Many factors are converging to make this year’s San Antonio's realty market interesting.
The local economy is strong, population growth is high and, after being relatively flat for many months, home values in most neighborhoods are gradually rising. Home sellers have responded accordingly as evidenced by a gradual upward creep in the asking price for homes for sale.
There are 12,094 active listings, compared to 12,891 one year ago. The inventory is slowly decreasing. That's a good sign for home sellers.
The average sales price for the most recent closings is $193,883, compared to last year's $190,763. The increase in average sales price, although small, is another good sign for sellers.
Average cumulative-days-on-the-market (CDOM) for the most recent sales is 133 compared to 122 last year. In 2010, CDOM dropped fast during the Federal Tax credit home buying frenzy, then rose quickly when that program expired. It remains to be seen if cumulative market time will improve, but a slight downward trend is possible in the short term. For the time being, CDOM da ta is positive for San Antonio home buyers.
Industry analysts see these data as reflecting a housing market drifting toward balanced conditions. That means the market neither favors buyers nor sellers.
That's all for our July 2011 San Antonio realty market report. We encourage reader comments and recommendations about how to make our reports more informative and useful.