Although early December is typically the low season for realty activity in and around the Alamo city, there are indications that this year will be different. Many factors are contributing to an unusually active market for late fall and early winter.
First, because of the area's high employment rate, population growth, and better than average home prices, San Antonio is unquestionably a top market for home buyers and sellers.
Second, mortgage rates remain historically low and lenders are aggressively seeking qualified home buyers.
Third, there are positive signs suggesting the national economy is experiencing a slow, but relatively steady recovery. That factor alone is bringing more buyers than usual into the market this December.
Consequently, reasonably priced and well prepared resale homes are selling well and production home builders are offering enhanced buyer incentives in hopes of clearing out their new home inventories before the new year.
Although it's a great time to buy a new construction home, it's always prudent to diligently check out the incentives offered by the builders and particularly the loans offered by their affiliated lenders. Before signing a sales agreement, a buyer should seek the help of a real estate professional to verify (1) that the property is reasonably priced and (2) that the lender is offering the most favorable loan, with the best interest rate, for the lowest settlement costs.
For those who love stats, here are the key indicators for San Antonio's single family detached home listings as of 5 December 2010.
There are 11,733 homes for sale compared to 10,951 one year ago. The inventory is high but trending steadily downward. The plentiful inventory is a favorable sign for home buyers and the downward trend is a favorably sign for home sellers.
The average sales price for the most recent closings is $214,455, compared to last year's $181,959. That's an unreliable indicator because of the large number of lower priced properties sold in 2009 under the tax incentive program. An analysis of longer term data indicates an absence of any significant sales price appreciation since 2007. That's another good sign for buyers.
Average cumulative-days-on-the-market (CDOM) for the most recent sales is 135 compared to 126 last year. During 2009, CDOM figures were unacceptably high, but dropped fast during the Federal Tax credit home buying frenzy. It remains to be seen if cumulative market time will improve further, but a slight upward trend is possible. Nonetheless, for the time being, CDOM data is positive for San Antonio home buyers, specifically, and for San Antonio's realty market, generally.
Industry analysts see these data as reflecting a housing market favoring buyers over sellers but trending toward more balanced conditions in the coming months.
That's all for our December, 2010, San Antonio residential realty market report. We encourage reader comments and recommendations about how to make our reports more informative and useful.
Wishing you a merry Christmas and Happy New, we're Stephanie and Randy Kelley and Missy McBee, 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 a bit about the wonderful Alamo City, please call us at (210) 863-2661 (Randy) or (210) 867-8743 (Stephanie), or (210) 288-9810 or email us at swkrealtor@aol.com or kelleybus@aol.com or missymcbee@kw.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.
We look forward to answering your questions about our December 2010 San Antonio Residential Realty Market Report.
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