Homes in the San Antonio metro area increased their sales in both numbers and price last month from one year ago. There was a huge 24% increase in sales from January 2012, according to the San Antonio Board of REALTORS, with 1,249 homes selling during the month. The average and median sales prices also went up. Interest rates continued to stay at record low levels, which most likely helped spur loan applications and home sales. A gradually falling unemployment rate (5.7% in December) didn’t hurt either.
The average sales price for a single-family home in January rose to $183,846, a gain of 4%. The median sales price (half of homes sold for more, half for less) went up by 3% to $149,000. Last January the average sales price was $177,381 and the median price was $144,200.
Residential sales divided into price bands indicated that 70% of the homes sold for under $199,000. Nearly 27% of the sales were in the range from $200,000 to $499,000, and nearly 3% were for $500,000 or more.
The number of foreclosure postings for Bexar County dropped by 35% and 34%, respectively, for January and February, and are back to 2006 levels, with 724 foreclosures projected for March.
Residential inventory, including single-family homes, townhomes, and condominiums, now stands at 5.2 months supply and indicates a solid shift to a seller’s market.