As we get right into the swing of things this summer, the San Antonio housing market continues to outpace last year. May showed an eight percent increase in home sales over last year for a total of 3,326 homes sold, according to the Multiple Listing Service Report from the San Antonio Board of REALTORS®(SABOR), which reports on all areas in and around San Antonio.
The average and median prices both experienced a five percent increase over last year with the average price rising to $270,324, and the median price increasing to $231,900. Inventory of available homes for sale still remained low at 3.6 months, which was a slight decrease from last May’s 3.7 months of supply.
It’s normal to see prices rising over the summer months, since many folks are moving while school is out from June to August. It’s wise to work with a REALTOR®, who can guide buyers through house purchasing process in this high demand and low inventory, since it’s still a very competitive seller’s market.
As the home buying this summer heats up, more home sellers are taking advantage of the competitive market to sale this homes. In fact, new listings totaled 4,532 in May, which was an increase of over 300 more homes than last year this same time. Furthermore, there were a total of 9,531 active listings on the market in May, and the month ended with 2,917 sales still pending.
In the San Antonio area those homes that sold between $200,000 and $500,000 made up 57.3 percent of the sales. Meanwhile, those priced under $200,000 made of 36.6 percent of the sales in May, and those that were priced over $500,000 made up the remaining 6 percent of the market.
Bexar County reported a total of 2,333 single family homes sold in May 2018, a 1.9 percent increase from last year. The average price of a home sold in the county was $258,352, which was a 5.1 percent increase from 2017, and the median price increased to 5.3 percent for $218,000.
Throughout the state of Texas, home sales in May increased 2.7 percent for total of 32,416 homes sold. The average price of a home sold in the state was $295,549, and the median price was $241,000. The average days on the market was 53 days, and price per square foot was $127.
If you’re thinking about selling your home, now would be a great time to find out How Much Your Home is Worth, and get it listed before the summer is gone. Call Jerry at 210-789-4216 for a personal consultation and marketing strategy to get your home sold.