According to the May 2015 Multiple Listing Report by the San Antonio Board of REALTORS® (SABOR), home sales in San Antonio totaled 2,574, a nine percent increase from the same month in 2014. Days on market was at just 59 days, 11 percent less than May 2014, and months of inventory increased to 3.9 months, the highest inventory figure all year. May’s average sales price was $246,772, a 10 percent increase from last May and a figure that has remained above $200,000 since February 2014. Meanwhile, the median sales price climbed above $200,000 for the first time with a price of $202,500.
“Our population has been surging as companies continue to relocate to San Antonio, bringing higher income jobs in the technology, military and medical fields,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “An increase in income levels as well as higher quality homes being built are translating into price increases. However, there does not appear to be any slow-down in the market. Inventory has edged up slightly, meaning there are more homes available for buyers, and sellers are able to get close to asking price.”
In fact, according to the National Association of REALTORS® , the residential real estate market is on track for its best year since 2006, but this time without threat of a housing bubble. More than three million jobs have been created across the country in the last year, and that growth has fueled the demand for homes. With low inventory and high demand, prices have increased in many markets around the nation.
Low interest rates have also contributed to the higher sales as buyers can afford more house for their money. In May in San Antonio, homes priced over $500,000 made up 5.75 percent of the market, a record for that price bracket and slightly above the previous high of 5.70 percent in July 2010. Meanwhile, homes priced below $200,000 accounted for 49.18 percent of sales and homes priced between $200,000 and $500,000 accounted for 44.99 percent of the total homes sold in May.
“Already this year, 10,269 homes have sold in San Antonio which is 11 percent more than this time last year,” said Angela Shields, SABOR’s President and CEO. “Our market has always been steady and with our warm weather, booming job growth and affordability, we expect to see continued demand for homes in San Antonio this summer.”