Just like the summer weather, the residential real estate market is heating up in some far North Side spots.
Overall for San Antonio, in a year-over-year comparison, sales of houses rose 8 percent in May — when the most recent figures were available — with a 5 percent increase in average and median prices.
Average sold price
Median sold price
Average days on market
Source: San Antonio Board of Realtors
Texas home sales jumped 2.7 percent.
Across four ZIP codes in the Stone Oak and Encino Park areas, a similar pattern emerged from the greater San Antonio market with a 12.5 percent hike in houses sold in May 2018 versus May 2017, according to San Antonio Board of Realtors’ data.
In 78258, the average price of 91 houses bought in May was $350,548, down more than $30,000 from the average for the same month last year. Those homes were only available for 52 days, moving much faster than the average 73 days last May.
Fifty-one dwellings sold in May inside ZIP code 78259, averaging 48 days on the market, compared to 25 days for the same period last year. The average sales price was flat at $293,473, but the median price increased nearly $20,000 to $272,450.
In the 78260 area, May average prices grew by more than $22,000 from the same month last year to $366,866, with properties selling in an average of 79 days. The number of purchases jumped to 96 compared to 74 for the same period last year.
The 81 abodes sold inside 78261 in May averaged $328,673, down about $6,700 from May 2017. However, the median price was up some $4,700 to $289,665 with an average of 81 days on the market.
ZIP code data gives market analysts an idea how some areas are doing, but averages and medians aren’t necessarily an indicator of prices in an individual neighborhood.
For the city, a SABOR review of Multiple Listing Service figures found 3,326 houses sold in May. In March, when sales are typically slower, 2,770 homes were purchased.
In May, average and median prices were $270,324 and $231,900, respectively.
This trend upward should accelerate in the remaining weeks before the new school year, according to real estate professionals, who see sellers quickly getting their asking price and often a competitive bidding process with multiple offers above list price.
“Prices tend to rise in the summer months as demand increases. People often want to move before the next school year starts, making it a popular buying and selling season,” Lorena Peña, SABOR’s 2018 board chairwoman, said in a release.
The action-packed pace means more inventory coming online, as sellers want to take advantage of the competitive market. New listings totaled 4,532 in May, an increase of more than 300 units compared to the same month last year.
There were 9,531 active listings in May, and the month ended with 2,917 sales still pending, according to SABOR.
Despite the influx of residences on the market, the swelling demand from buyers has kept inventory tight, dropping to 3.6 months in May, compared to 3.7 months last May.
Some movement could reflect increasing mortgage rates of 2018.