March’s Average Sales Price Jumps 10 Percent over 2013

Last month San Antonio’s Real Estate Newsline posted this story on the status of our market:

According to the March 2014 Multiple Listing Service report by the San Antonio Board of REALTORS® (SABOR), the month’s average sales price was $211,247, a 10 percent increase from March 2013. The median price rose eight percent, to $172,400 and the month reported 1,879 total sales, a one percent increase from last year.

“Our strongest price range has always been homes priced under $200,000,” said Missy Stagers, SABOR’s 2014 Chairman of the Board. “In March, we had 61 percent of homes in this range. Another 35 percent were in the $200,000 and $500,000 bracket and four percent were priced over $500,000.”

CNN Money recently ranked San Antonio number five on its list of the top 10 fastest growing cities in the nation. The report cited San Antonio’s diverse economy and low unemployment rate.

Year-to-date, the San Antonio numbers continue to show increases. As of March 2014, the average home price rose six percent from 2013 to $203,905 and the median price increased seven percent to $168,100. The total number of sales as of March 2014 was 4,709, a four percent increase over last year.

“Our housing inventory has remained under six months for over a year with March reporting just 4.3 months,” said Angela Shields, SABOR’s President and CEO. “We encourage anyone looking to buy or sell in this market to rely on a REALTOR® who can help them understand what is happening in their part of the city and guide them in making the best decision for their future.”

 

NEW LISTING – 140 Callaghan Ave 78210 – $417,000

140 Callaghan Ave 78210 - Lavaca Historic District

140 Callaghan Ave 78210 – Lavaca Historic District

Newly priced for VA financing.  This home, built in 2007, is centrally located in the Lavaca Historic District. It features a second floor master suite that opens onto a large balcony with commanding views of downtown & the Tower of the Americas. The downstairs floor plan provides wonderful entertaining space with open flow among the kitchen, living, & dining rooms. Also downstairs is a fourth bedroom or media room. The corner lot is fenced and has a workshop and carport that can accommodate up to four cars. **Click on the photo for more listing information and photos.**

NEW LISTING – 330 Wilkens 78210 – $110,000

330 Wilkens 78210 - Roosevelt neighborhood

330 Wilkens 78210 – Roosevelt neighborhood

Pride of ownership shows in this well maintained 3 bedroom and 1 bathroom traditional bungalow. Great location within minutes of Downtown, Southtown, Roosevelt Park, and the new Riverwalk Expansion. Great original features include coffered ceilings, dining room built-in with stained glass, and working fireplace. Updated SEARS double pane windows & vinyl siding. Large back yard. Carport and separate garage with concrete floor. Move-in ready. You will be impressed with the condition of this home. **Click on the photo for listing information and photos.***

San Antonio’s Housing Inventory Lowest Since 2006

Press Release from the San Antonio Board of REALTORS®

San Antonio’s housing inventory shrank to 4.2 months in November, a number last seen in December 2006. All year the San Antonio inventory has shown decreases, matching numbers not seen since the housing booms of 2005 and 2006. Overall, the city has sold 21,607 homes this year as of November, which is a 17 percent increase over 2012 and the highest year-to-date number sold since 2007. According to the San Antonio Board of REALTORS® Multiple Listing Service, the year-to-date average and median prices have increased as well with the average price rising to $207,650 and the median to $170,200, a seven and six percent increase, respectively.

The average price of a single-family residential home in November 2013 experienced a 10 percent increase from the same month last year, increasing to $214,677. The median price also increased, by six percent, to $172,100 and the total sales saw a three percent year-over-year increase to 1,634.

“Interest rates remain low making homeownership more affordable,” said Steven Gragg, SABOR’s 2013 Chairman of the Board. “With new businesses and jobs coming to the city, more people are looking to purchase a home and settle down here.”

The Milken Institute recently ranked San Antonio 12th on its list of the top 25 “Best-Performing Cities” report which determined placement based on a city’s job creation and retention. San Antonio was one of seven Texas cities that made the list.

This year also showed a steady market in homes priced over $500,000. These sales accounted for 4.47 percent of the total sales for the month of November. Twelve of those homes sold were over one million dollars – twice the amount sold in November of 2012.

“It’s interesting to see the growth in the luxury home market this year,” said Angela Shields, President and CEO of the San Antonio Board of REALTORS®. “This year we’ve had 95 homes in that price range sold, compared to 73 during this same period last year.”

Meanwhile, homes in the mid-range (those priced between $200,000 and $500,000) also showed an increase from last year, with those accounting for 34.21 percent of sales. Homes priced below $200,000 made up 61.14 percent of the total homes sold this month.

See San Antonio’s Future, Now

Want to see the future and current projects that are transforming San Antonio’s central city? Check out this amazing new website that was recently launched. This is a comprehensive list with lots of wonderful information and photos. Thank you for your tremendous effort, Todd Morey and Lorenzo Gomez. Urbantonio.

Housing Inventory in San Antonio Hits Six Year Low

Homes that are priced well and in good condition are flying off the shelves. Multiple offers and short days on the market are now the norm. This article was posted in Real Estate Newsline.

Housing inventory in San Antonio hit a six year low in September with just 4.6 months of inventory. Homes spent an average of only 70 days on market and 97 percent of homes sold for list price. According to the San Antonio Board of REALTORS (SABOR) Multiple Listing Service Report, a total of 2,031 homes were purchased during the month, which is a 20 percent increase from September 2012.

“We have seen our inventory getting smaller and smaller all year, making this more of a competitive market,” said Steven Gragg, 2013 Chairman of the Board. “Low inventory could result in sellers receiving multiple bids on homes located in prime locations or being able to sell closer to their asking price.”

According to the National Association of REALTORS, the Texas housing market largely avoided the crisis other states experienced over the past few years, crediting Texas’ vibrant job market and growing population. Texas has also seen substantial declines in foreclosure notices filed. In fact, according to Realty Trac, between July and September, Texas experienced a decline of 44.6 percent in foreclosure filings, compared to 29 percent nationwide.

The average price in San Antonio of a home sold in September 2013 was $205,728 and the median price was $168,700, both seven percent increases from the same month in 2012. Year-to-date the average also increased by seven percent to $207,103 and the median grew by six percent, to $169,900.

The price breakdowns showed a slight increase in September from previous months for homes sold in the low range (below $200,000), with those accounting for 62.24 percent. Homes price in the mid-range (between $200,000 and $500,000) made up 33.97 percent of sales and homes costing over $500,000 accounted for 3.69 percent of homes sold.

“Interest rates have been at historic lows for some time now allowing many people to take advantage of the opportunity. Although the rates have started to inch up, they still remain below five percent making home buying affordable for a wide range of people,” said Angela Shields, SABOR President and CEO.

 

How’s the market? Hot!

This recent article was posted in the San Antonio Business Journal about the residential real estate market in San Antonio. While the article focuses mostly on Alamo Heights I can attest that the seller’s market discussed is also happening in the downtown and central city neighborhoods. It has been my experience recently both on the listing and buying side that desirable homes that are priced well will receive multiple offers. The title of the article says it best, “The pace is back.”

 

“The Pace is Back.”

By Shari L. Biediger for San Antonio Business Journal

A co-founder of the boutique firm Nix Realty, Kate Park recently showed a charming 4-3-2 on a tree-lined street in Alamo Heights, only to receive a text message from the listing agent while walking back to her car.

The house just received an offer from another buyer — one who had not yet seen the property.

“The pace is back,” says Park. “It is fun.

Turn down those thermostats. Local home sales are heating up faster than the patio furniture cushions on a sizzling, summer day. And not just in the popular pockets of the past. Some of the city’s sleeper markets are awakening.

“The number of days on the market continues to drop, average sales prices continue to increase, while months in inventory continue to decrease,” says Steven Gragg, chairman of the San Antonio Board of Realtors. “Last year was a really good year. And now, within the first quarter of 2013, we are 15 percent ahead of 2012.”

Ready to pounce

It’s a trend that began last summer, says Park.

“The pace was fast in 2012 for the same three months, March to May,” says Park. “But this year, it seems as though there are more properties selling with multiple offers, which usually equates to the seller getting closer to their asking price, or even more than their ask in a few cases.”

Low interest rates and higher consumer confidence are drivers. It doesn’t hurt that election year has passed.

NEW LISTING – 514 Madison St 78204 – $545,000

514 Madison St 78204

LISTING – 514 Madison St 78204 – King William Historic District

This two story Queen Anne home sits on a double lot just steps away from the River Walk in Historic King William. Double wrap around porches provide the perfect vantage point to watch the Fiesta King William Fair & Parade. The home features high ceilings, tall windows, beautiful hardwood floors, space for attic expansion, & a grand entry with elegant stairway. The family room overlooks the spacious yard shaded by mature trees. The detached two car garage off S. Alamo has a second story studio & full bath.