The seller’s market continues to hum along for far north San Antonio homes and the regional residential real-estate market as buyers scramble to close deals anywhere close to the asking price.
In June, the average sales price rose 6 percent to $273,124, and the median 5 percent to $233,600, compared to the same month last year across the San Antonio metropolitan area, according to the most recent data compiled by the San Antonio Board of Realtors.
Even though the number of houses sold was up 3 percent on a year-over-year basis to 3,323, inventory continued to tighten. Such results helped hike prices, especially for homes going for $200,000 to $500,000, which made up more than half of the homes bought in June.
“We continue to see moderate increases in prices and sales this year,” said SABOR Chairwoman Lorena Peña. “While other states may see high jumps or low drops in sales figures, we are fortunate these numbers remain fairly steady here, which is a good indicator of a stable market.”
On the far North Side, the most noticeable sign of a strong market came in the 78260 ZIP code, an area sandwiched between U.S. 281 and Camp Bullis, which includes Timberwood Park and Canyon Springs.
In June 2016, houses in 78260 south of Bulverde sold at an average of $339,990, and a median price of $322,250. Only two years later, data compiled by SABOR from the Multiple Listing Service shows the average sales price dramatically skyrocketed 21 percent to $411,904, while the median climbed 18 percent to $380,000.
Prices have risen in other ZIP codes across Stone Oak, Encino Park and the surrounding area, but not as significantly.
A recent report on the 2,200-acre Timberwood Park by Keller Williams Realty in San Antonio found the region hot for resale because of the large-acre lots and fusion of San Antonio-style and Hill Country living. About 14,000 people now live in the community first developed in the late 1970s and still selling lots for custom homes.
Likewise, the sprawling Stone Oak development remains active for buyers because of the wide variety of price points from about $250,000 to high-end gated neighborhoods across nearly two-dozen subdivisions, Keller Williams noted in a spotlight of the region on the real estate firm’s blog.
Statewide home sales, which mostly have shown annual growth each month, dipped 1 percent in June 2018 compared to June 2017, with a total of 33,004 houses sold. The average price of a Texas home climbed 4.7 percent to $303,358 in June, and the median was up by the same percentage to $245,000, or $129 per square foot, according to SABOR. Average time on the market was just 50 days.
Numbers are expected to remain strong for July and August as more new homebuyers enter the San Antonio market on the cusp of a fresh school year.