Tuesday, March 30, 2010

NCAA Women’s Final Four to boost S.A.

The upcoming NCAA Women’s Final Four is going to be a big boost the San Antonio economy, according to William Pack of the San Antonio Express-News.    The games will be played in the Alamodome in downtown San Antonio on Sunday, Apr. 4th and Tuesday, Apr. 6th.  It is estimated that the Final Four is going to generate $20.9 million in spending from about 28,000 visitors from outside the San Antonio area.

Sporting events such as the Final Fours have become big economic generators because of the large number of out-of-town fans they draw, and the amount those fans spend at local restaurants, auto rental outlets, hotels and tourist attractions.  In addition, this time there are two teams from the region, Baylor and Oklahoma, and more fans than originally estimated may decide to attend in person.  Seating in the Alamodome has been capped at 23,000 for the championship, but it could be expanded if demand warrants.

Compare the projected $20.9 million impact to previous San Antonio events:

  • 2009 Washingston State vs. Notre Game football game at the Alamodome - $15.6 million
  • 2008 Rock 'N' Roll Marathon - $20.9 million
  • 2008 Mens Final Four at the Alamodome - $47 million
  • 2007 Valero Alamo Bowl - $42.6 million
  • 2007 Big 12 Championship football game at the Alamodome - $30.5 million
  • 2002 Women's Final Four at the Alamodome - $17.1 million to $20.3 million
On a personal note, as a graduate of Baylor University, Go Lady Bears!

Wednesday, March 24, 2010

Spring Break was Very, Very Good for S.A.

From the San Antonio Express News newspaper, William Pack writes that Spring Break has been very, very good for S.A.  Alamo Plaza in downtown San Antonio was "swarming with people.  It was really encouraging."

Tourism officials welcomed the increased traffic, especially after a dismal 2009 and barely any growth in January and February of 2010.  The owner of Ripley's Haunted Adventure and two other Alamo-area attractions, Davis Phillips, thought it was a good indicator of strong summer activity.  Attendance at his attractions were up 16% over last Spring Break.

The San Antonio Zoo had two record setting days last week.  When visitors number over 10,000 daily, it's considered great.  Last week saw days with over 18,000 visitors enjoying the animals and beautiful weather.

Local restaurants, hotels and historic sites also noted increases in the 2010 Spring Break business.  "There's the perception that things are getting better", said a spokesman for the city's convention bureau.  And that's good news for the Alamo City.

Wednesday, March 17, 2010

Home Sales Up, but Prices Dip Slightly

"San Antonio's home sales shook off a bit of the winter chill in February, as more buyers entered the market.  Sales of existing homes jumped 6 percent over February 2009 and were up 43 percent over a sluggish January, with 1,195 sales, according to data released Monday by the San Antonio Board of Realtors."

In an article in Monday's San Antonio Express News newspaper by Jennifer Hiller, data from the Real Estate Center at Texas A&M University and the San Antonio Board of Realtors showed that  homes in San Antonio were taking an average of 96 days to sell in February, compared with 106 during the same month the year before.  Prices remained relatively flat, with the median price at $141,900, down 1 percent from last February.

So, the real estate market in San Antonio continues to be a good news / bad news scenario for sellers.  More homes being sold, but slight depreciation in the prices. 

Looking to purchase a home in the San Antonio area?  Contact us -- we've helped over 550 buyers and sellers in our combined 37 years of experience selling San Antonio homes!

Wednesday, March 3, 2010

San Antonio Home Sales - Is it a Good time to Sell or Not?

So is it a good time to sell a home in San Antonio?  Yes!  It is a good time to sell because whether you are staying in town or moving elsewhere, there's an abundant supply of homes to pick from when you become a buyer.  Interest rates are still near all time lows, and loans are still being made, as long as you have decent credit and a job that looks secure.  Big if's for many nowadays, but a bonus for those that do.

So, how does this market compare to '09's market and '08's market? The graph below shows that the last three months for which we have data to compare,  November and December of 2009 and January of 2010, sales have outpaced the previous year, and hopefully will continue to do so. 
San Antonio Home Sales Per Month

As a seller, it may take a little longer to get your home sold, but houses are still selling. Prices have remained somewhat steady in most areas of town, but as the number of foreclosures increase, we may see more drops in home sales prices.  The next graph compares the distribution of sales prices in San Antonio, comparing sales in 1999, five years later in 2004, and five years later in 2009. 

Price distribution of San Antonio Home Sales

The sales of homes from $120,000 up last year (2009) outpaced the comparison years, 1999 and 2004, while the sales of homes below $120,000 lagged considerably behind.  When comparing homes in the upper ranges of $200,000 and up, sales in 2009 were two to three times as plentiful as 10 years earlier in 1999.  Obviously inflation plays a part in this change, but as the city has grown in the last ten years, more companies have re-located to San Antonio bringing higher wages, and the growth of our medical industry and military commands continues to create a demand for higher end housing. 

Optimism reigns in the San Antonio real estate markets, at least at the present time!

Statistical information from the Texas A&M Real Estate Center.