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    Strong home sales in February are keeping San Antonio’s market robust

    home for saleMore than 1,700 homes were sold in San Antonio during the month of February, yet another bellwether that the local housing market is getting stronger.

    Following a February housing boom, the San Antonio Board of Realtors recorded a 14 percent year-over-year increase in homes sold on the local organization’s February 2015 Multiple Listing Service report. Inventory remained low at 3.6 months and days on market dipped to 74 days. The month closed with nearly 2,000 sales still pending, a 21.5 percent increase from 2014 and what SABOR considers to be a strong lead-in to March.

    “We continue to see unprecedented growth in the San Antonio housing market in just about every area,” Mary Ann Jeffers, SABOR’s 2015 chairman of the board, said. “Nationally, improved buyer demand at the beginning of 2015 pushed pending home sales in January up and buyers closed on homes at a swift pace despite tight inventory.”

    Nationally, total existing-home sales in 2015 are expected to be about 5.26 million, a 6.4 percent jump from last year. Also on the rise is the national median existing-home price, which is expected to increase by 5 percent.

    San Antonio’s housing market has been gaining significant traction over the past few months, driven by low interest rates, economic growth and plenty of available jobs. As the market picks up speed, prices trend upward, as evidenced by the increase in home’s price per square foot, up five percent to $101.

    Jobs and income growth have long been a solid factor in the health of San Antonio’s housing market, and unsurprisingly, with the steady rise in the city’s average income, there has been a recent push toward more homes priced in the mid- to upper-range being sold. Homes sold between $200,000 and $500,000 were up 7 percent from 2014 and made up 40.7 percent of February’s sales. Homes priced at less than $200,000, however, still made up more than half of the market, at 55.6 percent.

    While homes sold for more than $500,000 were still a small slice of the pie — they accounted for 3.5 percent of the homes sold in February 2015 — they are beginning to get some traction. Agents I’ve spoken with say there is an increasing demand for luxury homes, but the most recent change is that demand has been closing in on the city’s downtown area. Whether new home development in San Antonio’s urban core picks up speed remains to be seen, but if one thing is for certain, the median income climb has come with a change in living preferences.

     

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