Here’s what the latest stats say about our market.
Another month has gone by in 2021, spring is still here, and the latest real estate market statistics have been released from San Antonio and the surrounding areas. What do they say?
For the metro area, year to date, the median home price sits at $282,865, we’ve had 35,810 closed sales (up 16.2% year over year), and there are 43,542 active listings (down 53% year over year). 53% is a big drop, so if you’re thinking about selling, we need you to hit the market. Buyers would like to have more options, and they just don’t have many right now. Why is that? It’s because our months of inventory is down to 1.3 months, which is a 1.7-month drop year over year. The average days on market stands at 45 days, but that number depends on the price range. It’s probably a little less in the lower price ranges and a little more in the higher ones.
Moving on, the median price per square foot is $140.60 (up 12% year over year), the median home size is 2,015 square feet, the median year built is 2003, and the original list-to-close price ratio is 99.3%. Like the average days on market, that last statistic depends heavily on the price range. In some areas, it’s as high as 105%, 107%, and even 110%.
Here in San Antonio, the median price per square foot is $148 (up 14% year over year) and the number of new listings is 3,739. The number of active listings, meanwhile, is 4,340, and the number of pending sales is 3,622. The percentage at which each price range comprises the market breaks down as follows:
$0 to $199,000: 18.8%
$200,000 to $499,000: 70.76%
The $200,000-and-under price range used to have the largest market share. The $500,000+ price range used to hover between 3% and 6%, but now it’s over 10%. That’s huge news for San Antonio. It also highlights a problem we’re facing: affordability is quickly shrinking. Finally, the months of inventory sits at 1.3 months.
As you can see, we’re still very much in a seller’s market where it’s difficult for buyers to buy a house. You better know how to write an offer if you’re a buyer, and you need to be willing to put your pocketbook where your pen goes. For example, I recently listed a home for a client that got 14 offers and sold for way over list price.
If you’d like to know more about our market or have any real estate needs at all, don’t hesitate to reach out to me. I’d love to help you.