For the fourth consecutive month, area homes sales have surpassed 3,000 total sales with August reporting 3,236 homes sold, a nine percent year-over-year increase. The average home price rose seven percent to $267,661 while the median increased six percent to $231,200, according to the Multiple Listing Service Report from the San Antonio Board of REALTORS® (SABOR), which reports on all areas contained within the MLS. Months of inventory continued to remain low with 3.7 months available.
“Inventory has remained at or below four months for around three years now, meaning we have been in a market favorable to sellers for quite some time,” said SABOR 2018 Chairman of the Board Lorena Peña. “However, that still shouldn’t deter buyers from jumping in. Just be ready to make a decision fast when you find the home you want. Get pre-approved, know what you’re willing to compromise on and work closely with your REALTOR® so you can see properties as soon as they are available.”
Homes spent just 53 days on the market in August, up from 49 days in July. Over 4,000 new listings hit the market in August and the month ended with 2,498 sales still pending.
Just over 57 percent of the homes sold in August were those priced between $200,000 and $500,000. Homes priced under $200,000 made up 37 percent of the month’s sales while homes priced over $500,000 accounted for nearly six percent of the homes sold in August.
Bexar County reported 2,311 home sales in August, a 5.9 percent year-over-year increase. The median price of a home sold in the county rose 6.8 percent to $222,000 and the average price increased seven percent to $259,123.
In Texas, total sales increased nearly 10 percent for a total of 31,870. The average price of a home sold in the state was $293,530, a 5.4 percent year-over-year increase while the median price was $239,000, a 4.4 percent increase.(Source: SABOR Monthly Press Release)
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