It's hard to argue with the numbers and everywhere we look the numbers are up for San Antonio's economy and housing market.
Why not?
We're situated at the front gate of the highly lucrative and rapidly growing Eagle Ford shale oil boom.
Each month, we're growing or attracting a diverse mix of new and relocating businesses.
We have a relatively low unemployment rate when compared to America's other large metropolitan areas and the nation in general.
Population growth is steady and well supported by the local economy and the area's health and government services infrastructures.
So, what does such favorable economic news mean for San Antonio home buyers and sellers?
In January, we were seeing signs of an impressive 2012 sales year for both the residential construction and resale housing markets. Now, in early February, thanks to the aforementioned factors coupled with historically low mortgage interest rates, we are experiencing an exceptionally active early winter realty sales season.
Just look! Here's the picture in and around San Antonio as of 4 February 2012:
Reasonably priced and well prepared resale homes are selling exceptionally well and new home builders are responding to better conditions by upping their inventories of production homes.
There are 9,913 homes listed for sale compared to 11,399 one year ago. The listings inventory is exceptionally low but will likely trend steadily upward as late winter/early spring listings are brought to market.
For the time being, the market has drifted into the 6 months supply range, reflecting a nearly balanced market (a condition not seen in San Antonio for many years). A balanced market favors neither buyers nor sellers.
The average sales price for the most recent closings is $179,728 compared to last year's $187,762.
Nonetheless, closed sale prices are steadily rising - a trend likely to continue through the higher paced late winter/spring and summer home selling seasons. That's a good sign for sellers.
Average cumulative-days-on-the-market (CDOM) for the most recent sales is 147 compared to 137 last year. A continuing downward trend is expected. That's a positive sign for home sellers and the San Antonio realty market generally.
Industry analysts see these data as reflecting a basically balanced housing market that is likely to soon favor sellers over buyers.
That's all for our February 2012 San Antonio realty market report. We encourage reader comments and recommendations about how to make our reports more informative and useful.
We're Stephanie and Randy Kelley, Realtors® at Keller Williams Legacy, San Antonio, Texas.
If you have questions, need San Antonio realty or mortgage loan advice or assistance, or just want to chat a bit about our wonderful Alamo City, please call us at (210) 863-2661 (Randy) or (210) 867-8743 (Stephanie), 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 or selling needs.
ZIP Codes: Entire, Metropolitan, Market Approximate Location Boundaries: San Antonio Metropolitan Area Including Surrounding Counties
Location Characteristics: Nations 7th Largest City
About Stephanie Kelley:
Randy Kelley is a retired career military officer, who has owned and operated his own business and consulting firm. He obtained his Texas Real Estate license and joined the Legacy Group in July 2000. Stephanie Kelley began working in the Real Estate Profession in 1976. Her professional experiences include marketing and promotion, education, new construction site sales, and general real estate. She obtained her Texas Real Estate license in 1992 and joined the Legacy Group in 1999.
EDUCATION: Randy Kelley holds an associate degree, a Bachelor of Science degree, and 2 Masters degrees. Stephanie Kelley has completed course work in Real Estate and Banking and holds the Accredited Buyers Representative designation (ABR) and is a Graduate, Real Estate Institute (GRI).
PROFESSIONAL AFFILIATIONS: Member of National Association of Realtors,Texas Association of Realtors, San Antonio Board of Realtors, Real Estate Buyers Agent Council, Inc., Graduate Realtor Institute, Agent Leadership Council, Legacy Group, Keller Williams.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
