The San Antonio residential real estate market is finally - back to normal. Existing home sales increased by a whopping 52 percent from November of last year. Most of the home sales, some 76 percent according to the San Antonio Board of Realtors, were in the price range under $200,000. This is most likely due to the first time home buyer tax credit.
However, foreclosure filings in Bexar County are at a record high number of 1,652 for January. If there is a silver lining, it is that this spells more opportunities for home buyers, as well as real estate investors looking for rental properties.
San Antonio's economy looks like it will stay in good shape for the foreseeable future. In November, the San Antonio area added new 2,400 jobs, and the unemployment rate fell to 6.8%. The San Antonio Metropolitan Statistical Area's real gross product is expected to grow by 4.42% annually to more than $80.55 billion in 2014.
People continue to move to the area for jobs and military transfers. The population is expected to increase by 1.94% per year to top 2.28 million in the next four years. That is an increase of about 209,000 residents. Wages are expected to increase by 5% annually, and according to the Perryman Group's study, approximately 104,700 new workers will be added to local payrolls.
Photo of the back of the Alamo by friend, and mother-to-be soon, Jill Brandenburg
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