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).