While the number of homes sold in the San Antonio area decreased slightly in October, all other signs indicated continued strong home buyer demand.

There were 3,483 single family homes sold at the end of October, which was 5% less than the number of homes sold in October 2020, as reported by the San Antonio Board of REALTORS Multiple Listing Service Report.

Despite the decrease in the number of homes sold in October, all other signs are indicating that home buyer demand is still very strong. In October single family homes stayed on the market for an average of only twenty nine 29 days compared to an average of 49 days in October 2020, so homes sold 41% faster than one year ago. Homes that are ready to move in to, attractively presented and priced right are moving quickly in this market.

Home prices also continued their upward trend with the average price of a home sold in the San Antonio area in October at $356,071, a16% increase over October 2020. The median price homes sold for in October was $305,400, an 18% increase over the October 2020 median price.

Average sold price per square foot was one hundred sixty six dollars per square foot ($166), which is nineteen percent (19%) higher than in October 2020 twenty twenty.

The number of Condominium and townhome sales increased by thirty two percent (32%) in October compared to October twenty twenty (2020), with eighty seven (87) units sold. The average price of condos and townhomes increased by nine percent (9%) over October twenty twenty (2020) to two hundred thirty eight thousand, three hundred twenty four dollars ($238,324). Condominiums and townhomes stayed on the market for only thirty nine (39) days in October, compared to 67 days one year ago, which is 42% percent faster than last October.

The month of October ended with 5,723 listings on the market including 3,861 new listings. The month ended with 3,218 sales pending.

We are still in a strong seller's market in San Antonio with only 1.7 months of inventory available in October, which is down slightly from the 1.8 months that was available in September.

With such low housing inventory, strong home prices and possibly the best Sellers' Market we have seen for over a decade, this could be the best time for home owners to list their homes for sale.

If you have been thinking of selling your home but are wondering how to buy your next home while selling your current home or have renovations or improvements that need to be done prior to selling your home, I have several programs that you may be interested in. These options range from cash offers if you want to sell your home as-is, access to financing for renovations if you want to fix up and sell your home for top dollar and a new program available in the San Antonio area which allows you to buy and move into to your next home, before selling your current home!

Part of the reason for continued strong home buyer demand is that we have seen record low interest rates this year with rates below three percent 3% for a 30-year mortgage loan. However, Freddie Mac, The Federal Home Loan Mortgage Corporation, projects that interest rates on a 30-year mortgage will be gradually increasing over the next few months and into 2022.

While demand for single family homes is strong, rural residential lots and acreage have continued to see increased interest and sales since the start of the COVID-19 pandemic. In October there were 369 lots sold which was 22% less lots and acreage properties sold compared to the 475 that sold in October 2020.... The average price of lots increased to $135,099 an 11% increase. compared to one year ago. Lots and acreage properties spent an average of only 76 days on the market in October, which is 48% faster than the average of 147 days in October 2020.

Rural Farms and Ranches continued to see increased sales activity with 56 farms and ranches sold in October which is 8% less than the 61 that sold in October 2020. The average price of rural farm and ranch properties that sold was $1,000,887 which was 35% higher than the average price of farm and ranch properties that sold in October 2020.

If you are thinking of buying or selling a home in the San Antonio metropolitan area, and want to learn more about to safely buy or sell home at this time and work with a trusted San Antonio REALTOR® throughout the process, contact Trudy Edwards of KELLER WILLIAMS Realty Heritage, at (210) 595-9801, or by email at TrueSARealEstate@gmail.com.

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