June 13, 2017

Home Sales Continue to Rise as Summer Heats Up
San Antonio Board of REALTORS® Reports Increase in Prices, Sales Volume in May

San Antonio – The San Antonio area housing market is heating up as summer kicks off. May reported an eleven percent increase in home sales over last year for a total of 3,133 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. Both the median and average prices experienced five percent year-over-year growth, with the median rising to $219,700 and the average increasing to $256,263. Months of inventory remained low with only 3.7 months available in May, the same as May of 2016.

“The summer season tends to be one of the busier times of year, as kids wind down at school and families look to make a move before the next school year starts. It is also a prime time for people relocating for jobs or just those interested in finding a new place to live,” said Angela Shields, SABOR’s President and CEO. “With homes available at a variety of price points and locations, there are many opportunities to find the property that’s right for you. However, in a tight market like this, work with your REALTOR® to navigate your options and be ready to make a decision quickly.”

While buyers continue to snap up homes in record numbers, sellers are taking advantage of the competitive market to list their homes. In fact, in May, 4,226 new homes were listed and 97.8 percent of homes sold for list price. Homes spent just 55 days on the market, the same number as this time last year.

In the San Antonio area, the majority of homes sold were priced between $200,000 and $500,000, with those sales making up 50.6 percent of the month’s market. Meanwhile, homes priced under $200,000 accounted for 42.9 percent of the sales in May and homes priced over $500,000 made up 6.5 percent of the market.

Bexar County reported a total of 2,323 single-family homes sold in May, nearly 500 more than last month and a 10.3 percent year-over-year increase. The average price of a home sold in the county was $246,372, a 5.3 percent increase from 2016 while the median was $207,000, a 4.4 percent increase.
“We may be in a tight market, but the good news is interest rates are still low which allows buyers to make their money go a little further while sellers can take advantage of the interest in the market to get their property listed,” said Yvette Allen, SABOR’s 2017 Chairman of the Board. “We expect this trend to continue throughout the summer.”

In Texas, home sales in May increased 10.5 percent for a total of 31,842 homes sold. The average price of a home sold in the state was $287,389 and the median was $230,000, both increases from last year.

SABOR Multiple Listing Service Report: Home Sales Recap
  May 2015 May 2016 May 2017
Total Month Sales 2,552 (9% increase) 2,811 (10% increase) 3,133 (11% increase)
Average Price $245,218 (10% increase) $245,030 (0% increase) $256,263 (5% increase)
Median Price $201,900 (10% increase) $208,600 (3% increase) $219,700 (5% increase)

*Percentage increases are based on a year-over-year comparison.

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).