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Sales of single-family homes in San Antonio showed a 13 percent year-over-year increase in April with the majority of sales taking place in homes priced under $200,000, according to figures in the April 2015 Multiple Listing Report by the San Antonio Board of REALTORS® (SABOR). Days on market plummeted 18 percent to just 59 days while months of inventory rose slightly to 3.8 months from 3.6 months in March. April’s average price edged up six percent year-over-year to $224,426 and the median price rose seven percent to $189,300.

According to Realtor.com, the increases seen around the country in prices are correcting for severe price declines in the recent past. These higher prices are to be expected as the economy improves. Home sales have strengthened as more buyers have entered the market during the spring buying season, and sustained job growth and interest rates below four percent have also been a catalyst behind the improvement in sales.

Growing prices coupled with low supply have not deterred local buyers who continue to flood the market seeking their dream homes. In April, the month ended with 2,390 sales still pending, a 13.6 percent increase from April 2014. Price per square foot rose five percent to $103 and 97.5 percent of homes sold for list price.

Though homes priced under $200,000 continue to make up the majority of the city’s sales with 54.21 percent in April, this is still nearly six percent less than April 2014. Meanwhile, homes priced between $200,000 and $500,000 grew 5.6 percent year-over-year to make up 41.58 percent of April’s market and homes priced over $500,000 increased 0.1 percent to a total of 4.13 percent of sales.

The information is not guaranteed by Trudy Pape, REALTOR® and she nor Coldwell Banker D’Ann Harper REALTORS® are responsible for any errors or omissions. Information courtesy of The San Antonio Board of REALTORS®. (SABOR).

San Antonio Board of REALTORS® Housing Forecast was January 8, 2015.

According to guest speaker Mario Hernandez, President of the Economic Development Foundation, the population of San Antonio increased 2.04 percent from the previous year. That is a phenomenal increase for just one calendar year but the good news is that means more home buyers. Hernandez also revealed a 2.62 percent increase in job growth over the last year and a drop in the unemployment rate from 6.5 in 2012 to 4.3 currently. Hernandez also shared that San Antonio is the seventh largest city in the United States and our cost of living is 9.2 percentage points below the national average.

Housing Market statistics for a look back at the year was presented. As of the end of November, a total of 22,655 homes have been sold in the city. That’s a four percent increase from the previous year. Days on market dropped to just 68 days, which is down seven days from 2013.

Dr. Mark Dotzour of the Real Estate Center at Texas A&M provided valuable information as always to include that 6.5 months of inventory is the national average instead of what is normally quoted as 6 months. San Antonio is currently below that number with 3.9 months of inventory. Dr. Dotzour’s suggestion was the need to build more homes. If home prices are going up and there is more housing inventory then the market is good.

All in all the message was it is “great” to live in San Antonio where the economy is good and growing. With affordable housing and low cost of living we are in the perfect place. That being said if you are considering to sell you house now is a great time to do so. Interest rates are still low with more incentives for first time home buyers being considered this year. There are many buyers out there looking for a house and just can’t find any. You can’t go into a store and buy something if the shelves are empty.