October 2012 finds the San Antonio area to have one of the brightest and busiest large metropolitan realty markets in the United States.
According to a press release from San Antonio Board of Realtors® (SABOR), the Alamo City and surrounding communities experienced a late summer residential "buying spree" that could possibly extend into what is usually the slower fall home sales season.
According to Liza Reyes, SABOR Chairman of the Board, the August 2012 sales figures are remarkable in that they are the highest for both the year and the last four years.
Why? Quoting Ms. Reyes, " Mortgage interest rates have been at record lows this year and the majority of homes are selling for their list prices, making it a prime market for both buyers and sellers."
The only potential downside is an unusually low inventory of homes for sale, portending the possibility of an extended strong seller's market until listings pick up in late winter and spring.
Here are the important market indicators for single family detached home sales as of 9 October 2012.
There are 9697 active listings, compared to 10962 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 $192,827, compared to last year's $190,238. The increase in average sales price is reflective of market strength and 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 112 compared to 133 last year. For the time being, CDOM data is positive for sellers.
Industry analysts see these data as reflecting a residential sales market that 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 October 2012 San Antonio residential 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.
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