Typically, San Antonio area home sales activity cools down with the fall season. It's to be expected because San Antonio's realty market usually runs in a predictable seasonal cycle. The lowest sales month is January, the higher sales season kicks off in March and peaks in June, and, after school starts in August, the market draws down in a leisurely fashion through the fall and early winter months.
So, what's happening this November?
Driven by low mortgage interest rates and the area's booming economy, Alamo City area home sales have continued at a remarkable pace well into the usual low season.
The effect is a decrease in the homes for sale inventory, increases in average list and sales price, and some sellers receiving multiple simultaneous offers for their homes.
The bottom line - it's a strong seller's market.
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Barring unforeseen factors, during this late fall and early winter, it seems unlikely that San Antonio's realty market will fade much, if at all. Consequently, home owners contemplating putting their homes on the market should act sooner than later. On the other hand, buyers can expect to find fewer homes to pick from and less flexible sellers when the time comes to negotiate price, terms, and conditions.
As proof, here are the important market indicators for single family detached homes as of 5 November 2012.
There are 9462 active listings, compared to 10771 one year ago. As mentioned, 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 $197,684, compared to last year's $181,887. The increase in average sales price is reflective of a strong market and the relative scarcity of homes for sale. That's also a good sign for sellers.
Average cumulative-days-on-the-market (CDOM) for the most recent sales is 119 compared to 146 last year. For the time being, CDOM data is positive for sellers.
In summary, industry analysts see these data as reflecting a residential sales market that strongly favors sellers over buyers. Nonetheless, buyers shouldn't be discouraged because interest rates are low and quality San Antonio homes remain highly affordable and a real bargain compared to homes in other large cities.
That's all for our November 2012 San Antonio residential realty market report. We encourage reader questions, comments, and suggestions for making this monthly report more relevant and informative.
Wishing you a safe and happy Veterans Day and Thanksgiving holiday, 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.
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