Some Interesting Insights From The San Antonio Market

[Christopher Campbell]

Good morning BP Community! 

We've got some neat things happening in the San Antonio housing market that I felt like sharing with you on this fine weather Monday morning! Strap in for stats and things!

We're half a month removed but I wanted to highlight some YOY data from February as well as some interesting info I found on the MLS regarding Recent Rehabs that closed last month.

 - First off, February added just over $42,000 to the average sale price across the MLS over the same time last year. This is a 15.6% jump in a year's time! The average Sold $/sqft jumped by 14.8% as well! 

 - We removed almost an entire month from our Average Days on Market over the same time last year. 

 - Here's, to me, the most interesting bit. Our active listings were down by roughly 54% in February YOY where our Closed Sales were only down 4.2% from last February. We're hovering just above a month of inventory. The demand is there and growing but there really isn't an abundance of available opportunities.

Here's how that's been effecting investors that are turning properties with quality rehabs. Last month, 62 properties listed as a Recent Rehab across Bexar County closed ABOVE their list price by an average of 2.54% and sold in an average of 27 days on market. If you apply this data to February's Average Sale Price (~$313k) that would add just under $8k to your final sale price! Quality work is being rewarded in this market!

This market is red hot and still heating up. To add a little perspective, from 2010-2019 San Antonio's population grew by just over 221,000 according to the Census Bureau ranking it in the top 5 for fastest growing cities in that time. The going estimate is that San Antonio will add ~1 million people to our population by 2040. This means (ON AVERAGE) we'd have to add roughly 50k new residents to the city every year, or just over 4000 new residents every month to hit that projection. There were 4266 active listings last month according to InfoSparks.... WE NEED MORE HOUSES!!! 

I found this info interesting and I hope these insights provide some good value to the investors and/or agents working this city. Let me know what you're seeing in the market. I'm consistently seeing deals that seem a little tighter at first work out great for my flippers by the time they turn around to flip it both from selling for a higher price than initially projected and with how quickly their remodeled houses sell! One of my investors had to take his house off the market so that he'd stop receiving calls on it. He got overwhelmed with competing offers the first week it hit the market. NUTS!! 

Have a great week!

Cheers!