There are lots of choices in the San Antonio Condo Market.
In some parts of the country, particularly in many of the more densely populated cities, condominiums are prized for their functionality, price, and location, as compared to single family homes. One can purchase a condo of varying sizes near urban centers or a workplace and significantly reduce, if not eliminate, the need to own a car. It can be liberating to walk, bike, or take a good public transit system as you make your way around the city. Because condos come in varying sizes, a buyer can choose a small unit with few amenities, or a large unit with outstanding amenities and appointments, depending on their needs and willingness to buy.
During this past year, I have represented a few condo sellers. In analyzing the market, my focus had been on just a narrow section of the condo market near my sellers' units. Over the past few days, I began looking at the wider condo market in San Antonio.
I have data on the condo market, as reported through the MLS in San Antonio from July 2007 through September 2007.
The number of units available, as shown by MLS, remains fairly constant at around 600 units available per month. The total market is somewhat larger because not all units are reflected in the MLS data. New developments, condo conversion operations, and builders may use private sales channels which may not be reflected in MLS information.
Now let's take a look at actual condo sales numbers in San Antonio.
Sales of condo units in San Antonio are quite modest. As previously mentioned, all sales are not reported through MLS. Over the past few years, several downtown and near downtown condominium developments have been constructed. Units have been sold, and owners have taken possession. However, recent changes in financing, both for developers and perspective buyers, is crippling the continued development of new condo ventures.
Based just on the MLS data, San Antonio has far more condo units available than the market is willing to absorb at this time. Sellers must be realistic in pricing because buyers have many options, and the supply dwarfs the demand.
Here is recent past and current inventory information:
Based on current sales rates, we have enough condo units available via MLS to last through most of 2010. This is much better than January 2009 when we had a two and a half year supply of units.
In the coming days, I will provide additional information on condos in blog posts. For now I'll just mention that the Department of Housing and Urban Development provides some basic information on condos at their website. If you are looking to buy a unit, you need a good team to include a Realtor to represent your interests, and a loan officer to help you find the best loan vehicle for your financial situation. If you are selling, you need a team to include a Realtor to help you with determining market conditions for pricing, and marketing the unit.
If you would like more information on condo units in San Antonio, please call or e-mail me.