In Sellers' Market, SA Homebuyers Need To "Move Fast"
San Antonio – Inventory remains low while prices continue to climb in San Antonio, according to figures in the March 2015 Multiple Listing Report by the San Antonio Board of REALTORS® (SABOR). Months of inventory remained consistent with previous months with March reporting just 3.6 months. Total sales for the first quarter rose 12 percent from the same quarter in 2014 for a total of 5,327 homes sold while average and median prices increased by eight and nine percent respectively.
“For several months now we have seen our inventory remain under four months and days on market continue to decrease,” said Mary Ann Jeffers, SABOR’s 2015 Chairman of the Board. “Anyone looking to buy should be prepared to move fast. Getting pre-approved and working with a REALTOR® can make the difference when navigating such a competitive market.”
According to the National Association of REALTORS®' pending home sales index, home sales are expected to post further gains across the country. The pending home sales index in February surged 12 percent year-over-year and sales of newly built homes in February reached its strongest pace in seven years.
In March, sales in San Antonio skyrocketed 17 percent for a total of 2,202 homes sold. Average and median prices as well as price per square foot all increased seven percent from the previous year while days on market dipped to 72 days, a five percent drop from last year. The month reported 3,103 new listings and ended with 2,298 sales still pending.
Higher end homes have seen a surge in sales for some time, and March’s sales of home priced over $500,000 jumped up one percent from February for a total of 4.54 percent. Homes priced between $200,000 and $500,000 accounted for 40.83 percent of sales in March and homes under $200,000 made up 54.59 percent of the market.
“With tight supply and high demand for homes, 99.9 percent of sellers in March were able to sell their homes for list price,” said Angela Shields, SABOR’s President and CEO. “But even though the market is favorable to sellers right now, we still continue to see a steady flow of houses come on the market which is good news for buyers.”
The San Antonio Board of REALTORS® is the largest professional trade organization in San Antonio and represents over 8,500 REALTOR® members in the San Antonio area. SABOR is one of over 1,600 local boards and 54 state and territory organizations of REALTORS® nationwide that make up the National Association of REALTORS® (NAR).