A new report released Monday by the San Antonio Board of Realtors shows the San Antonio real estate market remains strong as the summer sales season comes to a close.
According to SABOR, homes were sold quickly in August, spending just 69 days on the market. Housing inventory in San Antonio hit a six-year low, with 4.8 months of inventory reported. That was the lowest inventory the city had seen since February 2007.
"August was another outstanding month for the San Antonio market, and it’s no surprise as we have seen steady gains in sales and prices since the beginning of 2012," said Steven Gragg, 2013 SABOR Chairman of the Board. "Median prices particularly have shown substantial growth, and part of that has to do with a rise this year in sales of higher end homes."
Sales for August rose by 15 percent from 2012 to a total of 2,413 homes sold. The average price of a single-family residential home rose to $209,672 and the median price increased to $174,500 -- seven and eight percent increases, respectively, compared to 2012.
“San Antonio's year-to-date sales have increased 19 percent compared to this time last year,” said Angela Shields, SABOR President and CEO. “Homes are selling for 97 percent of list price meaning sellers are getting the prices they want for their homes and buyers are eager to make the dream of home ownership a reality.”
San Antonio Home Sales Recap (from SABOR)
|August 2011||August 2012||August 2013|
|Total Month Sales||1,778||2,104||2,413|
The Texas A&M Real Estate Center, Texas' low cost of living allows consumers to make their money go further, giving them a higher quality of life for less. The cost of living in Texas is three percent below the national average, which means companies can remain competitive with lower wages to keep their prices down.
Houston, Austin, Dallas and San Antonio have all seen steady gains in prices and home sales in 2013. Sales hit an all-time high in Texas in the second quarter of this year, with the highest figures for median and average price ever seen in Texas real estate.