Home sales across the far North Side dipped about 19 percent in November compared to the same month last year, even as the number of home sales across greater San Antonio rose 4 percent.
In the four ZIP codes encompassing Stone Oak, Encino Park and surrounding communities from North Loop 1604 to near Bulverde, average prices showed a general downturn along with the total of houses bought in November, according to statistics compiled by the San Antonio Board of Realtors from Multiple Listing Service data.
Collective sales in ZIP codes 78258, 78259, 78260 and 78261 were 173 in November, compared to 213 for the same month in 2017, according to MLS analysis.
In 78258, the average price of a house sold in November fell 3.6 percent to $376,608. Homes for sale spent longer on the market, an average of 83 days, as opposed to 65 last year. The median sold price dropped nearly 8 percent to $330,000.
For 78259, the average price was $292,142, a 6 percent decline. However, houses moved faster overall, staying on the market just 48 days, in relation to 60 the previous year.
There was a 7 percent decrease in the average price of a house sold in 78260 to $339,653. Purchases transpired more quickly with an average of 68 days on the market, versus 81 in November 2017.
The most marked change regionally was a 17 percent drop in the average price for a 78261 home to $311,715. Houses moved in an average of 58 days, down significantly from 85 for the same period in the preceding year. The median price plunged 21 percent to $275,000.
Overall, November ended with the sale of 2,408 houses in San Antonio’s metropolitan area, according to the latest figures.
The average home price increased 2 percent to $259,767 and the median climbed 5 percent to $226,200.
Those amounts aren’t as steep as recent Novembers, which could mean rising prices and higher interest rates have flattened out the market, even as a growing population and new jobs locally result in a more gradual path of growth, according to real estate agents.
“We had nearly 90 more homes sold this month from the same time last year, and 1,400 additional homes sold this year to date,” said Lorena Peña, SABOR’s chairwoman. “These year-over-year increases just go to show that buyers are still finding properties that meet their needs and there is still high demand for homes in the area.”
On average, homes sold within two months of availability.
The month finished with a promise to close out 2018 with a bang in December thanks to 3,000 new listings, keeping the housing supply flowing and 1,949 sales pending.
Home sales in Texas didn’t fare as well with a 3.1 percent tumble in November to 23,434, compared to the same period in 2017.
The far North Side routinely has been a strong market with a mix of price fluctuation, but an overall upward trend. Across the San Antonio-New Braunfels region, such inching up due to demand and available inventory has made it harder to find houses for less than $200,000.
Once the clear majority, homes selling for $199,000 or less last month was only 39.4 percent. Meanwhile, houses ranging from $200,000 to $499,000 comprised 55.2 percent.