While June home sales in the greater San Antonio area dipped 1 percent from a year ago, purchases in Stone Oak and neighboring communities stayed strong with an increase of 2.2 percent.
The 328 houses sold in June for the four ZIP codes comprising the far North Side — which includes Stone Oak and Encino Park — accounted for nearly 10 percent of the 3,306 residences bought across multiple counties of the San Antonio-New Braunfels Metropolitan Statistical Area.
Months of inventory for the region remained at a low of 3.8, according to the latest San Antonio Board of Realtors’ Multiple Listings Service Report.
This translates to high demand, keeping San Antonio as a sellers’ market for homes for a decade, and that doesn’t seem to be changing.
“When inventory is below six to eight months, it is considered a sellers’ market. But, prospective buyers shouldn’t let that deter them from looking,” Grant Lopez, chairman of the San Antonio Board of Realtors, said in a release.
On the far North Side, the most expensive transactions were in the 78260 ZIP code, an area between U.S. 281 North and Camp Bullis, including Timberwood Park and Canyon Springs. The average price was $404,892 in June, down from $411,904 the same month last year.
Median prices across the prized 281 corridor outside North Loop 1604 were all up for the month.
The median price in 78258 rose 11 percent to $368,000 and sold in an average of 49 days on the market.
In 78259, the median price jumped 4 percent to $$289,950, spending an average of 47 days on the market, which is more than twice as long as June of last year.
The median price for the 78261 ZIP code, which had 94 home sales in June, was $335,000, or a climb of more than 10 percent, even though it took an average of 75 days for the houses to find new owners versus just 55 days in June 2018.
Lopez said new homebuyers still have plenty of choices.
“In the San Antonio area, homes come on the market every day, at all different price points. June alone had 10,407 active listings, over 4,000 of which were new listings,” he said. “That is still a lot to choose from for anyone interested in buying.”
Prices for the region, however, have continued to rise along with growing demand over the last decade. In June, 62.5 percent of the homes sold in the San Antonio area went for $200,000 to $500,000, with 30 percent selling for less than $200,000.
While “affordability” is the watchword in the San Antonio real estate sales business, a number crunch found just two years ago, about half of area transactions were below $200,000. Such reasonable prices on well-kept dwellings are now scarcer.
What’s more, the percentage of luxury homes or large-acreage properties of more than $500,000 made up 7.5 percent of the June sales, SABOR reported. Until recently, the monthly figure was closer to 5 percent.
The average price of homes sold in the San Antonio area in June escalated 6 percent to $284,852, opposed to the same month last year. The median grew by 4 percent to $241,000, according to SABOR’s analysis of the MLS data.
Price creep in other urban areas of Texas, however, still makes San Antonio a bargain buy when compared to the median sales price of $229,000 in Bexar County.
For June, Harris County and Dallas County weighed in at a median of $242,000 and $269,990, respectively. Plus, Travis County had a median home sales price of $400,000 for the month.
The average price across the state in June was $311,524, up 3.3 percent from June 2018, and the median for Texas swelled 2.1 percent to $250,000, according to SABOR.