San Antonio-New Braunfels Metroplex area saw home prices rise to 5.9 percent this past February, which was a significant increase over that same time last year. In fact, single family homes have continued to grow in the local housing market.
According to latest Core Logic Home Price Index, excluding distressed sales, year-over-year home prices would have risen to over 6 percent in the San Antonio area. The average sales price was $227,121, and the median price was $185,800 which was a 7 percent increase from March 2013 as published by the San Antonio Board of REALTORS®(SABOR).
March 2014 showed only 3.6 months of inventory, and the average days on the market were 72 days, which was 5 percent less than last year. Homeowners were getting 99.9 percent of their listed sales price in most communities. These figures indicate a very strong Seller’s Market in the San Antonio area, and buyers need to be prepared for multiple offers on many of the nicer homes.
Homes prices below $200,000 made up 54.59 percent in March 2014. Those in the range of $200,000 to $500,000 made up 40.83 percent, and those over $500,000 made up 4.54 % of the sales in our local housing market. Steady job growth and population growth are two of the contributing factors for our increase in homes prices and sales.
The Home Price Index indicated that home prices rose not only in San Antonio, but much of the country as well. Texas homes prices were up to 7.9 percent, while Nationwide, home prices rose up to 5.6 percent in February 2014.
San Antonio offers very affordable homes when you compare the size of the home to the prices. Buyers can still find 2000 square foot homes for prices ranging from $200,000 to $350,000, which is a bargain when you consider other locations in the country. Regardless if you’re looking for a New Construction Home, or a Pre-Owned Home, San Antonio has a wide variety to meet all your real estate needs.
By the year 2040, San Antonio is expected to add one million more to the present population, and the whole state is expected to double in population by 2050. Folks are coming to San Antonio for health reasons, job opportunities, economic growth, low cost of living, military relocations, and for warmer climate. These are all factors that help contribute to the rise in home prices.
Now, would be a great time to get your home on the market to sell in the spring and summer months. These have always been the busiest times since many of the children are out of school. To find out How Much Your Home is Worth, Contact Jerry Today at 210-789-4216. Let’s discuss how we can market your home to get it sold for top dollar. If you’re planning to purchase a home in San Antonio while the interest rates are still low, Search for Homes in San Antonio on my website. Then, let me be your personal guide and consultant for your next home.
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