Far North Side September home sales climbed 4.5 percent to 208 houses, in tandem with rising prices across the four ZIP codes from Interstate 10 West to just east of U.S. 281 North.
With bargains difficult to find, the trend is a sellers’ market growing stronger during a decade of low unemployment and a robust economy, real estate analysts say.
“It’s clear that such a booming real estate market is directly related to the expansive growth happening in our city,” said Grant Lopez, chairman of the San Antonio Board of Realtors, in a release. Lopez said there have been more than 10,000 listings on the market each month for the last six months, giving the area about 3.7 months of inventory.
Area neighborhoods with the most affordable residences were in 78259. The average price of 43 houses sold there in September was $320,514, up 4.7 percent from the same month last year, as the median price leapt 10 percent to $295,000, according to an analysis of SABOR’s Multiple Listing Service data.
The costliest local dwellings came from 78260, which includes Timberwood Park. Single-family homes went for an average of $422,410, a 5.6 percent increase from last September. The median price on the 75 homes sold during the month was $370,000, a 4.2 percent upswing.
ZIP code 78258 saw the only area downturn. There, the average price of 59 transactions decreased 9.1 percent to $354,654 in September. The median house sale price was $325,000, a decline of 9.7 percent from the same month last year.
In 78261, the number of September home purchases has declined the last two years, from 52 in 2017 to 31 in 2019. Yet, the amount spent on the deals jumped dramatically to an average of $364,743, an 11.8 percent rise from last year. Median prices also increased 3.2 percent to $323,000.
Statistics for the greater San Antonio area for September showed a continuation of the steady growth in both home prices and the number of houses sold in the region.
September sales increased 9 percent to 2,725 in Bexar and adjacent counties. The average price of a house was up 5 percent to $270,147 and the median sales price rose 6 percent to $237,200, according to SABOR.
“It’s no surprise to see our sales continue to increase each year, with more and more people relocating here every day for work, school, military service and other interests,” Lopez said.
The percentage of houses sold for less than $200,000 continues its precipitous slide. A third, or 33.5 percent of September’s deals, went for less than the benchmark, which market experts said helps show area affordability.
A year ago, 40 percent of the sales were less than $200,000, with the majority between $200,000 and $500,000.
Compared to most of Texas, however, San Antonio area prices are still considered more favorable for buyers. For example, September home sales in Bexar County averaged $258,873, 11.4 percent lower than the state average of $292,126.