San Antonio Housing Market | April 2024 Home Sales

Introduction:

Welcome to the April 2024 San Antonio housing market update! I’m your host, Krishna Perkins, reporting live from northeast San Antonio. Today, we’re diving into the extensive housing data available up to the end of March. We’ll explore what it’s taking to get homes sold in today’s market, alongside the regular housing data shared each month. Join me as we delve into the insights and trends shaping the San Antonio housing market.

Understanding Sales Concessions:

Let’s start by dissecting the sales concessions, which are often not explicitly detailed in sold data but play a significant role in transactions. These concessions can range from $0 to substantial amounts, covering repairs, closing costs, or buy-downs. Here’s a snapshot of the concessions and their impact on sales:

• $88,000 on a VA loan
• $10,000 on a $200,000 house
• $1,459 on an FHA sale
• $15,650, which could include repairs or closing costs
• $1,000, presumably for repairs
• $640 concession

Builders are increasingly offering significant concessions, making them a notable factor, especially in the median price homes. Even in a tight market, homes may sell without concessions, depending on various factors such as competition and the condition of the property.

Market Report – April 2024:

Now, let’s delve into the comprehensive market report for April 2024, including data from March:

1. Inventory Trends:
   • San Antonio remains in a seller’s market, with 3.84 months of inventory, marking a 6.9% increase month-over-month.
   • The current list price to the sales price ratio is 98.2%, indicating an almost 2% drop from list price to sold price.
   • Median days on the market have fallen by 11% to 48 days.
2. Pricing Trends:
   • The median sold price sits at $299,950, with an estimated property value of $292,900, reflecting a 12-month change of 5.3%.
   • New listings are priced at $35,582, marking a 1.4% decrease month-over-month.
   • The median price per square foot remains almost unchanged at $171.
3. Listings Analysis:
   • New listings are up by 11.5%, with 2,689 new properties listed in March.
   • The median size of new listings is 1,846 square feet.
   • Active listings have a median price of $314,318, with properties sitting on the market for about 53 days.
4. Pending Sales:
   • New pending listings, under contract, have a median list price of $39,375.
   • The number of properties in new pending status is down by 88.6% to 1,688.
   • Older pending listings have a median list price of $317,500, with 288 properties sold or pending.
5. Sold Properties:
   • The median sold price is up 6% at $299,950, with 1,694 properties sold, marking a 15.2% increase month-over-month.
   • The median days on the market are down 11%.
   • The median price per square foot is up 25% to $162.

Market Supply:

The month supply of homes stands at 3.84 months, with a 7% increase in supply compared to the previous month and a 36.2% increase over the last year.

Interest Rates Forecast:

Interest rates are on everyone’s mind, and while experts suggest we may not see rates as low as initially anticipated, various forecasts remain. It’s a topic that prompts diverse opinions.

Conclusion:

The San Antonio housing market is dynamic and continues to evolve. Understanding the latest trends and data is crucial for both buyers and sellers. If you’re in the market, whether buying or selling, it’s essential to adapt to these changing conditions. Stay tuned for future updates, and don’t hesitate to drop any questions or thoughts in the comments. Thank you for joining me today, and I’ll see you in the next video.