Spring Season Kicks Off with Year-Over-Year Increases // San Antonio Area Market Report March 2019
Home buyers started their spring shopping in March, causing a five percent year-over-year increase in home sales for a total of 2,907 homes sold, according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. Both the average and median sales prices rose a marginal three percent, with an average price of $261,616 and a median of $227,200. Months of inventory continued to remain scarce with just 3.6 months available, and March closed with 3,046 sales still pending. For the first quarter of the year ending in March, home sales increased four percent compared to the first quarter of 2018. The average price this quarter went up three percent year-over-year to $256,221 and the median rose four percent to $223,400.
“It is exciting to see that people continue to find properties to call home in this market, whether they are first-time buyers achieving that dream of homeownership, or existing homeowners who have found an opportunity to move into a new property that meets their changing needs,” said Grant Lopez, SABOR’s 2019 Chairman of the Board. “The fact that our prices have not skyrocketed like in other markets but rather have remained steady bodes well for the health and stability of our market, and I think you’re seeing more and more people taking advantage of that.”
In March, 37.7 percent of homes sold were those priced under $200,000 while 5.6 percent were priced over $500,000. The largest share of homes sold continues to be in the mid-range, between $200,000 and $500,000 with those accounting for 56.7 percent of sales.
Sales in Bexar County also reported increases, with total sales rising 4.7 percent in March, and five percent in the first quarter. The average sales price of a home in Bexar County in March rose 2.6 percent year-over-year to $249,996 while months of inventory continued to remain low with just 3.2 months available.
In Texas, home sales rose four percent year-over-year in March for a total of 28,122 homes sold, nearly seven thousand more than the number sold in February. The average price for a home sold in the state rose two percent to $289,534 and the median increased 3.3 percent to $237,500.
“Springtime is when we typically see sales start to increase, and we expect 2019 to be no different,” said Gilbert S. Gonzalez, SABOR’s President and CEO. “With the tight supply, potential buyers can prepare themselves by knowing their priorities and being ready to make a decision quickly.” (Source: SABOR Monthly Report & Kuper Realty)
MATTHEW RESNICK, REALTOR®
Platinum Top 50 Centurion REALTOR® and Ranked #3 Luxury REALTOR® by the San Antonio Business Journal