What can we expect from this month's San Antonio's realty market. Historically, February is typically a very active month for both sellers and buyers. This February, resale home inventory should increase significantly as sellers rush their properties to market hoping the recently extended and expanded Federal home buyer tax credit programs will cause an exceptionally strong late winter and early spring home buying trend.
Although February is typically one of San Antonio's most active months for home buyers, three factors promise to make February 2010 an exceptionally busy month. First, the previously mentioned Federal tax credit programs are expected to significantly increase buyer activity. Second, the military's first wave of Base Realignment and Closing Program personnel will be arriving to look for homes. Third, mortgage interest rates remain historically low for qualified buyers.
Will this February's increased sales offset San Antonio's rapidly increasing resale home inventory thus putting an end to the city's protracted buyers' market. Only time will tell, but home sellers can take heart in knowing that February will likely bring an unusually large number of ready, willing, and able buyers.
Home buyers and sellers should always be encouraged about the reality of San Antonio realty. It's strong! Why? Because the Alamo City remains one of the Nation’s healthiest large metropolitan economies and projections for 2010 indicate the area’s immediate future is highly favorable for strong economic growth, low unemployment, and a continuing strong infusion of the monetary and human resources needed to build an even more economically vibrant city.
For data lovers, here are the relevant market indicators for San Antonio single-family detached homes as of 2 February 2010.
There are 11059 active listings compared to 11783 last year. The inventory is rapidly increasing. That’s a good sign for home buyers.
The average sales price for the most recent closings is $180,704 compared to $188,292 last year. The drop in average sales price has, for the most part, been driven by the purchase of a large number of less expensive properties by home buyers capitalizing on the Federal home buyer tax credit programs. It remains to be seen how the market will fare after the program ends on 30 April 2010.
Average cumulative days-on-the-market (CDOM) for the most recent sales is 133 compared to 142 last year. During 2009, CDOM figures were unacceptably high, but have recently trended downward. That’s a positive sign for San Antonio home sellers specifically, and the city's realty market, generally.
Industry analysts see these data as reflecting a housing market continuing to strongly favor buyers over sellers.
That’s all for our February 2010 San Antonio realty market report. We encourage comments and recommendations about this report.
Please visit us at our sanantoniohomequest.com website for all your San Antonio realty research needs.
We’re Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat, please call us at (210) 863-2661 or (210) 867-8763, or E-mail us at swkrealtor@aol.com or kelleybus@aol.com. Our Realty Solutions Team is always ready to help you with your home buying or selling needs.
No comments:
Post a Comment