Sunday, September 02, 2012

September 2012 San Antonio Realty Market Report


Like the weather, San Antonio's residential realty market "hot season" typically cools off in September.

Basically, the area's residential realty market runs in a predictable seasonal cycle. The lowest sales month is usually January, the "high" 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.

This year, however, San Antonio home sales might break the seasonal sales pattern, in fact, we speculated at the beginning of August that the area's high sales season might last well into the fall. Now, in early September, there are strong indications that might be the case.

Here are the relevant factors.

The San Antonio metropolitan area is currently recognized as having one of the nation's most active home sales markets.

Why?

The area's job growth is excellent. Its unemployment rate is relatively low. Businesses are expanding in, or 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.

Economy drives homes sales and San Antonio's economy is hot, therefore, realty analysts are confident that, barring unforeseen factors, San Antonio's realty market will simply breeze through fall and winter and come back even stronger in the spring.

So, let's look at the implications for the Alamo City's home sellers and buyers.

Here are the important market single family detached home sales indicators as of 2 September 2012.

There are 10067 active listings, compared to 11459 one year ago. The inventory is exceptionally low and decreasing very rapidly. That's a good sign for home sellers.

The average sales price for the most recent closings is $202,901, compared to last year's $187,129. The increase in average sales price is significant and reflective of the relative scarcity of homes for sale. That's also a good sign for sellers.

Average cumulate-days-on-the-market (CDOM) for the most recent sales is 118 compared to 130 last year. For the time being, CDOM data is positive for sellers.

Industry analysts see these data as reflecting a residential sales market that decidedly favors sellers over buyers.  Nonetheless, buyers shouldn't be discouraged because quality San Antonio homes remain highly affordable and areal bargain compared to homes in other large cities.

That's our September 2012 San Antonio realty market report. We encourage reader questions, comments, and suggestions for making this monthly report more relevant and informative.

We're Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas. If you have questions, need San Antonio area 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 or (210) 867-8743, or email us at swkrealtor@aol.com or kelleybus@aol.com.

Our sanantoniohomequest.com Realty Solutions Team is always ready to help you with your home buying and selling needs.