SAN ANTONIO – Priscilla Carraman knew her family’s home would sell quickly. What she said was astonishing, though, was the immediate rush of buyers.
“We listed our home on a Friday night,” Carraman said. “By Sunday, we had nine offers, all over asking.”
Carraman, a KSAT 12 News producer, said they even sold their home sight unseen. The buyer, out-of-state military, had a friend come to check out the property.
“They (the buyers) did a virtual tour of our home and hadn’t seen it in person,” Carraman said.
Homes are in short supply and high demand, creating a market that’s hot with competition. Homes are selling as fast as ever. Thirty-six days is the average time between listing and closing, meaning many homes are under contract in a matter of days or even hours.
“You can make an appointment that morning to view the home and by the time you get to the home to view it, there’s already multiple bids on the property,” said Cher Miculka, realtor and chairwoman for the San Antonio Board of Realtors (SABOR).
As the pandemic spurred remote working, more people are taking advantage of the freedom to move, and the area has seen an influx from out-of-towners and even out-of-state buyers.
In April, 3,583 homes were sold in the area, according to SABOR data, similar to March but 27% higher than one year ago when the pandemic shut down a lot of commerce.
High demand and limited inventory are driving prices up. The average price of a home sold last month was $333.671, 22% higher than last year.
“Right now, houses are selling at 100% of listing price, at least if not above and beyond,” Miculka said.
That’s exactly what the Carramans found out when their first offer to buy a house was rejected.
“We realized everybody is offering $30,000 above asking on many different homes,” Carraman said.
They did find another home and are under contract.
It’s a competitive market that real estate economists say does not look to be cooling off any time soon.