MAY 2013 HOMES FOR SALE REPORT FOR SAN ANTONIO & BEXAR COUNTY, BULVERDE, MILITARY BASE AREAS, AND SURROUNDING COUNTIES
Where do we go from here?
That's the question in everyone's mind as we approach the height of San Antonio's yearly home sales cycle.
San Antonio's residential realty market has been in hyper-drive now for 9 successive months. Will it burn itself out in the mid-summer heat? Only time will tell.
As for now, the market is unquestionably exceptionally strong. Its strength is reflected by these key indicators comparing this month's market with the market in May 2012:
For homes currently listed for sale -
available inventory is down 12.94% (9003 vs 10341)
average list price is up 8.78% ($308,230 vs $283,339)
average cumulative days on the market is down 8.6% (149 vs 172)
homes under contract is up 12.55% (2726 vs 2422).
For the most recent homes sold -
average sales price is up 5% ($202,955 vs $193,287)
average cumulative days on the market is down 17.52% (113 vs 137)
With only a 5.3 month supply of homes on the market, San Antonio is experiencing a very strong seller's market. Well prepared homes in the most popular neighborhoods are going under contract very quickly. Multiple simultaneous offers are now common.
Why is San Antonio's realty market so active this year?
San Antonio/Bexar County and the nearby communities are economically and demographically strong. Residential morgage interest rates are historically low. The area is welcoming an influx of retiree families, job seekers, and military and corporate relocation buyers eager to take advantage of San Antonio's well priced homes. Significantly, ongoing expansion of the nearby Eagle Ford shale oil play is infusing previously unimagined money and manpower into the area.
So, what does this good realty news mean for home sellers and buyers?
Although exceptionally positive for home sellers, the news is also good for home buyers because San Antonio homes remain remarkably affordable when compared to homes in the nation's other large metropolitan areas.
That's all for our May 2013 San Antonio realty market report.
Wishing you a beautiful spring, we're Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas.
Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about our wonderful Alamo City, please call us at (210) 863-2661 (Randy) or (210) 867-8743 (Stephanie).
26 April 2013 -- OIL BOOM FUELS SAN ANTONIO HOME SALES
According to an article by Mike W. Thomas, Reporter for the San Antonio Business Journal, "Oil production in the Eagle Ford Shale was up 74 percent in February compared to one year ago to set an all-time high."
Realty analysts feel the nearby booming Eagle Ford Shale oil find has made a major contribution to San Antonio's vibrant 2013 residential and commercial realty markets.
The signifigance to San Antonio home buyers and sellers is this - Eagle Ford oil is fueling a dramatic increase in San Antonio area home sale prices and residential property values.
Reported by Stephanie Kelley, ABR, GRI, CRS, E-Pro