San Antonio area home sales continued their upward trajectory with March boasting a six percent year-over-year increase. According to the Multiple Listing Service (MLS) Report from the San Antonio Board of REALTORS® (SABOR), which reports on all areas contained within the MLS, 2,770 homes were sold in the area, with 2,914 sales still pending at the close of March. Inventory for the area remains low with 3.3 months available. Additionally, the average home price increased year-over-year by four percent to $254,628 and the median price increased eight percent to $219,600.
“With the tight supply, home buyers need to be ready to make a quick decision,” said Lorena Peña, SABOR’s 2018 Chairman of the Board. “It’s important to note that 97.9 percent of listings sold for list price, so you need to bring a strong offer to the table.”
With the year-over-year increases, buyers continue to find properties to call home. Homes priced $199,000 or less made up 41.9 percent of sales, where homes priced between $200,000 and $499,000 accounted for 52.06 of sales. The remaining home sales – 6.17 percent – were priced at $500,000 and up. March reported 8,669 listings actively on sale and 4,178 new listings.
Bexar County home prices experienced year-over-year increases for March with 2,116 sales, an 8.9 percent increase. The average home price in Bexar County increased 5.6 percent to $243,822 and the median jumped 9.1 percent to $210,000.
Prices may be rising in our area, but the dream of owning a home is more attainable than other major metro areas in the U.S. and in Texas. March’s average home price in Texas increased nearly five percent to $284,952. Texas reported 27,121 total sales in March, a slight 0.5 percent year-over-year decrease, with the median price at $230,500, a 4.8 percent increase. The state, overall, has low inventory, just 3.2 months, so it’s a great time to buy and sell in the San Antonio area.
|Total Month Sales||2,503 (14% increase)||2,608 (1% increase)||2,770 (6% increase)|
|Average Price||$229,911 (1% increase)||$244,288 (7% increase)||$254,628 (4% increase)|
|Median Price||$199,000 (6% increase)||$202,800 (1% increase)||$219,600 (8% increase)|
|*Percentage increases are based on a year-over-year comparison.|