No doubt by now most of us have attended or seen a local housing forecast for our metro areas and the nation. Am sure most of it is positive, as it should be, to boost early optimism in the industry. We are truly blessed to have a solid market and our local San Antonio Board of Realtors (SABOR) hosted our event last week, here's a recap. First let me state that I tend to use the metro area, not just City of San Antonio since we have a very robust metro with some of the fastest growing towns in the USA (New Braunfels, Cibolo, Schertz, and others that you can't pronounce). So, onward:
- Metro area grew by 11.75%between 2010 and 2016, and is projected to grow an additional 8.12% through the year 2021
- Combined, the four Texas metro areas -Dallas, Houston, Austin and San Antonio -added more people last year than any single state
- Sold 27,059 homes listed in the MLS in 2017 (not counting new cosntruction and non-MLS sales)
- Most sold between $200,000 - $499,999
- Current months of inventory - 3.3
- Average days on market - 58
- Median sales price now $203,700
Needless to say, these numbers are impressive! We keep our solid growth by attracting and retaining great business, having affordable housing, a mild weather environment, and very high quality of life. In fact all of the metro cities are investing in parks, green spaces, healthy activity events and community spaces, among others. Since we do have a lot of suburban living, walking scores are oftern high, so investment in quality ourdoor space is critical to our future.
As I mentioned, our suburban walk scores are often pretty miserable, but for those that choose the urban lifestyle, we have some of the best in the country. From teh San Antonio Riverwalk to The Pearl, Blue Star Arts District, Gruene, Downtown Boerne, and the list goes on. From recently updated lofts and apartments to luxury condominium properties, there is a lot to choose from.
The only area of concern noted is the entry-level market is priced above local wages. However, as jobs come in, wages will increase some. We still need more available under $200,000, and actually under $150,000 to really help the first time and entry level buyers.
I live in Schertz, along the "hot" IH35 corridor and we are seeing no real slowdown, just a lack of inventory. Commercial activity is strong, everything from distribution centers like Amazon, Sysco, and O'Reilly Auto Parts, to energy like GE Oil & Gas Texas, light manufacturing and high tech like data centers, cyber security, Rackspace, and the list continues.
Ranked somewhere around teh world's 11th largest economy, Texas is not going anywhere but up. I love to discuss the area, call and send your referrals and investors our way, we'll do the same in return!
Happy, healthy, and prosperous 2017 to all!