San Antonio Market Update 5/11/21
Hello there! Here’s my latest market update for the San Antonio Real Estate Market. Watch the video below or read on to learn about all the new data!
San Antonio COVID-19 UpdateSan Antonio is has maintained that low-risk category for COVID cases. People are getting vaccinated and things are improving. Hopefully, this trend will continue, so we can all start to gather and meet again.
The City of San Antonio is accepting applications for emergency rent and mortgage assistance. This is for individuals and families living within the San Antonio city limits who are experiencing hardship. Note that the landlords must be registered with the city as vendors, and will be paid directly.
For more information, register here
Additionally, the South Alamo Regional Alliance for the Homeless has put together an Eviction Prevention Toolkit to help landlords in San Antonio and Bexar County prevent tenants’ evictions.
San Antonio Real Estate Market Update
The Showings Per Week in the San Antonio area have gone down since this time last year. In this particular chart, I only show houses in the $100k-200k range because those are typically the ones investors are most interested in. There could be a few reasons for that. It could be that the prices have increased so much, such that a lot of those homes that would have been under $200k last year are now over $200k. I’ll have to do some more digging to see if this is the case.
Rental Showings Per Week are pretty much what they were last year.
Weekly Home Sales are well above where they were last year. Keep in mind that this chart has those spikes and valleys because the last week of the month is when people are trying to get all of their transactions finished. It is common and normal, and does not reflect any sort of volatility.
The Weekly Median Price is far above where it was last year at this time and has increased quite a lot over even the past few weeks. That also tracks, anecdotally, with what I’ve seen in the market here.
That also tracks with the Median Sale Price going up so dramatically over the last month. In my opinion, that’s probably because for a while there appraisals were coming in low because there weren’t comparable sales that appraisers could use to justify the high prices as the prices were increasing so dramaticaly and quickly. However, what I’ve seen start to happen in the past month is that people are making offers and then guaranteeing that they will bring in cash to make up the difference if the appraisal comes in low. What I think is happening is that now some of those comps are available and so the prices are actually able to go up and stay up.
Here are the New Listings By Price Range. I’m glad to see that listings are going up. We definitely have a great need for inventory, so I’m happy to see that uptick for the last month. Keep in mind that that last data point is in April.
So we were up in April, but then overall Homes For Sale have decreased over the past year. I think that this is because homes are selling so quickly that there are fewer homes for sale at any given point, even thought there might have been just as many listings.
Pending Sales show kind of the same thing.
I found something interesting here though. The Media Days on Market normally has seen a very competitive market in the the under $300k price range, but the over $300k price range has not been so quick to move in the past. However, over the past year that sector of the market has picked up the pace and is seeing the low days on market like those starter home price ranges are.
The Median Price Per Square Foot is increasing, as the Median Price increases.
This is the first time I’ve included this particular chart, but I want to talk about the Median Percent of Last List Price. I got curious of how things have been going over the past few months. Again, when I talk about that over $300k, it is just as competitive now as the lower price ranges. We are seeing that in almost all of these price ranges, a good offer has to be asking price or above, unless there is really really something wrong with the property.
Out of curiosity, I did the same search for the Median Percent of List Price by Condos and Townhomes. Generally in San Antonio, there is less demand for these types of properties. But now, even these properties are in high demand and get almost 100% of asking price across the board.
Key Takeaways
Keep in mind that if you’re looking to acquire any type of houses in the San Antonio market, you’re going to have to come with a strong, competitive offer. You might have to offer over asking price and to make up the difference if the appraisal comes in low. Cash buyers are really winning out in a lot of the cases here.
I only anticipate it getting more hectic as the summer wears on!
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