Friday, July 8, 2011

July San Antonio Realty Market Report

The second week in July is typically San Antonio's realty market yearly high point. Many pending sales will close within the next 30 days. Uncommitted buyers with school age children must rush to find the right home in order to able to close on their purchase or at least be under a binding contract before school starts.

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.

Buyer response has been fair to good so far, especially for moderately to lower priced homes and for luxury grade housing. 

It is difficult to reach conclusions as to the long term market trends, but, in the short term, it's clear San Antonio's current home sales market parallels last year’s relatively tepid market.  Basically, it’s not unhealthy, but significantly less than vibrant.

For those who love stats, here are the key indicators for San Antonio's single family detached home listings as of 8 July 2011.

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.

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