What a difference a zip code makes.
While doing my weekly market reviews, I saw somethings that I thought I'd point out. While the city of San Antonio is experiencing a decent flow of properties being bought and thereby decreasing our inventory, not every zip code performs the same. While overall knowledge of San Antonio markets is important, specific knowledge of varying areas allows you to truly narrow down your research and pinpoint markets that are outperforming others. Let's take a look.
Overall, San Antonio's inventory of available homes has been declining as of late. Although we have a long way to go before the market shifts into a seller's market, declining inventory levels are good for San Antonio's sellers as more buyers will be forced to look at less houses. As the supply decreases, demand increases - and with rising demand, prices increase.
Now let's compare San Antonio's overall inventory with some specific zip codes current inventory levels.
As you can see, each zip code varies in its own inventory levels. Both 78230 and 78231 have seen rising inventory levels recently (78230 more than 78231). One of the things affecting this is the lack of buyers above $200K that we have been noticing lately around our office. Homes under $200K seem to be selling well, but as you move higher, the buyers become more scarce. With many of the homes in these zip codes beginning in these price ranges, you can see how that would affect inventory levels.
78250 and 78251 have been experiencing just the opposite - a decline in inventory levels. With lower priced homes, this area makes a perfect entrance for the first time home buyer (who can benefit from the First Time Home Buyer Tax Credit). Because of affordability, this area will out perform areas with higher end homes in times of economic instability.
78258 is an interesting zip code, because although inventory levels have been falling in recent weeks, it has gone through some of the biggest ups and downs in the pas six months. A sharp increase in inventory followed by a sharp decrease in inventory is a good sign that the area's home sellers were looking to sell and priced their homes accordingly. No matter what, price is king. All the marketing in the world won't sell an overpriced home.
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