JULY 2016 SAN ANTONIO HOME SALES
Everything is bigger and better in San Antonio this year particularly in the home sales market.
In the San Antonio metropolitan area, home sales typically peak in June and fall off gradually during the hotter summer months. By August, the sales high season is usually over as the fall school season approaches, however, this year, the market has remained active unusually late and there’s a relatively high chance that home sales will continue at a rapid pace well into September.
San Antonio has seen a chronic shortage of both new and resale homes since 2014. The demand of homes has outpaced the supply and the imbalance has caused a gradual but steady increase in home prices and a significant decrease in the time needed to sell a home.
Here are the residential market key indicators, as of 25 July 2016 compared to 25 July 2015:
The inventory of available homes on the market was up 3.5 % (from 9097 in July 2015 to 9416 in July 2016). Despite the increase in available homes for sale, there’s still a very low inventory especially for a large metropolitan area like San Antonio.
Pending homes sales (homes under contract) were up 11.37 % (from 3088 in July 2015 to 3439 in July 2016 ). The increase is partially explained by a lag in closings caused by new federal regulations governing mortgage and closing procedures.
The average asking price for recently closed sales was up 1.8 % (from $ 248,025 in July 2015 to $252,565 in July 2016).
The average closed price was up 1.97% (from $242,524 in 2015 to $247,291 in 2016).
The cumulative time needed to sell the average resale home was 75 days, the same as in 2015.
With only slightly over a 4 month supply of homes on the market, San Antonio presents an exceptionally positive market for sellers. Homes are currently selling for more than 98% of asking price and well prepared homes in the most popular neighborhoods are going under contract very very quickly.
Although the news is exceptionally positive for home sellers, it remains good for home buyers because mortgage interest rates remain low and San Antonio area homes are remarkably affordable when compared to homes in our nation’s other large metropolitan markets.
In light of these factors, here’s our advice if you’re hoping to buy or sell a San Antonio home this year.
If you’re a seller, consult right away with a listing agent to learn the best ways to get your property on the market and seen quickly.
If you’re a buyer, quickly engage a well qualified and experienced residential realty buyer’s agent to (1) help you find the best homes for sale and (2) help you to get the best price, terms, and conditions for your residential real estate investment.
We offer our services. Call us at (210) 863-2661 or (210) 867-8743.
Wishing you a marvelous July and August 2016, we’re Stephanie and Randy Kelley, award winning Realtors® of the Legacy Powerhouse Group at Keller Williams Legacy, San Antonio, Texas (210) 482-3202.