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.

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