Real estate sales are supposed to be slow right after the holidays. But just like the weather in South Texas, the real estate market has been unpredictable.
Home sales in 2013 came back to the same level as they were in 2006. And the total of 1,348 sales for the month of January was 7% more than one year ago. The average time on the market decreased by 16% from last year to 75 days.
Most important statistic: there were only 4.1 months of inventory of houses for sale in January.
This means there are fewer homes for sale, and prices are rising. Good news for sellers!
San Antonio is still an affordable market compared to other large metropolitan areas. Two thirds of the homes sold were priced under $200,000. The average price rose by $10,300 to $194,701 from one year ago. Homes priced from $200,000 to $500,000 represented 31% of sales.
So home buyers, be prepared to pay the asking price for the home you want, if it's in great condition.
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