The holiday season has many shoppers in the market for a home, causing San Antonio’s housing inventory to shrink to just 3.9 months in November, the lowest since January of this year. Both the average and median prices rose, by five percent and seven percent respectively, and days on market remain low with November reporting 68 days on market, a 12 percent drop from last year. As of the end of November, a total of 22,655 homes have been sold this year in the San Antonio area which is a four percent year-over-year increase.
“All year we have seen a steady growth in our prices, far exceeding the sales and dollar volume from last year,” said Missy Stagers, SABOR’s 2014 Chairman of the Board. “As of the end of November, we had a total dollar volume in sales of $4,836,767,327. That’s nine percent more than this same period in 2013.” The Texas Annual Housing Report released by the Texas Association of REALTORS® earlier this month reports that luxury home sales surged to become one of the fastest growing price classes ($1 million or more) within the Texas housing market.
In fact, January’s 2014 Texas Luxury Home Sales Report showed an average 35 percent year-over-year increase for luxury home sales in Texas’s four major metros in 2013. In San Antonio, 101 homes priced over $1 million have sold since January, compared to 95 during this same period last year. These homes make up 0.44 percent of total sales this year. The largest share of homes sold have been those priced between $200,000 to $250,000 with those making up 12.6 percent of sales in November and 13.6 percent of sales since January. The National Association of REALTORS® has also reported that metro areas with a lower cost of living and sunnier weather are poised to see an increased number of baby boomers moving in and buying a home as many delay retirement.
According to AARP, the number of Americans between 65 and 90 years old who are working full time has doubled over the past 10 years to 4.8 million. “In San Antonio, we are fortunate to have a wide variety of homes to meet the needs of different home buyers,” said Angela Shields, SABOR’s President and CEO. “San Antonio was even recently ranked number 10 among the most affordable housing markets in the country. With our warm weather and healthy job market, we expect to keep seeing a strong housing market here.”
Courtesy of: SABOR: The San Antonio Board of REALTORS® is the largest professional trade organization in San Antonio and represents over 8,500 REALTOR® members. SABOR is one of over 1,600 local boards and 54 state and territory organizations of REALTORS® nationwide that make up the National Association of REALTORS® (NAR).