October 2007 San Antonio Realty Market Report
Posted by Randy Kelley on October 5, 2007
Like the weather, San Antonio’s realty “hot season” typically ends in September. Starting in October, falling leaves and falling temperatures will likely be accompanied by falling home sales and lower prices.
This year’s sales are already trailing behind the 2006 record year. Nonetheless, while the available inventory of new and resale homes has risen rapidly, closed sale prices have remained remarkably steady. Granted, the market for resale homes is sluggish as buyers take their time selecting from an unusually large active listings inventory. A telling indicator of the market’s sluggishness is a recent 9.3% increase in expired and withdrawn listings.
On the brighter side, while resale homes are selling at snail speed, new construction home sales are bunny brisk, spurred on by enticing carrots (buyer incentives) offered by the builders.
Keep this in mind. Driven by excellent job growth and low unemployment, San Antonio remains one of the strongest housing markets in the nation, and, home values continue to appreciate at a moderate, but steady, pace - a fact appreciated by both buyers and sellers.
Although the fall and winter months ahead might test its resiliency, local analysts are confident that, barring unforeseen factors, San Antonio’s realty market will survive the expected seasonal cool down and come back strong in the spring.
Here are the market stats for San Antonio single-family detached home listings as of 9 October 2007.
active listings: 12333 - stable - neutral for buyers and sellers, except for new construction homes, where the advantage goes to the buyer
average list price for most recent sales: $195,103 - stable - neutral for buyers and sellers
average sale price for most recent sales: $188,203 - stable - neutral for buyers and sellers
average days on the market for most recent sales: 69 - increasing - good for buyers
If you have questions, need San Antonio area realty or mortgage advice or assistance, or just want to chat, please call or send an E-mail. The SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home ownership needs.
Wishing you a awesome October,
The SanAntonioHomeQuest.com Realty Solutions Team
Stephanie &am
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