We’re still in a seller’s market here in San Antonio, but things are changing.
As we make our way through the fall of 2019, our San Antonio market is changing. All year we’ve been hovering over a plateau without really going up or down, but things are starting to shift.
Statistically speaking, inventory has jumped from three months to four months, and I’m guessing that it will keep rising next month. This means we’re still in a seller’s market. Once we get into the five-to-six-month range, we become a balanced market, and any inventory level above that constitutes a buyer’s market. If you’re a seller, you should expect your home to stay on the market a little longer after you list it, and be ready to negotiate with buyers.
Over the last few years, the under-$200,000 price range has been the largest segment of our market, but now it’s the second largest. The new largest segment belongs to the $200,000-$500,000 price range, which makes up 61% of all listed homes. The under-$200,000 range encapsulates 33.5% of all listed homes. The luxury market (i.e., anything over $500,000), meanwhile, consists of 5.5% of all listed homes.
Inventory has jumped from three months to four months, and I’m guessing that it will keep rising next month.
With these price ranges shifting in size, our market is not as affordable. You simply can’t find a house under $200,000. That being said, it’s still a great market to buy or sell in. Also, interest rates are still really low—between 3.5% and 4.25%. This helps buyers buy in a more affordable range. Once they increase, that becomes more difficult, but I don’t see that happening anytime soon given that next year is an election year.
If you have any questions about our market or you’re thinking of buying or selling a home soon, don’t hesitate to reach out to me. I’d love to help you.