said Lorena Peña, SABOR’s 2018 chairman of the board, in a release. “For those looking to buy, just know that you’ll need to be ready to make a quick decision."
Despite this upward trajectory, price points in San Antonio remain more affordable than most big cities in Texas. About half of all homes on the market (53.4 percent) are priced between $200,000 and $500,000, with 40.1 percent priced below $200K. Statewide, the average home price in April rose 4.4 percent to $286,500 while the median increased 3.6 percent to $233,000.
SABoR also expects inventory to increase throughout the summer, another plus for potential homebuyers. “Higher prices should encourage more owners to put their homes on the market, adding much needed supply to our inventory," said Gilbert Gonzalez, SABOR’s interim CEO, in a release.
This past April, SABoR reported 8,870 active listings and 4,045 new listings available.