San Antonio’s Housing Inventory Lowest Since 2006

Posted on January 14, 2014 by - Uncategorized

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.

Housing Inventory in San Antonio Hits Six Year Low

Posted on November 12, 2013 by - Uncategorized

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!

Posted on June 20, 2013 by - Uncategorized

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

Posted on January 20, 2013 by - Uncategorized

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.

 

 

NEW LISTING – 239 Lone Star 78204 – $155,000

Posted on August 7, 2012 by - Uncategorized

Curtis Bowers King William Lavaca Southtown Lone Star San Antonio Listings For Sale Front Porch Realty, LLC

239 Lone Star 78204

 

Recently renovated historic home in the hip Lone Star Neighborhood. 3 bedrooms & 2 bathrooms. Renovations include refinished floors, new interior paint, electrical upgrades, updated bathrooms, HVAC, updated kitchen with stainless steel appliances, washer & dryer, attic conversion, and a security system. Open floor plan flows into the sleek kitchen with breakfast bar. French doors open to a deck and a large back yard. Perfect for entertaining. Move-in ready and waiting for you.

Click on the photo for more pictures and information about the house.

 

NEW LISTING – 531 Devine St. 78210 – $149,900

Posted on June 19, 2012 by - Uncategorized

Curtis Bowers King William Lavaca Southtown San Antonio Listings For Sale

531 Devine St. 78210

 

Wonderful two bedroom and two bathroom home in Historic Lavaca. This home was renovated in 2007 to include foundation repairs, metal roof, and double pane windows throughout. An architecturally designed complementary addition was built to add modern amenities such as a master bath, dressing area with walk-in closet, laundry area, and a screen porch. Large lot includes a storage building. Great location in the neighborhood with easy access to Hwy 281.

Click on the photo for more pictures and information about the house.

NEW LISTING – 314 Madison 78204 – $850,000

Posted on March 10, 2012 by - Uncategorized

Curtis Bowers King William Lavaca Southtown San Antonio Listings Front Porch Realty LLC

314 Madison 78204

 

Contemporary construction in the center of the King William Historic District. This luxurious and spacious home has it all. A gourmet kitchen is at the heart of the open floor plan which allows for wonderful entertaining or simply spending a quiet evening in. The private master retreat features a dressing room wrapped with California Closets, two restful balconies, and a well appointed bath. The pool, yard, and patios provide great spaces for outdoor living. Impeccable condition and centrally located.

Click on the photo for more pictures and information about the home.

 

The Death of the Fringe Suburb

Posted on December 13, 2011 by - Uncategorized

This op-ed piece was recently posted in The New York Times. I see San Antonio moving in the direction he speaks of with our city, county, and VIA electing to move forward with their light rail plans and also with the continued work of the HemisFair Park Area Redevelopment Corporation as they finish their master plan that will lay out the future renewal of HemisFair.

The Death of the Fringe Suburb

By CHRISTOPHER B. LEINBERGER  Published: November 25, 2011 in The New York Times

DRIVE through any number of outer-ring suburbs in America, and you’ll see boarded-up and vacant strip malls, surrounded by vast seas of empty parking spaces. These forlorn monuments to the real estate crash are not going to come back to life, even when the economy recovers. And that’s because the demand for the housing that once supported commercial activity in many exurbs isn’t coming back, either.

By now, nearly five years after the housing crash, most Americans understand that a mortgage meltdown was the catalyst for the Great Recession, facilitated by underregulation of finance and reckless risk-taking. Less understood is the divergence between center cities and inner-ring suburbs on one hand, and the suburban fringe on the other.

It was predominantly the collapse of the car-dependent suburban fringe that caused the mortgage collapse.

Front Porch Realty, LLC is now open for business

Posted on September 15, 2011 by - Uncategorized

I’ve recently opened my own agency and today the new signs are out. Let me know your thoughts on the new (albeit temporary) design. I’m working with my Graphic Designer on a whole branding and design package. More to follow.

Front Porch Realty, LLC

Front Porch Realty, LLC

 

More housing and possible restaurant coming to SoFlo

Posted on July 24, 2011 by - Uncategorized

Construction begins tomorrow on Steel House Lofts apartments and it could possibly bring a restaurant from La Gloria’s owner, Johnny Hernandez. I’m really watching the SoFlo area transform into the next great place to live in downtown. I completely agree with Hernandez’s quote, “I see that neighborhood really coming to life in the next couple of years.” I have several friends that call SoFlo home and are happy to see the area become the next hot spot.

Earlier this week I attended the Centro Partnership’s first Downtown Strategy Workshop that is working to fulfill the Vision 2020 desire for increased downtown living. A lot of discussion was had about the great opportunities for development and revitalization in the neighborhoods that edge downtown. Steel House Lofts is a great example of what our city needs to satisfy our desire for increased urban living.

Steel House Lofts project

Construction on rental units will begin Monday.

By Valentino Lucio
San Antonio Express-News Sunday July 24, 2011

Renderings for the Steel House Lofts, located just south of downtown near South Flores and Alamo streets. Photo: COURTESY PHOTO Alamo Architects

Construction will begin Monday on the long-awaited Steel House Lofts, a project that will turn a nearly 100-year-old building that once housed iron and steel into a modern living space just south of downtown in the South Flores area.

Austin-based developer Dennis McDaniel bought the 73,000-square-foot building in 2006 with the idea of creating condos and townhomes. But the collapse of the economy and the real estate market put that plan on the back burner and the plan then morphed into rental units.