The second week in July is typically San Antonio’s realty market yearly high point. Many pending sales will close within the next 30 days. Uncommitted buyers with school age children must rush to find the right home in order to be able to close on their purchase or at least be under a binding contract before school starts in mid-August.
Many factors have converged to make this summer’s San Antonio realty market exceptional.
The local economy is ranked among the strongest in the nation. Every key economic sector is reporting strong gains.
Ongoing development of the nearby Eagle Ford shale oil field is fueling an economic boom for San Antonio and the entire South Texas region.
Population growth is high.
Home values in most neighborhoods have rebounded from the slight downturn experienced during the late great recession.
Home sellers have responded accordingly as evidenced by a steep increase in the asking price for homes for sale.
Buyer response has been exceptionally good so far, especially for moderately priced homes and for luxury grade housing.
San Antonio’s current home sales market is clearly thriving.
For those who love stats, here are the key indicators for San Antonio’s single family detached home sales as of 3 July 2013.
There are 9,111 active listings, compared to 10,475 one year ago. The inventory is unusually low for a metropolitan area the size of San Antonio, Bexar County, and adjoining counties. A low homes for sale inventory is a better sign for home sellers than buyers.
The average sales price for most recent closings is $223,363, compared to last year’s $209,812. That’s a 6.4% average sales price increase – another good sign for sellers.
Average days-on-the-market for the most recent sales is 98 compared to 126 last year. During the next 30 days, a continuing downward trend is anticipated. That’s another good sign for sellers.
There’s a 5.1 month inventory of homes listed for sale compared to a 6.9 month inventory last year. Industry analysts see the 5.1 month figure as reflecting an exceptionally strong sellers’ market.
That’s all for our July 2013 San Antonio home sales report. We encourage reader comments and recommendations about how to make our reports more informative.
We’re Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas.
If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to learn more about our wonderful Alamo City, please call us at (210) 863-2661 or (210) 867-8743, or use the features of this website. Our San Antonio area Realty Solutions Team is always ready to help you with your home buying or selling needs.