According to the market, now is the perfect time to expand my Real Estate services. If you are in the market to rent, buy, or sale, make Kerry D. Alexander of Noble Group Realty your first choice. I'm excited to work with you! Please see the review on the San Antonio market. This is an article taken from the San Antonio's board of Realtors website.
March 16, 2015
Surge in Pending Sales Indicates a Steady Spring Market on the Horizon
San Antonio – The housing boom in San Antonio continued in February, with the month reporting a 14 percent yearover-year increase in sales for a total of 1,724 homes sold according to the February 2015 Multiple Listing Service report by the San Antonio Board of REALTORS® (SABOR). Months of inventory, the estimated time it would take to sell the current housing supply, remained low with just 3.6 months. Days on market dipped down to 74 days while price per square foot edged up five percent to $101. The month ended with 1,881 sales still pending, a 21.5 percent increase from 2014 and a strong lead into March.
“We continue to see unprecedented growth in the San Antonio housing market in just about every area,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “Nationally, improved buyer demand at the beginning of 2015 pushed pending home sales in January up and buyers closed on homes at a swift pace despite tight inventory.”
According to the National Association of REALTORS®, total existing-homes sales in 2015 are forecast to be around 5.26 million, an increase of 6.4 percent from 2014. The national median existing-home price for all of this year is expected to have an increase near five percent.
Low interest rates as well as growth in jobs and income continue to play a role in San Antonio’s housing market boom. According to the recently released 2014 Profile of Texas Homebuyers and Sellers by the Texas Association of REALTORS®, the median household income among homebuyers in Texas increased 5.9 percent year-over-year. This is more than four times the increase in median household income among homebuyers nationally.
Locally, this increase in household income is likely a contributing factor to the shift towards more sales of homes priced in the mid-range ($200,000 - $500,000). Homes sold in this range grew seven percent from last year and made up 40.7 percent of February’s sales. Homes priced under $200,000 made up 55.6 percent of the market and homes priced over $500,000 accounted for 3.5 percent of the homes sold.
“An increase in income is a great asset for buyers who are looking to get pre-qualified for a mortgage and calculating their ability to afford the costs of homeownership,” said Angela Shields, SABOR’s President and CEO. “With people steadily moving into the city for jobs, including our military and medical personnel, there is always a market for both buyers and sellers at many different price points.”
San Antonio Home Sales Recap
February 2013 February 2014 February 2015
Total Month Sales 1,411 (8% increase) 1,509 (3% increase) 1,724 (14% increase)
Average Price $196,721 (5% increase) $203,355 (4% increase) $219,808 (8% increase)
Median Price $160,200 (4% increase) $169,800 (5% increase) $185,800 (9% increase)
*Percentage increases are based on a year-over-year comparison.
