Here’s your first market update of 2020, complete with hyperlocal analysis!
2019 ended with about 35,000 sales (based on the San Antonio Board of Realtors’ MLS system). San Antonio, and Texas as a whole, are growing; there is no indication that our tremendous population growth will slow down soon. Despite the uncertainty that comes with an election year, most projections for our market this year are still positive.
Sales in the $200,000 price range are lower than they’ve ever been before due to incredibly low inventory. The far west, far east, and south sides of town may be receiving new construction in the $200,000 price range to help alleviate this inventory issue. For the past three or four years, the $200,000 to $500,000 market has been gaining in sales; our luxury market ($500,000-plus) is also increasing.
Days on market and inventory both increased in 2019. We reached 3.5 months’ worth of inventory, but now we’re back down to 3.3 months’ worth (the season we’re in plays a factor here). For the $250,000-and-below market, the average days on market is currently at 59.
The northwest quadrant of town had 14,934 sales in 2019. The days on market is slightly fewer in that quadrant, and sales in the $500,000-and-beyond range are up.
The northeast had 10,591, which is down a little bit over last year but still holding steady. Days on market also held fairly steady, taking a somewhat negligible dip.
The southeast had an increase in sales in all of the price ranges, largely because they have available land there. However, this area is still a small percentage of our sales at 1,879.
The southwest is also up—again, a result of affordability and land. We’re going to see the greatest growth pushing west, pushing south, and pushing east. We’ll also see a lot of development coming to Bulverde and Spring Branch.
Overall, prices are rising, just not at the same rate they have been; 3% to 4% increases are what we can expect. Though we might see a slight slowdown in 2020, the good news is that this year will still be a strong, steady one.
Sellers should have no trouble getting their homes sold, but buyers will have to act quickly when they find something they like and expect to have little negotiating power.
As always, if you have any questions or are ready to buy or sell a home, don’t hesitate to reach out to me. I’m always happy to hear from you and assist with your real estate needs.