The Market Report for Greater San Antonio March 2014 shows that February 2014 had a significant increase over January 2014 with a median homes sales price of $157,000, which was a 3.6 percent increase for existing single family homes on the market.
According to the San Antonio Board of REALTORS®, existing family home sales in February 2014 increased by 1.3 percent over January 2014 with an amazing 1,197 homes sold. But the Condo decreased in median sales price down to $87,500, which was a 19 percent drop compared to January 2014. However, the existing condo sales for number of units did increase by 18.9 percent for February with a total of 44 units sold.
Single Family Median Home Price
Feb-13 vs Feb-14
The Condo Communities that are sold for less than $100,000 are normally sold to First Time Home Buyers. However, many of these Condo Subdivisions can only offer terms for “Cash, Conventional, or Seller Financing”, since many of them are not meeting the required standards to go FHA. The government has tightened up their requirements, and buyers need to be prepared to purchase a condo unit by other means than going for the FHA loans. Many of these Condo Communities have high investor ownership. Eric Boucher recently wrote, “How to Avoid High Investor Concentrations in Condominiums”, which offers some suggestions for many of these communities, who are wanting to attract the FHA buyers.
Existing single family homes, and new home constructions sales are booming in San Antonio, and this Spring is an excellent time to purchase before the summer rush starts. Call Jerry today at 210-789-4216, or visit my website at Homes For Sale in San Antonio, TX to do some preliminary searches, and let me know when you are ready to view some of these very nice homes in our communities.