Despite the consistently tight market with a low inventory of just over three months, the number of homes that sold in the San Antonio market area continues to skyrocket over last year’s figures for November with a total of 2,115 homes being sold, which showed a substantial 23 percent increase year-over -year, according to the latest statistics released by the Multiple Listing Service Report from the San Antonio Board of REALTORS®(SABOR).
Both the average and median prices for November also reached record highs for November sales. The average price had a 10 percent increase over last year for $238,347, while the median price came in at $199,400 for a 9 percent increase. There were 400 more homes sold in November 2016 than this same time last year, and 2000 more additional homes sold for the whole year to date. Even though prices continue to rise over the years, San Antonio still remains below the state average and below many of the other major metro areas in Texas.
For comparison, the median price of a home sold in Bexar County last month was $188,648 while the median in Travis County(Austin) was $320,000 and in Harris County(Houston) was $205,000. The Texas median was $215,000.
The largest percentage of homes sold last month were priced under $200,000 with those homes accounting for 50.31 percent of November’s market. Homes priced between $200,000 and $500,000 made up 44.35 percent of November’s sales while homes priced over $500,000 made up the remaining 5.34 percent.
Homes in the San Antonio area stayed on the market just 58 days, five days fewer than last November. There were 2,534 new listings on the market in November and the month ended with 1,771 sales still pending – six percent more than in November of last year.
“We keep seeing an influx of sales this year, and a lot of that has to do with the number of jobs being brought to the area as well as the lower interest rates,” said Angela Shields, SABOR’s President and CEO. “The great thing about the San Antonio area is the diversity of properties available. Whether you’re looking to own a house in the suburbs, buy a condo downtown or move into an apartment in the city, there really is something for everyone.”
Across Texas, sales also experienced a spike in growth, rising 19.8 percent year-over-year for a total of 22,052 sales. The average sales price increased 8.6 percent to $267,720 and months of inventory remained low with just 3.5 months availability.
Now would be a great time to find out How Much Your Home is Worth, so you can get it on the market in time for the big rush after the holidays. If you are in the market to buy a single family home, condo, or land in and around the San Antonio area, contact Jerry at 210-789-4216, or visit my website at Homes For Sale in San Antonio.