Home Real Estate Home sales north of 1604 favor sellers

Home sales north of 1604 favor sellers

Latest figures show San Antonio market is doing reasonably well

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Home sales during a sultry August proved a mixed bag across the far North Side, but San Antonio as a whole sizzled by continuing a four-month run of more than 3,000 purchases each month.

“Inventory has remained at or below four months for around three years now, meaning we have been in a market favorable to sellers for quite some time,” said Lorena Peña, chairwoman of the San Antonio Board of Realtors.

The most recent sales figures at press time are from August.

In the four ZIP codes stretching along U.S. 281 from North Loop 1604 to just south of Bulverde, numbers show a varied market.

The most notable change was a 21 percent increase in the average sales price of homes in 78261 to $372,370, compared to the same month in 2017.

As well, the median sales price for this area climbed 19.6 percent to $335,000. There were 76 total purchases, as opposed to 64 in August 2017.

For 78259, average price tags in August home sales were down 4.6 percent to $281,840, and the median sold price trended downward 8.6 percent to $260,000.

However, deals there occurred much faster than the other three ZIP codes of this region. Forty-eight houses sold in an average of 39 days.

The average price of a home bought in 78258 during August elevated 10.5 percent to $396,779 and the median rose 12.5 percent to $360,000. The average price was up 5 percent to $387,093 in 78260, with the median taking a 5.7 percent climb to $350,000.

Amounts for the greater San Antonio area show prices heightened, inventory remained tight and many transactions happened quickly in the four-month stretch.

So said SABOR, where an analysis of Multiple Listing Service data for the area found 3,236 homes sold in August 2018, up 9 percent from August 2017. The median price lifted 6 percent to $231,200 and the average sales price for the month ticked higher by 7 percent to $267,661.

September began with more than 4,000 new listings on the market and nearly 2,500 sales pending, which sets up another month likely to top 3,000-plus home purchases.

There was 3.7 months of inventory available in August, but Peña said despite it remaining a sellers’ market, buyers should still get preapproved and ready to react to the right deal.

Houses sold in August spent an average of 53 days on the market, four more than July.

“I think tensions are rising a little bit” among sellers, said Sunny Fischer, a real estate agent in the north San Antonio office of Kuper Sotheby’s International Realty. “Interest rates are going up, which means prices could come down, but it’s not a science.”

Fischer said more people moving in for jobs or trying to escape high apartment leases has maintained sellers’ profitability, with well-kept homes getting multiple offers at or above the purchase price.

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