This summer has been a steady busy month, and the average and median home prices have continued to rise in the month of July 2016. According to the latest statistics released by the MLS from the San Antonio Board of REALTORS®(SABOR), home prices in and around the San Antonio area for both average and median sales prices had a moderate increase. The average sales price increased by 3 percent from July 2015 to $246,032, and the median sales price rose to 6 percent to $211,900.
San Antonio is still a very affordable market in Texas when you compare the median sales price in Bexar County of $200,000 to $335,000 in nearby Travis County, and $219,250 in Harris County.
About half of the homes sold in July were priced between $200,000 and $500,000 while homes priced under $200,000 made up 45.3 percent of the market. Those homes priced over $500,000 made up the remaining 4.53 percent of the market, and 15 of those homes were priced over $1 million.
July reported an inventory of 3.9 months, which has been very consistent over the last two years when the inventory has been less than 4 months. In fact, the last time inventory was at 6 months was back in November 2012. Six months will place San Antonio into a balanced market whenever we can get back there. Days on the market market remain around 54 days.
The total number of homes sold in the San Antonio market area was 2,850 homes, which was a 2 percent decrease from the same time last year. It’s very important for buyers to seek out a real estate professional, who will look out for their interests, during these times of low inventory and tight market conditions. Being in a Seller’s market makes it very competitive for all buyers with our low inventory. Sellers are still getting 99 percent of their asking price, and very few are paying any concessions to buyers.
If you are thinking about buying, San Antonio is still a very affordable place to live, and if you’re thinking about selling, now is the best time to find out how much your home is worth, and get it on the market. Call Jerry Today at 210.789.4216, or visit my website at Homes For Sale in and around San Antonio.