Home sales figures in the San Antonio area reported moderate increases in the first quarter with a three percent increase year-over-year in the total number of homes sold, according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. The median price of a home sold during the three month period also increased just three percent to $199,400 while the average price rose five percent to $240,057.
“As we continue into Spring and Summer we expect the market to continue to gain on the first quarter numbers, as more buyers come to the market with the news of the interest rate hike and climbing prices, said Michele Turnquist owner of Engel & Volkers San Antonio.” Just over half of the homes sold in the San Antonio area during the first quarter were priced under $200,000 with those sales making up 50.5 percent of the quarter’s sales. Homes priced between $200,000 and $500,000 accounted for 44.9 percent of the first quarter’s sales and homes priced over $500,000 made up 4.6 percent of the market.
In just the month of March, a total of 2,528 homes were sold, which is a one percent increase over 2016. The median price also rose one percent to $201,000 while the average price inched up seven percent to $245,089. The price per square foot increased eight percent to $115 and homes spent just 59 days on the market, nine days fewer than during the same month last year. “Our inventory has remained under four months for well over a year, but there are still many properties available for those thinking of getting into the market,” said Angela Shields, SABOR’s President and CEO. “However, if you find something you like, you need to be ready to make a decision quickly.”
In Bexar County during the first quarter, a total of 4,628 single-family homes were sold, a modest 1.5 percent year-over-year increase. The average price of a home sold in the county was $224,597 while the median was $190,000, both 3.3 percent increases from 2016.
Meanwhile, in Texas total home sales during the first three months increased 4.2 percent for a total of 63,508 homes sold. The average price of a home sold in the state was $266,547 and the median was $215,000.
Info and stats courtesy of SABOR.