April 2016 San Antonio Home Sales Report
Entering April 2016, it’s obvious that San Antonio’s metropolitan area is on the glide path to another record breaking home sales year. In fact, sales activity is so frantic this year that people are asking what’s happened to so radically invigorate San Antonio’s usually slower paced realty sales environment.
The answer is relatively simple.
Because of its booming economy, Texas is one of the nation’s leading states for incoming businesses and families and San Antonio is one of the top locales where the new arrivals are settling. Mix in the many existing residents buying homes in and around town and you have this year’s whirlwind selling and buying situation.
People buy San Antonio area homes because they are remarkably affordable compared to other prosperous large metropolitan areas. According to Bob Jacobs, the San Antonio Board of Realtors Chairman, “Our price increases remain pretty even which is a good sign of our market’s stability. While months of inventory remains low at 3.6 months, there are still enough homes available to keep prices from driving up like they do in other parts of the country consistently making this an affordable area to live in.”
In the San Antonio area, the majority of homes sold are priced under $200,000. Homes priced between $200,000 and $500,000 make up approximately 41% of the sales market and homes priced over $500,000 make up only approximately 5% of the sales.
San Antonio area homes sell quickly – presently averaging only around 70 days on the market. Exceptionally well prepared homes sell much quicker, sometimes in less than 2 weeks. This year, there’s keen competition for the best homes. Bidding wars are common.
So, what’s on the horizon for San Antonio area home buyer’s and sellers.
As the market builds toward its July peak, the average seller can expect to receive high buyer interest, more competition as the spring and early summer new and resale home inventory rises and, consequently, some weakening of the area’s months long sellers’ negotiating advantage.
The average buyer can expect to find a larger inventory of quality homes, excellent mortgage loan interest rates, and a slightly better negotiating situation than at the same time last year.
For anyone contemplating buying or selling a San Antonio area home, this month is the time to act.