House sales across the far North Side, including the Stone Oak and Encino Park areas, remained brisk in March even as sales prices climbed to new heights.
“If the house is well taken care of, you’re just going to sell it immediately,” said Viki Melton of Stone Oak Realty Services.
A San Antonio Board of Realtors analysis of Multiple Listing Service data found 2,770 houses sold in the San Antonio area in March, a 6 percent increase from the same month last year.
The average price was up 4 percent to $254,628 and the median price rose 8 percent to $219,600, more than double numbers from March 2009, after the national real estate crash. San Antonio’s housing market has steadily recovered over the last decade as the supply struggles to keep pace with the influx of new residents and apartment dwellers looking to be homeowners.
“With the tight supply, we counsel homebuyers to be ready to make a quick decision,” Lorena Peña, SABOR’s 2018 board chairwoman, said in a prepared release. “It’s important to note that 97.9 percent of listings sold for list price, so you need to bring a strong offer to the table.”
Available inventory locally is 3.3 months, only slightly higher than the tight statewide figure of 3.2 months.
In the 78258 ZIP code, the average price of the 72 houses sold in March was $351,432, a more than $10,000 hike from the same month last year. Those homes were available an average of 65 days.
Across the 78259 area, 46 houses were sold in March in an average of 60 days, compared to 49 last year. The average sales price dipped about $14,000 to $285,845.
In the 78260 area, March average prices were up by more than $55,000 from the same month last year to $365,803, and bought in an average of 55 days.
The 81 houses sold in the 78261 area in March went for an average price of $345,882, down slightly from March 2017. However, the median price was up 4 percent to $305,000 with an average of 85 days on the market.
As stories mount about how quickly the limited number of available homes move, as well as the stiff competition among buyers, the average days on the market of two to nearly three months tell an underlying tale.
While well-kept houses with improvements or a general refresh typically are bought within days at or above list price, Melton said the buyers’ market has emboldened some homeowners to try selling above the true value sans upgrades to the residence.
Those tend to linger longer.
“I’ve been at this 14 years and I’ve never seen it this picky,” Melton said.
Such houses usually are bought only when owners drop the asking price to something akin to a fixer-upper, she added.
One client, Melton said, is in the process of putting in wooden floors and other touches before even putting out the For Sale sign, hoping to attract a better offer.