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.
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.”
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. Read the rest of How’s the market? Hot! »
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