Home Real Estate Home sales slow in I-10 corridor

Home sales slow in I-10 corridor

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Housing sales in ZIP codes along Interstate 10 reaching from Loop 1604 to Fair Oaks Ranch hit a downward trend in March to 115 transactions, a 14.2 percent dip from the same month last year.

Across the San Antonio-New Braunfels Metropolitan Statistical Area, purchases in March — the most recent figures available — hit 2,907, up 7.4 percent.

Prices across the region also increased, a story becoming all too familiar with prospective homebuyers, who have only seen rising dollar amounts regarding home ownership for nearly a decade in San Antonio.

An analysis of I-10 ZIP codes outside North Loop 1604, but not including Boerne, found a mixed bag of ups and downs in average and median prices for March 2019 compared to March 2018.

Numbers were strong in the month for 78015, which includes Fair Oaks Ranch. The average price on 42 home sales climbed 20 percent to $377,907. The median dipped by 2 percent to $372,750.

Long known for some of the ritziest residences locally including celebrity-studded The Dominion, the 78257 ZIP code topped the charts again, but saw a decrease in sales and prices.

The median was down nearly 13 percent to $605,000. The average price of the nine houses bought in March dropped 4.8 percent to $645,183.

Although the sample size was small (six houses sold this March versus 10 last March) the 78256 area on the west side of I-10 including La Cantera, made a robust showing.

The homes lasted around 51 days on the market for a much faster turnover than the same month one year earlier. Median prices spiked 22.5 percent to $459,650 and the average leapt 30 percent to $499,650.

An analysis of Multiple Listing Service data by the San Antonio Board of Realtors found the average price of homes across the greater metropolitan area sold in March were up 4.8 percent at $261,616 compared to the same month last year.

The median price for the same period inched ahead 3.4 percent to $227,200. Statewide, the median was up 3 percent to $237,500.

A tight inventory of just 3.6 months created a sellers’ market, which had 96.2 percent of homes sold in March going for the list price, SABOR reports.

“The fact that our prices have not skyrocketed like in other markets but rather have remained steady bodes well for the health and stability of our market, and I think you’re seeing more and more people taking advantage of that,” said SABOR Chairman Grant Lopez in a release.

San Antonio-area prices, however, have been steadily on the rise even as the number of “starter” homes on the market for less than $200,000 dwindle.

In March 2013, the median sold price for homes in the region was $158,900. Interest rates had been falling for several years.

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