The San Antonio housing market grew in all areas in 2014 including total sales, average price and median price. According to the December 2014 Multiple Listing Service report by the San Antonio Board of REALTORS® (SABOR), a total of 24,735 homes were sold since January, a five percent increase from the same period in 2013. Average price for the year rose five percent to $218,762 and the median climbed by six percent to $180,600.
The month of December itself also saw increases across the board. The month reported a whopping 16 percent increase in sales from the previous December for a total of 2,083 sales. Average and median prices rose five percent and six percent respectively, days on market remained low with just 70 days for the month, and December ended with 1,405 pending sales. Months of inventory also fell to just 3.5 months which is significantly lower than the national supply of 5.1 months
“At our Housing Forecast event earlier this month, we heard from experts on the booming San Antonio economy including job and population growth. As a result, we see more and more people entering the housing market in San Antonio,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “The tight inventory makes this a sellers’ market while low interest rates allow buyers to make their money go further. It’s a good time to buy or sell on both fronts.” The largest share of homes sold have been those priced between $200,000 to $250,000 with those making up 13.3 percent of sales in December and 13.6 percent of sales since January.
Homes priced over $500,000 accounted for 4.4 percent of sales for the year while homes priced over one million made up 0.4 percent of the year’s sales activity.
National Association of REALTORS® Chief Economist Lawrence Yun has forecasted that existing home sales across the country should rise by seven percent in 2015, pointing to the expanding economy, continued growth in the labor market and home prices rising at a moderate but healthy pace as reasons for the increase. “San Antonio’s housing market has typically remained steady despite spikes and dips in other markets around the country. We are very fortunate to live in a city with a strong economy and booming job market that helps housing remain affordable,” said Angela Shields, SABOR’s President and CEO.
Info courtesy of San Antonio Board Of Realtors