Reported by Sam Schifano, REALTOR, ABR, e-PRO, GRI
Updated August 13, 2008.
Current Market Rating: 2
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Current Price Trend: 3
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There are currently 12750 homes (single family residential) available for sale in the San Antonio Multiple Listing Service. This is an increase in homes available for sale over the same period as last year.
Year to date sales are less than the same period last year.
We have reached a point on New Home sales where there are currently 4.68 months of inventory existing. Typically 3 to 4 months of inventory is considered balanced in the new home market. The current inventory is high which many builders are offering numerous incentives to clear out the inventory of homes available for sale now.
The 125,000 to 149,999 price range is the largest segment of the San Antonio market. There are currently 1764 single family homes for sale in this price range.
The values of all homes sold in San Antonio has increased 39.2% from 2002. . Homes under contract awaiting closing or settlement are at 12%. This means one in 8 homes on the market is under contract.
The average days on market has increased 20% over last year.
The increase in single family residential properties may be caused by increasing cost of goods and services. Some buyers are waiting for interest rates or home prices to decrease even more. This would be a mistake. Interest rates are hovering at the 6.25-6.50% range and highly unlikely they will go any lower this year. There are many great buys on homes priced at the 350,000 price range and up as the inventory for these homes currently hoover above 12 months.
The job market remains strong in San Antonio increasing about 2.1% this year.
A recent article in the San Antonio Business Journal stated "Job hunters take note: There was a 17 percent increase in the number of executive jobs in 2008."
ZIP Codes: 78006, 78015, 78250, 78251, 78253, 78254, 78258, 78216 Approximate Location Boundaries: San Antonio, Boerne, Helotes
Location Characteristics: San Antonio is a vibrant city that offers so much to anyone who lives here. If you like history than the Alamo will fit that bill. If you like sunshine we have about 300 days of it. If you like to Golf, we have numerous public and private courses and soon will have 2 new courses on the PGA Tour. Scheduled to be completed in 2009.
Boerne is a small city that has attracted retirees from all over the United States. Small town atmosphere and the Texas Hill Country are its greatest attributes. Larger homesites over an acre has drawn locals from small residential neighborhoods and given them a little more land to roam on.
Helotes is another small city that has attracted many individuals due to its wide open spaces and small town atmosphere.
Both Boerne and Helotes are close to San Antonio but offer a more laid back atmosphere.
About Sam Schifano:
Committed to Quality Service. Serving buyers and sellers for over 15 years with all of their real estate needs. Expert Market Knowledge.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
