Real Estate Rumblings
It's official: It seems everyone wants to live in San Antonio.
San Antonio Board of Realtors' latest monthly report, released November 19, details "record high" numbers and double-digit growth in single-family home sales across the city. In October, home sales within the city limits totaled 2,860, a whopping 12 percent leap over the previous year.
The average and median prices of single-family homes in San Antonio also continued their climb. Last month, the average price of single-family home hit $277,680, an 8 percent increase year-over-year. Median prices inched upward to $235,700, a 6 percent increase over October 2018.
Of course, with numbers like these, it appears the local housing market is showing no signs of slowing down. “October 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,” notes Grant Lopez, SABOR’s 2019 chairman of the board, in a release.
October ended with an inventory of 3.7 months, more balanced than other major Texas metros areas (Austin's is 2.3 months, for example), but still indicative of San Antonio being a seller's market.
Seller's market or not, the bulk of homebuyers (58 percent) paid between $200,000 to $500,000 for a home in San Antonio. Thirty-four percent paid under $200K while 7.3 percent paid more than $500,000.
Bexar County reflected very similar real estate trends to San Antonio, with 2,104 homes sold within the county last month, a 12.9 percent increase year-over-year. Prices also rose, with the average hitting $260,687, a 7.3 percent increase, and the median climbing to $221,250, a 4.6 percent jump.
October's numbers are indicative of a trend that, at least according to Lopez, shows no sign of slowing down. Said the chairman: "The San Antonio area remains highly competitive for home buyers and sellers."