The real estate market is in the midst of a major comeback. Sales are greater than any time since 2007. Consumer confidence is increasing. Economists are now saying housing is the major tailwind to our nation’s overall economic recovery.
However, there is one major challenge that could stall the housing market: a lack of inventory.
In San Antonio we ended the year with 5.1 months of inventory of houses for sale. This is an indication of a tilt toward a Seller’s market. Short term supply is good news for increase in prices; however an increase in inventory is crucial for long term recovery.
With interest rates still at an all time low there is still a great opportunity for buyer’s to buy.
The San Antonio housing market finished the year strong with a total of 19,940 homes sold, a 10 percent increase from the number of homes sold in 2011, according to the December 2012 Multiple Listing Service report by the San Antonio Board of REALTORS® (SABOR). Both the year- to-date average and median prices also increased from the previous year each by five percent.
Locally, the average sales price for December 2012 for single-family residential homes registered at $192,789 (a four percent increase from December 2011), while the month’s median price was $160,200. This is a five percent increase from December 2011’s median price. Breakdowns in prices show 64.6 percent of homes sold in the low-range ($199,000 and below), 32.04 percent in the mid- range ($200,000 – $499,000) and 3.17 percent in the high range ($500,000 and up).
San Antonio Home Sales Recap
|December 2010||December 2011||December 2012|
|Total Month Sales||1,308||1,421||1,548|
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 and KCM Blog.