Real Estate Rumblings

San Antonio home sales continue to rise along with city's popularity

San Antonio home sales continue to rise along with city's popularity

San Antonio home for sale
This Beacon Hill home is currently on the market for $275,000. Photo courtesy of San Antonio Board of Realtors

The traditional spring selling season may be slowing down, but home sales in San Antonio are on pace for a strong summer. According to the San Antonio Board of Realtors' May 2019 report, 3,608 home were sold in the Alamo City last month, a jump of 10 percent from May 2018.

More than 1,000 more properties hit the market last month, most of which (62.3 percent) sold within the "mid-range" price of $200,000-$500,000. Homes priced less than $200,000 made up a 31.5 percent of the market share, while those above $500,000 made up just 6.2 percent of sales.

“San Antonio has continued to be an attractive place for businesses and families to relocate to due to our affordability and quality of life,” says Gilbert S. Gonzalez, SABOR’s president and CEO, in a release. “Fortunately, there are still homes available at all price points, meaning buyers have options when looking for the property that is right for them.”

The average home in San Antonio, however, sold for $274,238, a slight increase of two percent over last year, and still well below the average price in Texas' other major metros. Bexar County came in even lower, with an average home price of $224,900.

By comparison, the average sales price of a home in Travis County in May was $525,835. In Harris County the average price was $339,685, and in Dallas County, that price was $398,286.

Despite the price points, SABOR says it's still a sellers' market. Housing inventory — the amount of time a property stays on the market — is 3.8 months.

“The low inventory means increased demand, so for those looking to move, this is a good time to think about putting your house on the market,” says Grant Lopez, SABOR’s 2019 chairman of the board. “But that doesn’t mean buyers are out of luck. Even though inventory is tight, there are still thousands of properties on the market."