San Antonio's housing market started off 2014 on a bright note.
According to the San Antonio Board of Realtors Multiple Listing Service, the January housing market boasted 1,348 home sales, a 7 percent increase from January 2013.
“December 2013 closed out our biggest sales year since 2006, so it is no surprise January 2014 showed an increase over January 2013,” said SABOR board chairwoman Missy Stagers. “San Antonio’s growing economy has allowed more people to realize the dream of home ownership and the affordable home prices mean they can make their money go further.”
SABOR said 66 percent of the January sales were priced under $200,000 and 31 percent were priced between $200,000 and $500,000. Nearly three percent were priced over $500,000.
The average price of a single family residential home in January 2014 was $194,701, a six percent increase from 2013. The median price was $161,000, a seven percent increase from 2013. January’s days on market dropped to 75 - a 16 percent decrease from 2013 - and housing inventory for January 2014 was just 4.1 months.
“The winter months can be a slower sales time in housing, but this year we have been experiencing tremendous growth and expect to continue that trend as winter winds down and we enter the spring buying season,” said SABOR president and CEO Angela Shields.
According to the 2013-Q4 edition of the Texas Quarterly Housing Report distributed by the Texas Association of Realtors, high demand for Texas homes in 2013 resulted in a decreased inventory at the end of the year. Buyers can expect competition for homes to continue in 2014, while steady price increases should help encourage more sellers to list their properties.