The second week in July is typically San Antonio's realty market yearly high
point. Many pending sales will close within the next 30 days. Uncommitted buyers
with school age children must rush to find the right home in order to be able to
close on their purchase or at least be under a binding contract before school
starts.
Many factors have converged to make this summer's San Antonio's
realty market exceptional.
The local economy is ranked among the
strongest in the nation. Every key economic sector is reporting strong
gains.
Population growth is high.
Home values in most
neighborhoods are quickly rebounding from the slight downturn experienced during
the late great recession.
Home sellers have responded accordingly as
evidenced by a steep increase in the asking price for homes for
sale.
Buyer response has been exceptionally good so far, especially for
moderately to lower priced homes and for luxury grade housing.
It is
difficult to reach conclusions as to the long term market trends, but, in the
short term, it's clear San Antonio's current home sales market is
thriving.
For those who love stats, here are the key indicators for San
Antonio's single family detached home sales as of 1 July 2012.
There are
10,459 active listings, compared to 12,051 one year ago. The inventory is
relatively stable and unusually low for a city the size of San Antonio. That's a
better sign for home sellers than buyers..
The average sales price for
most recent closings is $210,222, compared to last year's $196,032. That's a 7%
average sales price increase - another good sign for sellers.
Average
cumulative-days-on-the-market (CDOM) for the most recent sales is 127 compared
to 137 last year. During the next 30 days, a continuing downward trend is
anticipated. That's another good sign for sellers.
There is 6.7 month
inventory of homes listed for sale. Although industry analysts see 6.7 months as
reflecting a balanced market, the sales data cited above shows a market favoring
sellers over buyers.
That's all for our July 2012 San Antonio homes for sale market report. We encourage reader comments and recommendations about how to
make our reports more informative
If you looking to buy or sell a San Antonio area home, visit us at
SanAntonioHomeQuest.com or call Randy Kelley at (210) 863-2661 -
kelleybus@aol.com - or Stephanie Kelley at (210) 868-8743 -
swkrealtor@aol.com. We are realty buyer and seller consultants at Keller Williams Legacy, San Antono.
