San Antonio Housing Market Update | March 2024
Welcome to the March 2024 edition of the San Antonio Housing Market Report. Let’s dive right into it.
Positive Forecast Trends: As anticipated from our previous discussions, the National Association of Realtors has upgraded the Home Price Appreciation (HPA) forecast. We’re seeing a range of forecasts, starting from a conservative 1.4% up to a bullish 5.5% by Golden Sachs, with an average forecast of 3.2%. These figures are crucial as they reflect nationwide trends rather than just local fluctuations.
Past Trends: Reflecting on February’s data, we still observe a seller’s market dominance in San Antonio. With 3.6 months of inventory on hand, we’re noticing a slight increase of 3.97% month-over-month. Sellers are achieving 97.3% of their list prices, with homes spending a median of 53 days on the market, showing a 20% increase from the previous month.
Price Dynamics: The median sold price stands at $285,000, up by 3.64%, while estimated property values have remained relatively stable at $292,900. Over the last 12 months, we’ve seen a commendable 6.2% appreciation rate. As we anticipate the spring season, new listings are entering the market with median list prices around $314,318, hinting at a potential rise in larger family homes as summer approaches.
Listing Insights: February saw a rise in newly listed properties, up by 8% compared to the previous month. These properties boast a price per square foot of $173, with a typical size of 1,840 square feet. Meanwhile, active listings, available for at least 10 days, offer a median list price of $315,000, presenting potential buyer opportunities.
Trend Analysis: Observing pending listings, we’ve noted a slight decrease in median list prices for February, but with a 1.7% increase from the previous month. Properties pending sale decreased by 12%, with a median days-on-market of 40 days, suggesting an active market despite fluctuations in listing numbers.
Sales Insights: February witnessed a median sales price of $285,000, showcasing a 3.6% month-over-month increase. The number of properties sold rose by 6.4%, further indicating market activity. With a sales price ratio of 97.27%, homes spent a median of 53 days on the market before being sold.
Inventory Dynamics: The inventory scenario indicates a 4% increase from the previous month, with a notable 33.5% positive change in housing inventory for the year. These figures signify a shifting landscape, offering both challenges and opportunities for buyers and sellers alike.
Conclusion: As we navigate through March 2024, the San Antonio housing market continues to exhibit resilience and dynamism. While inventory levels fluctuate and prices adjust, the underlying trends suggest a market that’s active and responsive. Understanding these nuances can be pivotal in making informed decisions whether you’re a buyer or a seller. As always, feel free to reach out for personalized guidance and assistance. Here’s to a fruitful spring season in the vibrant San Antonio real estate arena!