[New post] San Antonio Home Prices Saw Double Digit Increases Amidst Record Low Inventory in March
Trudy Edwards posted: " With fast moving home sales and low inventory of available homes for buyers to choose from, San Antonio area home prices saw double digit price increases in March https://youtu.be/vFP25pKKLZ8 Average and Median Home Prices - The average price of "
With fast moving home sales and low inventory of available homes for buyers to choose from, San Antonio area home prices saw double digit price increases in March
Average and Median Home Prices - The average price of a home sold in the San Antonio area in March was $374,168, which was a 19% increase over March 2021. The median price homes sold for in March was $326,500, a 22% increase over the March 2021 median price, as reported by the San Antonio Board of REALTORS Multiple Listing Service Report. Average sold price per square foot was $183, which is percent 24% higher than in March 2021.
Inventory and Days on Market - The number of single family homes sold in the San Antonio area in March was 1% higher than the number of homes sold in March 2021, with 3,522 homes sold. In March, single family homes in the San Antonio area stayed on the market for an average of only 34 days compared to an average of 45 days in March 2021, so homes sold 24% faster than one year ago. The month of March ended with 4,258 listings on the market including 3,782 new listings. The month ended with 3,432 sales pending.
The San Antonio area had only 1.2 months of housing inventory available in March, which is up slightly from the 1 month of inventory that was available in February. A supply of six months of inventory is considered to be a balanced market, so we are still in a very strong Sellers' market.
With such low housing inventory, strong home prices and strong buyer demand this is still a great time for home owners to list their homes for sale and make a move.
If you are a homeowner and have been thinking of moving into the home of your dreams or downsizing into a home that better suits your current needs, you have an opportunity to get ahead of the curve by leveraging your growing equity and purchasing your next home before prices and rates climb higher.
Rising Rates - Interest Rates on a 30 year mortgage recently edged up over 5%. On April 21st the Average interest rate on a 30 mortgage was reported at 5.11% per Freddie Mac.
If you're thinking of moving this year, with mortgage rates on the rise, you've likely seen your purchasing power impacted already. Instead of delaying your plans, today's rates should motivate you to purchase now before rates increase more. Use that motivation to energize your search and plan your next steps accordingly.
While it's true rising mortgage rates and home prices mean buying a house today costs more than it did a year ago, you still have an opportunity to set yourself up for a long-term win. Buying now lets you lock in at today's rates and prices before both climb higher.
In inflationary times, it's especially important to invest your money in an asset that traditionally holds or grows in value. Home price appreciation outperformed inflation in most decades going all the way back to the seventies – making homeownership a historically strong hedge against inflation.
Condominium and Townhomes - The number of Condominium and townhome sales was the same as one year ago with 92 units sold. However, the average sold price of condos and townhomes, at $231,166 was 3% lower than March 2021. Condominiums and townhomes stayed on the market for only 52 days in March, compared to 64 days one year ago, so condos and townhomes sold nineteen percent 19% faster than last March.
Residential Lots & Acreage - The number of residential lots and acreage properties sold in March was 7% lower than 2021, 515 lots sold compared to the 556 that sold in March 2021. However, the average price of lots increased to $166,042 a 35% increase compared to one year ago. Lots and acreage properties spent an average of only 81 days on the market in March, which is 59% less time on the market compared to the average of 196 days that they spent on the market than in March 2021.
Rural Farms and Ranches - The number of Rural Farms and Ranches sold in March was 20% lower than March 2021, with 68 farms and ranches sold compared to 85 sold one year ago. The average price of rural farm and ranch properties that sold was $1,125,167 which was 50% higher than the average price of farm and ranch properties that sold in March 2021.
Mike Simonsen from Altos Research recently remarked - "We keep watching for it, but there are absolutely no signs of market slowdown anywhere in the data. If anything we're seeing the market continue to heat up."
In this competitive market, it pays to work with a trusted professional to help you achieve your real estate goals. If you are ready to make your next move in the San Antonio area, reach out today for a no obligation home buyer or seller consultation with Trudy Edwards, REALTOR with Keller Williams Heritage.
*Percentage increases are based on a year-over-year comparison of March 2022 in comparison with March 2021. San Antonio market data provided by San Antonio Board of REALTORs
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