Like the weather, San Antonio's realty "hot season" typically ends in September. In October, falling leaves and falling temperatures are accompanied by falling home sale activity.
It's to be expected. San Antonio's realty market runs in a predictable seasonal cycle. The lowest sales month is January, the higher sales season kicks off in March and usually peaks in June, and, after school starts in August, the market draws down in a leisurely fashion through the fall and early winter months. Interestingly, some years see a spike in activity in late October and early November. Will that happen this year? It remains to be seen.
So far, this year's cycle has been typical, albeit sales volume has been unusually modest due to the influence of the continuing national economic malaise.
Barring the return of a full-blown recession, industry analysts see little reason to be concerned about San Antonio's economic health.
Why?
The area's job growth is excellent. Its unemployment rate is relatively low. Corporations are relocating to the area. Just south of the city, the developing Eagle Ford shale oil fields are fueling an economic boom. The Alamo City's financial, service sector, military, bioscience, and medical establishments are strong and fully capable of providing the stable economic environment needed to encourage and sustain small and large business development.
Looking at real estate specifically, local analysts are confident that, barring unforeseen factors, San Antonio's realty market will breeze through the expected seasonal cool-down and come back even stronger in the spring.
Here are the relevant market stats for San Antonio area single-family detached homes as of 1 October 2011.
There are 10974 active listings, compared to 12495 one year ago. The inventory is decreasing very rapidly. That's a good sign for home sellers.
The average sales price for the most recent closings is $188,836, compared to last year's $188,411. The very small increase in average sales price is insignificant and, therefore, neither a good nor a bad sign for sellers or buyers.
Average cumulate-days-on-the-market (DCOM) for the most recent sales is 135 compared to 123 last year. For the time being, CDOM data is positive for San Antonio home buyers.
Industry analysts see these data as reflecting a housing market slowly drifting toward balanced conditions. That means the market neither favors buyers nor sellers.
That's our October 2011 San Antonio realty market report. We encourage reader questions, comments, and suggestions for making this monthly report more relevant and informative.
Wishing you an wonderful October 2011, we are Stephanie and Randy Kelley, Realtors ® at Keller Williams Legacy, San Antonio. If you have questions, need San Antonio area realty or mortgage advice or assistance, or just want to chat, please call (210) 863-2661 or (210) 867-8743 or send an email to swkrealtor@aol.com or kelleybus@aol.com. Our SanAntonioHomeQuest.com Realty Solutions Team is always ready to help you with your home buying or selling needs.
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