March 13, 2017

San Antonio Area February Homes Sales and Prices Report Modest Increases

San Antonio – Home sales in the San Antonio area picked up in February with 1,954 sales, a three percent increase when compared to the same time in 2016 according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. Both the average and median sales prices of single-family homes remained steady with the average climbing just three percent to $234,040 and the median increasing six percent to $201,500. Meanwhile, February’s housing inventory was just 3.3 months, remaining below the four month mark now for 18 months straight.

“Though prices here have grown, the increases are steady and sustainable unlike many other large cities in the country,” said Michele Bunting Ross, SABOR’s 2017 Chairman of the Board.

In February, nearly 3,000 new homes were listed and the month ended with 2,059 sales still pending. Homes spent an average of just 63 days on the market, an 11 percent drop from February last year. The price per square foot of a home grew four percent to $110 and 97.6 percent of homes sold for list price.

The majority of homes sold in the San Antonio area continue to be priced under $200,000 with those sales making up 49.5 percent of the month’s market. Homes priced between $200,000 and $500,000 accounted for 46.1 percent of
February’s sales and homes priced over $500,000 made up 4.5 percent of the sales. Of the homes sold over $500,000, nine were priced at $1 million or above.

“Despite the low inventory here, the housing market activity has remained busy for both buyers and sellers,” said Angela Shields, SABOR’s President and CEO . “The key is to work with a Realtor. For sellers, they need to make sure they are pricing and marketing their home right to get it sold, and for buyers the expertise of an objective professional can help them navigate one of the largest purchases they’ll ever make. Especially in such a tight market, you’ll want someone who knows the ropes to help you through the process.”

In Bexar County last month, a total of 1,441 single-family homes were sold for an average price of $220,377. Of the homes sold in the county, 1,262 were existing homes while 179 were new construction properties.

Meanwhile, in Texas total home sales remained consistent with the previous year’s figure, reporting 19,313 sales in February. However, the average price in the state increased 11.1 percent to $269,854 while the median rose 10.3 percent to $215,000.

SABOR Multiple Listing Service Report: Home Sales Recap

  Febuary 2015 Febuary 2016 Febuary 2017
Total Month Sales 1,717 (14% increase) 1,890 (10% increase) 1,954 (3% increase)
Average Price $220,202 (8% increase) $227,812 (4% increase) 234,040 (3% increase)
Median Price $187,800 (9% increase) $190,800 (1% increase) 201,500 (6% increase)

About SABOR: The San Antonio Board of REALTORS® is the largest professional trade association in San Antonio and represents over 10,000 REALTOR®members. SABOR’s membership services nine counties including Bexar, Atascosa, Frio, Karnes, Kendall, LaSalle, McMullen, Medina and Wilson. SABOR is one of over 1,200 local boards and 54 state and territory organizations of REALTORS® nationwide that make up the National Association of REALTORS® (NAR).