San Antonio Board of Realtors released stats for October, 2011 recently. Here’s part of the report:
“The average sales price for single-family residential homes
registered at $182,304 in October 2011, while the month’s
median price was $149,500. Both figures are a one percent
decrease from October 2010.
“This is the only decline we’ve seen in prices all year,” says Angela
Shields, President and Chief Executive Officer of SABOR. “Over the
course of the year, our prices have shown an increase and those
figures are more depictive of the big picture.”
Year-to-date, the average price ($186,815) and median price
($152,400) have seen a one and two percent increase
Forbes Magazine recently named San Antonio the best city in the
nation for jobs, citing strong employee bases in a diverse roster of
In summary, the housing market in San Antonio remains strong and steady. We have jobs and job growth here, we have a healthy 7-month inventory of unsold homes, builders are being conservative and replacing sold homes but not flooding the market with spec homes. Interest rates are low, and we just got news that Congress has restored the FHA loan limits to their higher amounts, which is great news for San Antonio home buyers since many of our sales are done with FHA financing!
As the figures above indicate, average and median prices are down 1% in October from a year ago, but that is reflective of an overall increase in the number of home sales, and in more modest price ranges than just the upper end of the scale.
What does this mean for San Antonio home buyers and sellers? It means that now is the time to get serious! Indications are that foreclosed properties may be hitting the market in 2012 in greater numbers. San Antonio has not had the number of foreclosures that other markets have suffered, but we do have some, and when large numbers come on the market, they tend to drive down prices for other homes. So, if you’re selling your home, you should not wait to put it out there! People do buy homes during the holidays, and those that are looking now are serious! Be sure yours is available to potential buyers!
For home buyers, although interest rates remain very low, qualification for loans continues to be a challenge as loan requirements have tightened. Other loan fees have also been added and/or raised, so the cost of borrowing has increased and indications are that that trend will continue. So, if you’re thinking of buying and plan to finance the purchase, start the process now! Waiting may end up costing you more!
Hope you have a wonderful Thanksgiving! I’m thankful for the opportunity to share my tips and ideas with you!
All the best,