Prices Continue Year-Over-Year Increases for Early 2018
Buyers continued to find properties to call home in February with the month reporting a three percent year-over-year increase in sales for a total of 2,012 homes sold, according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. Meanwhile, the average and median sales prices each climbed six percent from last year, with a median sales price of $215,100 and an average of $247,307.
“With tight supply and high demand for homes, 97.6 percent of sellers in February were able to sell their homes for list price,” said Lorena Peña, SABOR’s 2018 Chairman of the Board. “But even though the market is favorable to sellers right now with just 3.3 months of inventory available, we still continue to see a steady flow of houses come on the market which is good news for buyers.”
In fact, 3,122 new listings came on the market in February, nearly five percent more than last February. The month ended with 2,186 sales still pending, and February reported 8,562 listings actively on sale.
The majority of homes sold, 51.3 percent, were those priced between $200,000 and $500,000 while 44 percent of sales were homes priced under $200,000. The remaining 4.6 percent of sales were those over $500,000 with nine of those homes priced over $1 million.
Home sales in Bexar County remained even with February 2017 for a total of 1,451 homes sold. However, prices reported modest growth with the average increasing 7.4 percent to $236,447 and the median rising 3.1 percent to $200,000. Months of inventory in the county remained low with just 2.8 months available.
“Though prices here have steadily risen, the increases are more moderate and sustainable than many other large cities in the country,” said Gilbert Gonzalez, SABOR’s Interim CEO. “With people continually moving into the city for jobs, including our military and medical personnel, there is always a market for both buyers and sellers at many different price points.”
In Texas, a total of 20,274 homes were sold in February, a 3.7 percent year-over-year increase. Meanwhile, the average price in the state rose 3.7 percent to $274,272 and the median increased 4.7 percent to $225,000.