The second week in July is typically San Antonio’s realty market yearly high point. Many pending sales will close within the next 30 days. Uncommitted buyers with school age children must rush to find the right home in order to be able to close on their purchase or at least be under a binding contract before school starts.
Many factors have converged to make this summer’s San Antonio’s realty market exceptional.
The local economy is ranked among the strongest in the nation. Every key economic sector is reporting strong gains.
Population growth is high.
Home values in most neighborhoods are quickly rebounding from the slight downturn experienced during the late great recession.
Home sellers have responded accordingly as evidenced by a steep increase in the asking price for homes for sale.
Buyer response has been exceptionally good so far, especially for moderately to lower priced homes and for luxury grade housing.
It is difficult to reach conclusions as to the long term market trends, but, in the short term, it’s clear San Antonio’s current home sales market is thriving.
For those who love stats, here are the key indicators for San Antonio’s single family detached home sales as of 1 July 2012.
There are 10,459 active listings, compared to 12,051 one year ago. The inventory is relatively stable and unusually low for a city the size of San Antonio. That’s a better sign for home sellers than buyers..
The average sales price for most recent closings is $210,222, compared to last year’s $196,032. That’s a 7% average sales price increase – another good sign for sellers.
Average cumulative-days-on-the-market (CDOM) for the most recent sales is 127 compared to 137 last year. During the next 30 days, a continuing downward trend is anticipated. That’s another good sign for sellers.
There is 6.7 month inventory of homes listed for sale. Although industry analysts see 6.7 months as reflecting a balanced market, the sales data cited above shows a market favoring sellers over buyers.
That’s all for our July 2012 San Antonio homes for sale market report. We encourage reader comments and recommendations about how to make our reports more informative
If you looking to buy or sell a San Antonio area home, visit us at SanAntonioHomeQuest.com or call Randy Kelley at (210) 863-2661 - email@example.com - or Stephanie Kelley at (210) 868-8743 - firstname.lastname@example.org. We are realty buyer and seller consultants at Keller Williams Legacy, San Antono.