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.