How’s everyone enjoying this three-digit heat? We San Antonians are sweating through 100 degrees and up this week!
Our city’s economy is just as hot. I’ve mentioned before that we’re expecting 1.1 million newcomers to join us by 2040. This wonderful influx of residents is driving up housing sales and prices. Home sales are up 6 percent from this time last year, according to our friends at the San Antonio Board of Realtors, with buyers snapping purchasing 3,397 homes in July.
Just over 61 percent of those homes were priced between $200,000 and $500,000. Around 32 percent cost less than $200,000, while 6.6 percent cost more than $500,000.
That places our average sales price up 6 percent to $277,242 while the median inched up 4 percent to $239,500 – still well below the median price in other parts of our state.
That’s nice news for buyers – San Antonio homes are among the most affordable here in Texas. And it’s nice news for sellers – there’s still time to turn a nice profit if you’re thinking of making a move. In fact, inventory remains tight at 3.9 months. Six months’ worth of inventory is usually considered a balance between buyers and sellers. We’re definitely still in a sellers’ market.
The supply could loosen up soon, though. Home building in San Antonio is at its highest level since 2007. Local builders recently started construction on close to 3,500 new homes, a 6.8 percent increase over the same stretch last year. Most of the focus is on western Bexar County and the I-35 corridor up to New Braunfels.
So it’s been a very exciting and busy summer in San Antonio real estate. I did, however, manage to fit in a wonderful trip with my sons, Hobie and Matthew, this month. The three of us embarked on our first African safari this month, starting in Botswana and ending in Cape Town. Lions, leopards, cheetahs, hippos, giraffes – you name it, we saw it! Such a wonderful experience – an adventure of a lifetime! Many thanks to Cardo Kleberg with Geographic Group – Safaris and Adventure for helping us with the planning.
Have you been thinking of buying or selling – or both – before the end of the year? Let’s get going! I’d be delighted to meet with you and brainstorm ways for you to take advantage of this incredible real estate market.
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