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San Antonio Home Sales and Home Prices Continue Rise Into The Holidays

Friday, November 18th, 2016 at 11:16am Engel & Völkers San Antonio

Heading into the holiday season we typically expect the housing market to cool down, but in 2016 that hasn't been the case.  In October home sales were up 2 percent from the previous year.  The luxury market saw a large increase with homes over a million dollars seeing sales up 8 percent year over year.  

Despite a tight 3.6 months of inventory available, home sales in September jumped up nine percent year-over-year for a total of 2,608 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. Home sales have remained well above last year’s record breaking numbers with 22,542 homes sold during the first three quarters of 2016, a seven percent increase from the same time last year. Average price has increased a moderate three percent over last year to $239,519 while median rose slightly more, by five percent, to $204,300.

Home sales figures all year have gradually shifted toward the mid-range of prices. In September, 48.7 percent of homes sold were priced under $200,000. This is seven percent fewer than in January. Meanwhile, homes priced between $200,000 and $500,000 accounted for 45.5 percent of September’s sales, a 5.7 percent increase from the beginning of the year. Homes priced over $500,000 made up nearly six percent of the month’s sales. This is a 1.5 percent increase from January. In fact, in the last nine months the number of homes purchased over $1 million has increased eight percent.

While single family homes sales account for the majority of sales, the condo market has continued to boom as well. A total of 526 condo sales were reported in Bexar County this year, an 8.2 percent increase over last year. The median sales price of condos in the area rose 14.4 percent over last year to $116,700 while the average price edged up just 1.4 percent to $168,787. Condos took just 64 days to sell, compared to 56 days for single-family homes. 

Stats and graphs courtesy of The San Antonio Board of REALTORS® ( SABOR )

 

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