Here’s the full breakdown of the metro area and San Antonio markets.
Today I want to bring you an update on the San Antonio market. You’ve heard me in the past saying that change was coming, and now it has started to happen. We’re seeing changes both nationally and locally. Here are the key numbers to know:
• Days on market. Metro area: 26 days. San Antonio: 25 days. This has shrunk from the 33-day average this time last year.
• Inventory. We were down to 1.2 months of inventory in the metro area, but now we’re back up to 1.6 months. San Antonio is up to 1.7 months. In San Antonio, homes priced at $199,000 and below account for 15.9% of the market. The $200,000 to $499,000 price range is now 72.2% of the market. Homes priced over $500,000 are now 13% of the market. The lower-end market has slowed down, and we are starting to see listings take slightly longer to sell.
• Price per square foot. In San Antonio, the price per square foot has dropped to $137.
• Closed sales. We’re at 4,056 closed sales in the metro area, which is an 8.4% decrase from last year. In San Antonio, we’re at 3,885 closed sales. That’s down 9% from last year.
• Listings. We have 5,799 listings in the metro area. That’s a 26.7% decrease from this time last year.
• Price (Metro Area). The median price for the metro area is $296,000. That’s up 15.6% year over year.
• Price (San Antonio). The average sales price in San Antonio is $353,811, which is an 18% increase from last year. The median price is $298,000. That’s up by 15% from last year.
From the data we’ve seen, I believe that the market is starting to slow down a little. However, we’re still in a seller’s market. A balanced market has five to six months of inventory, and we’re only at 1.7.
If I can answer any questions or give you advice on how to win an offer or sell your home, give me a call at 210-305-5665. I’d love to hear from you and answer any questions you may have.