How the recent changes are affecting our local real estate market.
Our market has been changing, and I’m sure most of you are wondering what’s been going on. That’s why I want to talk about what we’re seeing in our local market.
The market statistics have changed some, but the shift isn’t as drastic as it might feel. We’re used to such a fast-paced market, and it has only slowed down a bit these past few months. That being said, it is still a great seller’s market.
We went from 1.2 months of inventory to 1.8 months in San Antonio and 1.6 months in the metro market. A balanced market has 6 months’ worth of inventory, so we are still in a strong seller’s market.
However, we are seeing some notable differences in the market. Homes are no longer flying off the shelf in the first weekend. Most homes are still selling within 30 days, and some will sell quicker, depending on the area. Those hot homes may get multiple offers, but we aren’t seeing 15 to 25 offers on properties anymore.
“It’s still a great market to buy and sell in.”
The average days on market is 27 in San Antonia and 28 in the metro. That statistic hasn’t changed much. We have 4,621 new listings, 6,029 active listings, and 3,295 pending listings.
The rising interest rates have impacted our market some. Current buyers have had to change their perspective. If they could afford a $500,000 house before, they might now be looking at $450,000 homes. There’s some good news for buyers too. If you had trouble competing against 15 to 25 other offers, it’s time to get back in the market.
Our price per square foot is still around $188 in San Antonia and $180 in the metro area. Those numbers are still 20% and 16% over last year’s pricing, respectively. Pricing isn’t taking a dive, but sellers who have pushed their home value too far may have to consider a price reduction. However, most homes are still selling at or around the list price.
It’s still a great market to buy and sell in. The national news may say that the market is falling, but we still have a shortage of homes here. Builders still have very little inventory, and we don’t expect that to change for the rest of the year.
If you have any questions about this update or real estate in general, feel free to call or email us. We’d love to hear from you.