Here’s an excellent San Antonio realty market update as of June 17, 2008
By Jennifer Hiller - Express-News
San Antonio’s real estate market continues to be neither a Fourth of July extravaganza nor a dud firecracker.
With the median price of an existing home at $148,100 for the first five months of the year — about 1 percent below the median sales price during the same time period last year — the city’s real estate market continues to be more workweek than holiday.
May home sales data released Tuesday by the San Antonio Board of Realtors show the number of homes on the market has been virtually unchanged for the last couple of months, at just more than 12,000.
“It’s not like a whole lot of properties are flooding the market. It’s just that there isn’t much demand,” said James Gaines, research economist with the Real Estate Center at Texas A&M University.
In May, sales volume was down 12 percent over the same month in 2008, with 1,612 sales of existing homes, according to SABOR.
San Antonio has an 8.5-month supply of existing homes on the market, which means that if no new homes came onto the market, it would take about eight months to sell all those homes at the current pace.
The housing inventory has been hovering at the eight-month mark since last fall — a sign of a buyer’s market. A resale home market of 6.5 months of inventory is considered balanced between buyers and sellers.
But overall, San Antonio should consider itself lucky to have unspectacular price changes and a basically ho-hum market.
“Status quo beats the heck out of a decline,” Gaines said. “There’s no reason to expect price increases. We’re having trouble creating jobs. People are nervous about the market or their jobs. Quite frankly, if you don’t have to sell, you probably don’t want to. But if you want to buy, right now is one of the best times.”
Prospective buyers should plan on being in a home at least three years, Gaines said. “We’re expecting that when we see some stability in the employment market and a sigh of relief from the stock market, that a lot more buyers will come out,” he said.
The average market is just fine with many in the real estate industry.
“Buyers are sitting on the fence a little bit,” said Tom Patterson of North Loop Inc. Realtors. “We just came back from a convention in Washington, D.C., and given the horror stories that I hear from some places, overall I’m real satisfied. I think we’re fortunate we’re where we are.”
If you need expert San Antonio realty advice or assistance, don’t hesitate to call on the SanAntonioHomeQuest.com Realty Solutions Team at (210) 863-2661 for Randy Kelley or (210) 867-8743 for Stephanie Kelley. Our E-mail address is email@example.com .