February 2015 Lackland, Randolph & SAMMC Homes For Sale Report

logo21.gifThis will likely be a very interesting year for home buyers and sellers in the communities near Lackland AFB, Randolph AFB, SAMMC and throughout the Joint Base San Antonio area.
Late February typically sees the beginning of  San Antonio’s most active home sales season, but, this year, there could be a cloud on the horizon. Everyone is warily watching the impact of falling oil prices on local home sales and rent prices.  Their concern is this.   In the next 6 weeks, will the home sales market heat up in a manner typical for the season, moderate a bit, or even fall back significantly should lower crude oil prices dampen the local economy due to reduced drilling activity in the Eagle Ford shale oil fields near Randolph AFB and Lackland AFB?
A significant decrease in homes sales activity would herald the end of the amazingly strong market that began in the late winter of 2013 and continued in force throughout 2014.  Also, it would likely mean it may cost more to rent an apartment or home.
Here are the facts.   
San Antonio ended the 2014 residential market in its strongest position since its benchmark 2006 home sales year.  According to the San Antonio Board of REALTORS®, “The San Antonio housing market grew in all areas in 2014 including total sales, average price, and median price.  According to the December 2014 Multiple Listing Service report by the San Antonio Board of REALTORS® a total of 24,735 homes were sold since January, a five percent increase from the same period in 2013.  Average price for the year rose five percent to $218,762, and the median climbed by 6 percent to $180,000.”
Local realty market analysts and business economists attribute San Antonio’s recent rapid population increase, geographical expansion, job growth, and healthy economic situation at least in part to South Texas’ booming oil industry. It’s anticipated that a major decrease in local oil field drilling activity will have significant negative impact on the communities nearest the oil fields.  Nonetheless, due to the city’s growing economic diversity, a temporary decline in Eagle Ford oil field development and fracking production would likely have only a minimal economic impact on San Antonio’s economic health.
Despite the uncertainty generated by the oil price issue, for the time being, San Antonio’s home sales market remains strong and exceptionally active.  Because there are too many buyers for the available resale and newly constructed home inventory, it’s a strong seller’s market, with home prices rising 5 to 6 percent per annum.  There’s strong competition for the best prepared homes in the most popular neighborhoods. 
Buyers with good credit can take heart in knowing that mortgage interest rates are expected to remain low in the short term and, considering the affordability of San Antonio homes, it’s still possible to find a quality San Antonio area home for a reasonable price compared to a similar home in the nation’s other large metropolitan area markets.
This concludes our February 2015 San Antonio home sales.
The SanAntonioHomeQuest.com Realty Solutions Team, Keller Williams Legacy, specializes in representing active duty and retired Air Force and other uniformed services families in the communities around Lackland AFB, Randolph AFB, SAMMC, and throughout the Joint Base San Antonio area.   If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to learn more about the wonderful Alamo City, please use the realty research and information features available at our sanantoniohomequest.com website or call us at (210) 863-2661 (Randy Kelley, REALTOR®) or (210) 867-8743 (Stephanie Kelley, REALTOR®). 
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