Like most of the country, home sales in San Antonio, TX are down from the near record levels that began in 2006 and held firm into the first two quarters of 2007. Fueled to some extent by national media attention given to the Alamo City as the number one city in the country to invest in real estate, the number of sales during this timeframe kept the local industry buzzing, as realtors, mortgage lenders, and title companies scrambled to keep up with out-of-state investors flying into town, or in some cases, buying properties sight unseen, trusting in their local real estate representative to pick out the good buys for them.
Times have changed, as big city markets have taken a nose-dive; lower sales prices, fewer sales, massive foreclosure rates, and unsold homes lingering on the market have been the norm for these markets.
Is San Antonio any different? Sales are down, foreclosures are up, and like the rest of the country, the number of unsold homes on the market is high. But, there is at least one thing that's different in the Alamo City. In spite of the bad times, sales prices, at least in the far northwest corridor of San Antonio have remained virtually unchanged. One long-time San Antonio investor put it this way. "San Antonio buyers are rubber-necking. They're looking over their shoulder at what's happening in the rest of the country, and have slowed down to watch."
We've been through the same scenario many times in the past. And those who have watched the changing market know that San Antonio will be back to normal long before most of the rest of the country. Job growth, favorable climate attracting new businesses, and continuing national media attention ranking San Antonio high in many categories that make it a great city with unlimited future potential, will once again lead to a rapid recovery of our real estate market.
The following statistics, covering sales in the far northwest corridor of San Antonio, TX (MLS map areas 1,2 and 3) support this conclusion. (Dominant price range of $100,000 - $400,000)
Number of Sales Average Sales Price Median Sales Price Average Days on Market
2006 $152,319 $140,289 46
2007 $157,410 $145,410 62
2008 (Year-to-date) $157,473 $145,075 83
Except for the average days on market, all is well. Sellers are holding firm on their asking prices and buyers are still willing to pay for the home of their choice. As national markets improve, indications are that home values in the northwest corridor of San Antonio will once again go up in value. It's a great city to invest in. Always has been, always wil be!