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FOR IMMEDIATE RELEASE
September 12, 2017

Total Home Sales Increase, Inventory Remains Low in August
San Antonio Board of REALTORS® Reports on August’s Housing Market Activity

San Antonio – Though the weather is cooling, the local housing market continues to sizzle with total homes sold in August rising two percent from last year for a total of 2,984, according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR) which reports on all areas contained within the MLS. The average price of a home sold in the area was $252,613 while the median was $218,400, both three percent year-over-year increases.

“Not only did the total number of sales continue to rise compared to 2016, but August also had the lowest days on market than any other month this year with just 48 days,” said Yvette Allen, SABOR’s 2017 Chairman of the Board. “This is six days less than August of last year and three days fewer than the state’s 51 days on market. Homes can sell fast depending on price and location, so those interested in buying need to be prepared to make a decision quickly.”

Days on market was not the only indicator of a continuously tight market. Months of inventory has remained below four months, at 3.6 in August, for nearly two years. However, despite record sales homes continue to come on the market with 3,768 new listings available in August and 9,780 properties active. The month ended with 2,260 sales still pending.

Meanwhile, homes priced between $200,000 and $500,000 remained the dominant price range for buyers in August with this segment accounting for 52 percent of the month’s transactions. Homes priced under $200,000 made up 42.6 percent of the sales in August and 5.3 percent of the homes sold last month were priced over $500,000.

“Interest rates continue to remain low compared to previous years which allows buyers to make their money go further and get more house for their dollars,” said Angela Shields, SABOR’s President and CEO. “The best course of action when you are weighing your options to find the right house and price point for you is to work with a local REALTOR® who can guide you through the process.”

SABOR Multiple Listing Service Report: Home Sales Recap
  August 2015 August 2016 August 2017
Total Month Sales 2,561 (5% increase) 2,918 (13% increase) 2,984 (2% increase)
Average Price $236,259 (7% increase) $245,537 (4% increase) $252,613 (3% increase)
Median Price $198,300 (8% increase) $211,900 (7% increase) $218,400 (3% increase)

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

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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).