Currently, San Antonio's homes for sale inventory is at a level not seen since December 2006. The population of the San Antonio metropolitan area has grown enormously since then. It's a trend that's projected to continue through 2014 and beyond. Consequently, unless more homes come on the market soon, demand for housing could easily outstrip supply when the more active late winter/early spring market kicks in.
Here's the situation as of 18 December 2013. There were only 8,007 single family detached homes for sale in San Antonio, but 1,826 of those homes were already under contract, leaving only 6,181 homes not spoken for. That's only a 3.1 months supply of available homes for sale, and that figure is inching down daily. Unless more new listings come on the market soon, San Antonio looks to have a housing shortage in 2014 similar to that experienced in Austin and Houston this year.
So, what are the implications?
When demand outpaces supply, home prices are destined to rise and competition for available inventory will become exceptionally keen. That's a welcome trend for home sellers, but will prove unwelcome and possibly daunting for home buyers seeking the best bargaining position. Short market time, high competition for the best homes and multiple simultaneous offer situations will likely ensue.
In light of these developments, the realty community advises prospective sellers to get their homes on the
market as soon as possible and prospective buyers to launch their home search and make their purchase before the area locks into a very strong seller's market this spring and summer.
This article is brought to you by the members of the SanAntonioHomeQuest.com Realty Solutions Team, Keller Williams Legacy, San Antonio, Texas.
Visit our website or call us for the best advice about, and assistance with, your San Antonio home buying or selling needs. Contact Stephanie Kelley, Realtor®, GRI, ABR, CRS, E-Pro at (210) 867-8743 or Randy Kelley, Realtor®, at (210) 863-2661.
