Interest rates continue at historic lows as the residential housing market in San Antonio sees increases in the number of homes sold each month. Prices continue their steady rise as well, with the average price of single family homes at $194,271 for March 2013 and median price at $158,900. Median prices are on par with last year's median, but the average sales price continues to climb with a 5% increase over last year.
Inventory continues to fall as well, witht he avearage days on market (DOM) down to a mere 90 days (February saw an average of 99 DOM). There were 1,826 closed transactions in March with 1,935 pending sales.
“Low rates continue to make this a prime time to buy and sell real estate. We saw how the low rates cause the housing market to prosper in 2012, and we are continuing to see that trend as 2013 fares even better.” —Steven Gragg, 2013 SABOR Chairman of the Board.
Freddie Marc reports an average rate for a 30-year fixed rate loan below 3.5% and an average rate for a 15-year fixed rate loan falling to below 2.7%
According to the latest housing market report from the San Antonio Board of REALTORS® (SABOR), "Housing inventory is at 5.3 months, compared to 6.6 months at this time last year. With a quick turnaround in sales, the market is skewing in favor of sellers with 96.9 percent of homes being sold for list price. Homes sold in the price range under $200,000 accounted for 66.8 percent of total homes sold and those between $200,000 and $500,000 accounted for 29.2 percent. Homes priced at $500,000 and more made up 3.9 percent of the total sales for March."
Adds SABOR President/CEO, Angela Shields, “San Antonio was recently ranked by Forbes as one of the top 25 cities in the country to retire, citing the city’s low cost of living and stable economy. While other cities in the country experience peaks and downturns, San Antonio remains steady and consistent which makes it the perfect place to call home.”
For perspective, total sales for the month of March rose 6.3% from 2011 to 2012 and 10.4% from 2012 to 2011. The average sales price only saw a 1% increase from March 2011 to March 2012 but jumped 5%from 2012 to 2013.