Real Estate Rumblings
San Antonio's red-hot summer housing market shows no signs of fall cool down
It appears San Antonio's red-hot summer selling season will not suffer from a fall cool down. On October 15, the San Antonio Board of Realtors released its September 2019 report, and the city's home sales — and prices — are continuing their upward climb.
San Antonio home sales jumped a whopping 9 percent in September 2019 over the year before, resulting in the sale of 2,725 single-family homes. This is a decline from August, during which a total 3,440 sales occurred in a 30-day period.
Inventory, or the length of time a property stays on the market, remained at 3.7 months, near where it's been most of the summer. A healthy market is between three to six months, so while San Antonio's real estate market lands in the "healthy" category, it does skew towards a seller's market.
Still, says SABOR 2019 chairman of the board Grant Lopez, despite an uptick in sales, there is still a lot of inventory on the market.
"Home sales are still outpacing previous years, which is good news for sellers. But there is still a lot of opportunity for buyers," says Lopez in a release. "September reported over 10,000 listings actively on the market. In fact, we’ve had over 10,000 listings available each month for the past six months."
And what can buyers expect to pay once they find their dream home among those thousands of options? Most likely they'll shell out between $200,000-$500,000, according to the data. In September, the average sales price in San Antonio was $270,147 (a 5 percent year-over-year increase) with a median of $237,200 (6 percent increase). Of those homes sold, the majority (61 percent) were between $200K and $500K.
San Antonio's trends were almost directly reflected throughout Bexar County last month. Like the Alamo City, Bexar County saw an 8.2 percent rise in the total number of homes sold (1,986). Prices were also similar county-wide. The average price rose 5.7 percent to $258,873, while the median grew 6.1 percent to $225,000.
Despite these trends, San Antonio remains the most affordable of the big cities in Texas. Last month, the average home price in the Lone Star State hit $292,126, while the median clocked in at $244,990, well above both the San Antonio and Bexar County numbers.