Here’s the latest market news as we wrap up the first quarter of 2021.
What’s been happening in our San Antonio real estate market over the last 30 days? We currently have 2,626 new listings on the market for a total of 4,518 active listings. Meanwhile, we have 2,560 pending listings. As of the recording of this video, we’ve seen a 15% increase over last year in the price per square foot for an average of $148. The average sales price, $314,810, also reflects recent gains in the market. The median sales price is now at $264,100, which is an 11% increase year to date.
Days on market right now is 51—23 fewer days than this same time last year. Additionally, we’re only working with 1.4 months of inventory; our supply is still trending downward. Whereas Austin has been experiencing a new construction lot waiting list for quite some time now, we’re just now seeing this phenomenon here in San Antonio. At the moment, there’s a moratorium on building in some neighborhoods, meaning that builders simply will not build on certain lots. Nor will they even have so much as a waiting list. Some are purposely selling just one spec home a week. In previous markets, you’d be able to build a house in five or six months max; now, new construction tract homebuyers are waiting an average of seven to nine months.
What gives? A lot of this backup is due to the fact that many builders can’t get their arms wrapped around pricing. They don’t want to guarantee anyone a price for a patch of dirt when they don’t even truly know what it will cost them to build there. That uncertainty revolves around skyrocketing material prices. Take plywood, for example. A sheet used to run you about $12, but nowadays it’s $40 minimum. Thanks to the pandemic, we have a shortage of basic building materials and a massive wave of demand. It’s hard for builders to churn out more houses when they don’t even know what each new house will cost them.
Hopefully, this message provided some much-needed context for our rather hectic market. It’s still a fabulous time to sell a home, so if you’re in need of highly experienced, professional representation, reach out to us today. Even if you just have some general market-related questions, we’d love to hear from you and be of assistance. We look forward to hearing from you soon.